Thailand proceeds with SMEs development

BANGKOK, June 20 (TNA) - In an effort to further develop small-and medium-sized enterprises (SMEs), Thai Prime Minister General Prayut Chan-ocha says his government has decided to categorise local SMEs into four groups so that they will be registered as corporate enterprises, while the government can collect more tax. Prime Minister General Prayut, who is also Chief of the army-led National Council for Peace and Order or NCPO, told journalists that the decision was made at Friday's (Jun 19) meeting of the Small and Medium Enterprises Promotion Committee. Based on the resolution, the Thai premier revealed, some 2.7 million SMEs nationwide should be taxed and registered as corporate enterprises to enable the government to assist them efficiently. The Thai prime minister acknowledged that local SMEs will be categorised into four groups, including those which have potential to set up branches overseas, those which can open branches domestically, those which have potential but still need capital investment and those which have closed down their businesses but have potential to resume their operations. According to the prime minister, there is still a need to further develop Thai SMEs through events organised to promote their products, meetings held among the SMEs, business synergy and showcases of production and marketing technology of local SMEs. The Thai premier suggested that local SMEs be linked with government-supported special economic zones, along with the establishment of one stop service centres to provide convenience to them, while bankers will be encouraged to cooperate with the government to extend loans to SMEs. (TNA)