SMEs continue growing in 2016

BANGKOK, June 11 (TNA) -- Businesses of small and medium-sized enterprises (SMEs) are projected to sustain growth in 2016 due to the government’s supporting policy, said Industry Minister Atchaka Sibunruang. Exports of food, garments and cosmetics are continuing to enjoy booming businesses in the three Indochinese countries, Myanmar and Europe, Ms Atchaka said. On an ‘Outstanding Provincial SMEs’ project, she said a total of 222 SMEs from 77 provinces have been selected. They are divided into three groups comprising StartUp businesses whose products have been developed with sales amounting over 12 million baht annually and operating profits at the average of 16 per cent. Another selected SMEs are those rising stars which have improved competitiveness, sales to over 18.6 million baht and average profit at 15 per cent yearly. The last category is those turnaround ventures which are able to cut losses at the average of 11 per cent per business and able to boost sales and profits at the average of 24 per cent or equivalent to over 15 million baht annually. Somchai Harnhirun, director-general of Industrial Promotion Department, said SME businesses are projected to sustain growth of 5 per cent in 2016 from 3-5 per cent last year on the back of support by the government. Mr Somchai said his department had assisted farmers and community people between March – May in 22 provinces nationwide which encountered severe drought and enabled them to earn more than one billion baht during the period. (TNA)