Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), reveals that the global economic outlook remains cloudy with major economies still shrouded in their internal problems. China, a main player in the global economic landscape has lost its shine weighing down on the Thai economy. Triggered by global economic uncertainties, falling oil and commodity prices, the Thai export sector, once the key driver of the Thai economy, has witnessed a steady decline from 2013. The crux of the Thai export sector's problem, however, lies in the manufacturing sector's inability to compete effectively in the high-end market while pricing strategy alone can no longer be relied on to win the low-end market. The way-out for Thailand thus hinges on an economic reform toward a value based economy or Thailand 4.0 which EXIM Thailand is ready to provide its full-fledged support to help achieve.
EXIM Thailand's President discloses further that EXIM Thailand is taking speedy steps to develop "Total Solution" or comprehensive SMEs packages by combining credit facilities with trade and investment insurance services as a tool to assist Thai entrepreneurs in expanding businesses and markets especially in the CLMV (Cambodia, Lao PDR, Myanmar, Vietnam) as well as other new strategic target markets (New Frontiers) set out by the government. At the same time, the Bank is deepening collaboration with its business allies to create additional service channels for the new financial packages which will help boost and sustain Thai enterprises' productivity and market expansion while lifting their competitiveness based on quality and Thai brand identity establishment. The Bank also aims to open new representative offices in the CLMV, starting with the Myanma Office by the end of this year.
According to the President, EXIM Thailand places special emphasis on strengthening the capabilities of entrepreneurs of all sizes, particularly, small and medium enterprises (SMEs). These include 1. Smart Start Up or greenhorn entrepreneurs relying on innovation to enhance the value of their products and make a quantum leap in their marketing endeavors 2. Advanced S or small enterprises with high potential having experienced steady growth and ready to expand their business both at home and abroad 3. Amazing M or medium-sized businesses with high capabilities 4. Small, medium or large-scaled enterprises requiring EXIM Thailand's support to add value to their businesses, especially those industries with business potential but lacking the capability to compete in the upper market. EXIM Thailand is ready to provide financial resources for production structure improvement, machinery and technology upgrade, innovation, research and development, production base relocation as well as export credit and investment insurance for overseas investment projects.
According to Mr. Pisit, EXIM Thailand will adopt a new role as a supportive team player in Thailand's strive to expand trade and investment into the global arena, using its financial products and business partners in leading Thailand into the strategic trade and investment destinations targeted by the government. By relying on EXIM Thailand's distinctive strengths in its ability to provide export credit and investment insurance along with comprehensive financial packages for SMEs that address the needs of Thai exporters and investors, EXIM Thailand hopes to help ensure a continued growth in Thailand's trade and investment activities despite the current sluggishness in the global economy.
"The world today is changing rapidly by leaps and bounds. We have to keep up with the ever-increasing pace of changes. Our policy is to work harmoniously and not competing with other banks. We are committed to collaborating with every party concerned to drive the Thai economy forward. In fulfilling our duty, EXIM Thailand is prepared to assume and manage risks efficiently to close the financing gap yawning in the banking sector. Our goal is to help Thai entrepreneurs overcome trade and investment obstacles in the new global environment, enabling them to expand their businesses in the borderless world and ultimately succeed in the long run," said Mr. Pisit.