Ministry of Commerce and the Federation of Thai Industries Plan to Balance Trade and Enhance the Competitiveness of SMEs Through Co-Creation and a New Jewelry Hub.

Key summary

Ms. Supajee Suthampun stated that the Thai economy faces challenges due to market concentration in export destinations and reliance on imports. The Ministry of Commerce aims to rebalance trade through four approaches: Rethink Partnerships, Redefine Value, Rewire Trade, and Rebuild Trust & Resilience. In collaboration with the Federation of Thai Industries, it will promote local content and expand opportunities for SMEs through Co-Creation, shifting from a "selling to" model to a "selling together" model. Ms. Pimjai Leesrisanukool from the Federation of Thai Industries proposed seven approaches to drive economic growth, including integrating SME databases between the Department of Business Development (DBD) and the Federation of Thai Industries, promoting "Made in Thailand" products, and carefully considering the conditions for opening the PE and PP plastic pellet market under the Thailand-United Arab Emirates CEPA agreement to protect Thai manufacturers and supply chains. The goal is to increase jewelry export value from 457,000 million Thai baht in 2025 to 1,580,000 million Thai baht in 2038.