Ministries join forces to leverage Thailand’s production advantages

The Thai government plans to exploit the integrated strengths of the Ministry of Commerce and the Ministry of Higher Education, Science, Research and Innovation to develop the production and marketing of Thai products.

Commerce Minister Suphajee Suthumpun announced the official initiative after her meeting with Minister of Higher Education, Science, Research and Innovation Yodchanan Wongsawat this week.

Suphajee told the media that her ministry will deploy innovative knowledge, research and technological project skills, developed by the Ministry of Higher Education, Science, Research and Innovation, to upgrade the production, competitiveness and marketing approaches of Thai entrepreneurs.

She said those in the Thai agricultural and small to medium-sized manufacturing sectors, which are key drivers of national economic growth, will be prioritised for the support.

Adoption of the two ministries’ synergistic advantages will also bring about the improvement of rules and regulations, as well as upskilling and reskilling services, to the benefit of local producers.

According to the commerce minister, local businesses will also be encouraged to make use of IP finance, in which their intellectual property (IP) rights or patents can be used as collateral for loans or for access to other sources of capital.

Meanwhile, Yodchanan stated that the cooperation between the two ministries will be divided into immediate and long term phases. The former will focus on what are considered urgent economic issues, while the latter will contribute to efforts to make Thailand a high value economy.