BCG SMEs Are The Focus
BCG SMEs are now the focus for the Thai economy, says Finance Minister Arkhom Termpittayapaisith who has directed Thai Credit Guarantee Corporation (TCG).
The Thai government is promoting BCG (Bio, circular, green) SMEs (Small and Medium Enterprises) as the countries new sustainable growth engine.
The TCG has guaranteed to shape SMEs’ future direction, following the government’s policy of promoting the BCG economic model. Currently the BCG sector is dominated by big companies, however the minister has said that this doesn’t have to be the case. Small and medium enterprises are able to branch into this sector too.
Around 3 million SMEs currently reside in Thailand. This accounts for one third of the GDP for Thailand. Pi Arkom stated that the BGC model can be split into three groups;
1. Environmental protection / Conserving energy, 2. Health care / Elderly care, 3. Digital technology.
In 2021 the president of the TCG, Sittikorn Direksoonthorn, said that the Thai Credit Guarantee Corporation had provided 220,000 SMEs with guarantees in all categories. Alas, 72 percent had problems when applying for loans from financial institutions.
Currently the company has helped over 740,000 SMEs with guarantees from financial institutions. There are 1.3 trillion Baht still outstanding, however they have helped to generate 5.7 trillion Baht in economic activity. The TCG has been a huge instigator in promoting the Thai economy . They will continue to do so to allow Thailand to achieve a stable and growing economy.
If you are considering setting up a BCG SME, as they are now the focus for the economy in Thailand, it is important you find the correct insurance policies that will protect your company no matter what events occur. Thailand Insurance Service have a wealth of knowledge and experience when it comes to finding policies that will benefit your particular business model to a tee.
Thailand Insurance Service is always happy to answer and questions on these policy issues and steer buyers towards making informed insurance purchase decisions