SMEs / Anucha Burapachaisri

SMEs
Report: Chatrudee Theparat

OSMEP Board approves 810 million baht budget to promote SMEs.

The Office of the Small and Medium Enterprises Promotion Board (OSMEP) approved an 810 million baht budget as a fund to promote small and medium enterprises (SMEs) in 2023.

Last Friday, Government Spokesperson Anucha Burapachaisri said OSMEP Board directors, chaired by Deputy Prime Minister Prawit Wongsuwon, approved an 810 million baht budget to boost SMEs performance in the fiscal budget 2023. The board also approved a 250.54 million baht fund to encourage micro SMEs via the Small and Medium Enterprise Development Bank.

Of 810 million baht, 570 million baht will be spent in the fiscal budget 2023. Also, the amount of 240 million baht is left from its fiscal year 2022. The fund is aimed at supporting 789,785 SMEs nationwide to boost income with the hope to pump six billion baht into the national economy.

Government Spokesperson Anucha Burapachaisri

Mr Anucha cited Gen Prawit who chaired the meeting, saying that 2023 is viewed as a critical year for SMEs to strength their performance because the agency has continued its support. Then, related agencies should work in harmony to assist SMEs to play a bigger role to revive Thai economy.

However, the government has reduced the SME contribution of 40% to GDP under the 13th National Economic and Social Development Plan (2023-27) from the previous plan of 50%. The National Economic and Social Development Council reported at the end of the 12th Economic and Social Development Plan (2017-2021) that the government aimed to have a 45% contribution from SMEs to the country's GDP.

Statistics in 2020 showed three million SMEs contributed only 34.6% to GDP, below the target because of a negative impact from trade war and pandemic. SMEs contributed 36% to GDP in 2018 before dropping to 35% in 2019.