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SME Bank increases maximum rate of loan for entrepreneurs

Sun, 26 Jul 2009 09:26:00 +0000

BANGKOK, 26 July 2009 (NNT) – The Small and Medium Enterprises Development Bank of Thailand (SME Bank) has resolved to raise the maximum rate of SME loans to 500 million baht to stimulate investments.

Industry Minister Charnchai Chairungrueng stated that the Small and Medium Enterprises Development Bank of Thailand (SME Bank) Board had increased the maximum rate of loans for SME entrepreneurs in an effort to not only boost investments and give more liquidity to SME operations but also provide more accessibility to financial funds due to the commercial banks’ strict measures on loan extension.

The minister said the earlier maximum rate of loans offered by the SME Bank which was only at 200 million baht had skyrocketed to 500 million baht. He indicated that several groups of entrepreneurs especially those who owned cassava processing and sugar production factories had already seeked such loans.

Meanwhile, Ms. Preeyapan Piyanan, a SME Bank Deputy Manager, assured that the hike of the maximum rate of loans would not affect the Bank’s liquidity while instructing state authorities to increase an additional 2.5-3 billion baht budget for SME Bank.

Industry Ministry to promote Thai SMEs with over Bt300 million budget

Tue, 30 Jun 2009 16:44:31 +0000

BANGKOK, 30 June 2009 (NNT) – The Ministry of Industry is prepared to invest about 300 million baht to develop Thai small and medium entrepreneurs (SMEs) ahead of the establishment of the ASEAN Community.

As a preparation of Thai SMEs for the ASEAN Community in order to gain benefit in the next 6 years, Industry Minister, Charnchai Chairungrueng, has assigned the Office of Small and Medium Enterprises Promotion (OSMEP) to carry out 4 projects under the budget of 287 million baht.

The projects include the prototype SME development to connect with the ASEAN region to uplift handicraft cluster to an international level, the coordination between large and small companies to expand their products worldwide, SME financial support, and SME network support. Initially, the Ministry of Industry will promote products in the categories of food, furniture, fashion, print, agricultural machines, construction materials, electrical appliances, and tourism services.

In addition, Mr. Charnchai has ordered the OSMEP to expedite all the projects, which will help solve the financial crisis as well.

Thailand to open investment promotion office in Korea

Mon, 29 Jun 2009 12:02:24 +0000

BANGKOK, June 28 (TNA) — Industry Minister Charnchai Chairungrueng leaves Tuesday for a five-day visit to persuade South Korean business interests to invest in Thailand, and to open a Board of Investment (BoI) office in Seoul, the South Korean capital.

The BoI office in Seoul will be the 11th such office set up by the government’s investment promotion agency abroad and is aimed to facilitate its conducting campaigns to attract South Korean investors to invest in Thailand and provide vital information to potential investors.

A seminar entitled ‘Thailand Means Business’ will also be held during the visit, with representatives of the Ministry of Industry and the BoI scheduled to confer with South Korean investment agencies and leading corporations in electronics and motor vehicle parts.

Mr. Charnchai said Thailand and South Korea have had long, warm trade and investment relations. Beginning in 1970, joint investment by the two countries total 366 projects with total investment of about Bt55 billion. Most investments are in electronics and electrical appliances.

BoI Secretary-General Atchaka Brimble said the new office in Seoul would help increase South Korean investment in Thailand, particularly in electronics, electrical appliances, vehicles and information technology. (TNA)

Thailand to import the Tata Nano from India

Thu, 04 Jun 2009 17:56:47 +0000

MUMBAI, June 4 (TNA) — Visiting Thai Industry Minister Charnchai Chairungrueng said here on Thursday that Thailand is expected to import the price-competitive 650 cc Tata Nano brand manufactured by India’s Tata Motors soon.

Accompanied by Atchaka Brimble, secretary-general of the Thai Board of Investment (BoI), and several leading Thai businessmen, Mr. Charnchai, who is leading a roadshow to Mumbai, said he had also invited Tata Motors to establish a manufacturing plant to build the Nano in Thailand.

Tata Nano will be launched commercially next month and is priced between Bt80,000-150,000. If it could be produced in Thailand it could allow low-income earners in Thailand to buy it, said Mr. Charnchai.

Ajit Venkatraman, CEO of Tata Motors (Thailand) Ltd., said he is confident that the Tata Nano would receive a warm reception in Thailand.

The car has a maximum speed of 85 kilometres per hours, consumes one litre of gasoline every 22 kilometres,and plans are to develop the car to Euro 4 and Euro 5 standards in future.

On a plan by Tata Motors to manufacture eco cars in Thailand, Mr. Venkatraman said the company needs to review the plan again due to the current global economic meltdown as its sales in India have already declined 60 per cent, causing a liquidity crunch for the company.

He urged the Thai government to find low-interest loans for the company as the eco car project requires an investment of more than Bt7 billion.

Mr. Venkatraman added he is also uncertain whether production requirements at 100,000 units annually would be too much, as the auto market has turned sluggish.

During talks with Mr. Charnchai, senior executives from Tata Motors also requested the Thai government lower the horsepower of one-tonne trucks required by the Thai government to 2,200 cc from 2,500 cc. The company does not produce the 2,500 cc trucks and, is therefore unable to join in bidding to supply smaller vehicles.

Mr. Charnchai said on his return to Thailand he would confer with the Thai Budget Bureau, Finance Ministry and economic ministers regarding the Tata Motors request. (TNA)