TRADE TRIP
US firms place Bt5 bn in orders
Somkid heads delegation, says Exim Bank to float loans for Thais overseas
US companies order-ed Bt5 billion worth of Thai products during a two-day trade and investment promotional tour in Washing-ton DC, according to Chantra Purnariksha, director-general of the Export Promotion Department.The orders were placed mainly with small and medium-sized enterprises, which the government has encouraged to export. Caretaker Commerce Minister Somkid Jatusripitak is leading the Thai delegation, whose efforts to promote trade and investment between the two countries will end on Friday after meetings with major department stores and importers in New York. Chantra said the main import needs in the US were processed shrimp, canned tuna, non-alcoholic beverages, auto parts, and jewellery. However, US clothing manufacturer Calvin Klein, ordered textiles. The National Food Institute of Thailand is also planning, with assistance from US companies, to launch a chef-training programme there to promote Thai cuisine. "The trip has been quite successful in terms of expanding trade opportunities in the US market, which is the largest market for Thai exports," Chantra said. Somkid also announced that the Export-Import Bank of Thailand (Exim) would reduce its loan interest rates for Thai businesses operating overseas. In particular, it wants to help Thai eateries expand to help the government reach its goal of 20,000 Thai restaurants operating around the world by 2008. Somkid said boosting the number of restaurants around the world from the present 9,200 to 20,000 outlets would not be difficult. New enterprises would receive support from government agencies, including the Export Promotion Department, the National Food Institute and the Exim Bank. If companies fail to obtain loans from overseas banks, the Exim Bank will step in and offer them loans instead. The Exim Bank's loan support will be extended to other small and medium-sized Thai enterprises getting established overseas, Somkid said. Exim Bank president Apichai Bootherawara said the bank's board at its next meeting would consider reducing loan rates for Thai restaurants holding the government's "Thai-select" certificate. The bank plans to decrease its interest rate 0.25 per cent as a special programme for Thai-select restaurants. It will also consider higher reductions of between 0.50 per cent and 1 per cent for some borrowers. Its normal interest rates are 1.5 per cent for baht-denominated loans and 3.5 per cent for loans in US dollars. The bank will also allow borrowers to use overseas properties to secure loans. Previously it only accepted assets within Thailand to guarantee loans. Exim Bank plans to open offices in Shanghai and New York this year, Apichai said.
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