SMEs still competitive
The Office of Small and Medium Enterprises Promotion yesterday said Thai small and medium-sized enterprises (SMEs) were expected to add Bt399 billion in value to Thailand's economy this year, and it singled out retail and wholesale businesses, financial services and logistics business as likely to play a key role in generating high added value.
Director-general Jhitraporn Techacharn said Thai SMEs still enjoyed strong competitiveness. The SME sector is projected to grow 16.83 per cent and achieve total sales revenues of Bt4.9 trillion this year. SMEs are also expected to enjoy total profits of Bt400 billion, up 4.12 per cent from last year. It is also forecast that SMEs will create Bt399 billion in added value to Thailand's economy this year, up 20 per cent from last year. Last year, SMEs exported goods worth a total of Bt1.43 trillion, accounting for 29.01 per cent of the total value of Thai exports. The negative factors of a fluctuating currency and political uncertainty in this year's first quarter have been seized upon as an opportunity to consolidate businesses onto the right track, she said. "If the baht does not fluctuate much, Thai SMEs should create added economic value of Bt1.62 trillion this year," Jhitraporn said. At present, Thailand has 2.27 million SMEs, accounting for more than 90 per cent of all business in the Kingdom. The office warned SMEs in some sectors that they should be more cautious about rapidly expanding their exports.
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