BANGKOK (NNT) – The Federation of Thai Industries (FTI) is urging the government to borrow an additional 1 trillion baht to help the economy next year, following months of lockdown to curb COVID-19 outbreaks.

FTI chairman Supant Mongkolsuthree said Thailand needs more money to drive the economy, which has been contracting due to the pandemic, adding that the government’s previous 500-billion-baht emergency loan decree was not enough.

He said Thailand should follow other countries and borrow more money to restore the economy and the 1-trillion-baht loan decree is needed for 2022. Extra borrowing must be used to help small and medium-sized enterprises (SMEs), which are possibly bearing the heavy brunt of the pandemic and lockdown measures and really need help from the government.

According to Mr. Supant, the FTI has thrown its support behind the Joint Standing Committee on Commerce, Industry and Banking’s proposal seeking an increase in the ratio to 70% of the Thai Credit Guarantee Corporation’s SME soft loan scheme guarantees, up from the existing 40% of the total credit line.

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BANGKOK (NNT) – The Department of Business Development has launched a virtual event for franchises, connecting leading franchises to prospective investors in an attempt to promote economic activity in this 300-billion-baht business sector.

The Department of Business Development (DBD) has launched the DBD Franchise Virtual Event, held in an online format this year due to the COVID-19 pandemic.

This first-ever virtual event for franchises held by the DBD allows successful franchises to present their businesses in the online space for prospective investors, with 80 franchises participating this year, double the number present in conventional events in previous years.

The DBD hopes the event will help promote income distribution and create new business opportunities for entrepreneurs during the time of the COVID-19 pandemic.

The virtual event is now open to interested persons and those seeking to invest in franchises at – www.dbdfranchiseexpo1.com, and www.dbdfranchiseexpo2.com websites.

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BANGKOK (NNT) – The ASEAN Economic Ministers (AEM) meeting last week agreed to develop the region’s digital economy, to accelerate the post-COVID pandemic recovery.

Deputy Commerce Minister Sansern Samalapa said the economic ministers discussed guidelines for reviving the bloc’s economy after the pandemic and resolved to push ASEAN to adopt a sustainable digital economy model, which could help the region re-emerge from the pandemic faster and stronger.

He said the digitalization of ASEAN’s economy will see the bloc embrace various plans designed to aid recovery. It will also see the bloc proceed with e-commerce agreements, which will allow small- and medium-sized enterprises from each country reach more consumers.

Mr. Sansern said ministers also followed up on the implementation of integration under the AEC Blueprint 2025, as the success of the blueprint would contribute to regional trade expansion and investments, while removing obstacles to trade. In addition, ASEAN’s list of essential goods, which are exempted or subject to lower trade tariffs, will be expanded by 107 items to include more farm and food products, bringing the number to 257.

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BANGKOK (NNT) – Thai Prime Minister Prayut Chan-o-cha wants to see state agencies inject funding into the economy as quickly as possible for the new fiscal year starting in October.

Deputy government spokeswoman Traisuree Traisoranakul said the prime minister has ordered state agencies to accelerate their budgetary spending in the fortnight of the current fiscal year, to help boost the economy. State agencies have large budgets drawn from general spending, the central fund and the budget generated by the one-trillion-baht COVID-19 relief and reconstruction loan.

According to Ms. Traisuree, Gen Prayut told the Cabinet meeting last week that state agencies play an active role in disbursing funds to stimulate the economy. In light of the COVID-19 pandemic, the state budget is an important driver for the economy.

By the end of last month 269 projects, worth 996 billion baht, or 99% of the loan, had been approved. However, the actual disbursement of funds to implement the projects stood at 841 billion baht. Most of the money, 684 billion baht, went to financing 20 projects aimed at providing compensation for losses or reduction of personal incomes caused by the pandemic and to help other groups, such as farmers.

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