EXIM Thailand Collaborates with BoT, FTI, TNSC and CMMU to Organize “TOP X”
EXIM Thailand has responded to the Ministry of Finance’s policy by synergizing with the Thai Chamber of Commerce and Board of Trade of Thailand, the Federation of Thai Industries, Thai National Shippers’ Council, and the College of Management of Mahidol University to build healthy Thai entrepreneurs for the export supply chain with the launch of an intensive training/workshop program. The program aims to incubate and enhance Thai businesses’ resilience and development potential on a sustainable basis along with driving BCG economy in the Next Normal context. A credit facility has been made available for members of BoT, FTI and TNSC, offering lowest interest rate of 4.5% p.a., no asset collateral required, Free! front-end fee, and Plus! export insurance policy to hedge risk of non-payment by buyers overseas.
Mr. Arkhom Termpittayapaisith, Minister of Finance, presided over the opening ceremony of Top X Executive Program Class 1, a short-term course for business owners and executives for export business development and enhancement, and was welcomed by Mr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), Mr. Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries (FTI), Mr. Chaichan Charoensuk, Chairman of Thai National Shippers’ Council (TNSC), Mr. Visit Limlurcha, Vice Chairman ofthe Thai Chamber of Commerce and Board of Trade of Thailand (BoT), andAssoc. Prof. MISS Wichita Raktham, Dean of the College of Management, Mahidol University (CMMU), at Lancaster Bangkok Hotel on October 5, 2022.
The Minister of Finance said that most Thai entrepreneurs today focus mainly on domestic sales of their products with price competition even though there are ample fresh business opportunities in the global markets accommodating a combined population of over 7,000 million. Moreover, the current digital technology development has increasingly facilitated online trade, allowing for greater accessibility to markets beyond Thailand. However, to build and uplift competitive advantage in the world markets, entrepreneurs need to be fully equipped with knowledge base, capital and business networks. Both public and private sectors have to join hands in empowering Thai businesses so that they would be able to firmly penetrate or dominate the global markets in the long run, which would contribute to thorough income distribution to the general public and sustainable national development in multiple dimensions alongside advancing toward the Bio-Circular-Green (BCG) economy for the better quality of life of all sectors.
EXIM Thailand President revealed that this collaboration between EXIM Thailand, the three institutions, namelyBoT, FTI and TNSC, and CMMU would pave way for integration of the operation of the Bank, which is a state-owned specialized financial institution under the Ministry of Finance’s supervision, with its private-sector alliances and educational institutions in searching for Thai entrepreneurs fully ready to be Thai economic warriors in the global arena. They would be able to brainstorm to share new and practical know-how that suits the Next Normal business world, meet and discuss business issues, and deal business matching with entrepreneurs outside Thailand, such as Vietnam, which is a familiar neighboring country and new frontier with high economic potential and national policy to promote free trade and BCG economy. This aims to enable the trainees to learn how to redefine their business models to boost Thailand’s international trade. EXIM Thailand is well positioned to provide a full range of financial tools from revolving fund to risk hedging tools for international trade and investment. The Top X Executive Program may be regarded as a phenomenon of synergy to build a band of Thai economic warriors fully armed to confidently brave challenges and grasp golden opportunities in the future business world for entrepreneurs who are adaptable and committed to stay strong and further develop toward sustainability for their organization and the country.
Besides the expected increases in the number of exporters and the value of international trade, other fruitful results of the program are productive knowledge and gurus in the business world who will be mentors for new-generation entrepreneurs to ensure that these entrepreneurs are well prepared for their international business start-up and expansion, have immunity to weather the ever-changing world of today, create new businesses for Thai export supply chain in linkage with global ones, and generate innovative products and services, which will contribute to development of infrastructures, maritime business, logistics and upstream to downstream basic industries in line with the government policy to drive sustainable development.
The Top X Executive Program Class 1 is a short-term training/workshop course for business owners and executives for development and enhancement of export businesses throughout the export value chain. Undergoing this training organized on-site in conjunction with business trips domestically and overseas, the trainees will gain up-to-date and comprehensive knowledge, concepts, insights and strategies on international business operation and management, learn about relevant rules and regulations, enlarge their experience through business trips, develop their business alliance networks, and expand their customer base through business matching deals. EXIM Thailand will work with Team Thailand in bringing Thai entrepreneurs to the Next Normal global markets through both online and offline platforms and penetration of new frontiers, particularly the CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) now fully covered by EXIM Thailand with its representative offices duly established there. The Bank will support creation of international trade and investment ecosystem linking economic, social and environmental development of Thailand and alliances, and add economic, social and environmental value to global community at large.
Exporters, producers for exporters, or air-land-sea logistics service providers, who are members of BoT, FTI and TNSC may apply for a credit facility from EXIM Thailand, with lowest interest rate of 4.5% p.a. (-0.5% p.a. from the Bank’s Prime Rate) in the first year, no asset collateral required, Free! front-end fee and Plus! export insurance policy under EXIM for Small Biz program (Free! insurance premium of 3,000 baht), credit approval within 7 business days, and availability period from today until December 31, 2022.
