Thai PM shares role of MSMEs in inclusive growth

Prime Minister of Thailand General Prayut Chan-o-cha on Friday, April 28, shared the role of micro, small
and medium enterprises (MSMEs) in promoting inclusive growth in Thailand during the first Prosperity for All
Summit at the City of Dreams in Parañaque City.Organized by the Association of South East Asian Nations – Business Advisory Council (ASEAN-BAC)
chaired by Presidential Adviser for Entrepreneurship Jose Maria “Joey” Concepcion III, the event aims to
highlight the best practices of MSMEs in the region.

“It is a great honor to be invited by the ASEAN Business Advisory Council, a very prominent organization of
the ASEAN Community, to share my views on the promotion of micro, small, and medium enterprises,” Thai
PM Prayut said in his closing keynote.

“Under the ASEAN Economic Community Blueprint 2025, MSMEs are a major driver of the ASEAN economy
as they constitute more than 95 percent of enterprises within each member country,” Chan-o-cha added.

ASEAN has directed its focus on micro enterprises as these comprise the economic make-up of ASEAN.

“If ASEAN desires to pursue the goal of an inclusive economy, it must place the development of these
enterprises as a priority,” the Prime Minister underscored.

He also added the Thai government recognizes the crucial role MSMEs do play in both economic and social

PM Prayut cited as an example the “Pracharat” (Public-Private Partnership Fund) in Thailand, which was
established to develop and assist MSME owners. The “Pracharat” aims to provide credit to MSMEs and
foster new start-ups throughout Thailand’s economic provincial clusters and is targeting new graduates to
start up businesses in their hometowns.

Thailand has approximately five-million MSMEs. These MSMEs have generated over 10-million jobs and
contributed to more than 42 percent of the country’s gross domestic product (GDP). About 80 percent of
Thailand’s MSMEs are involved in food, agriculture, service, and retail sales businesses.

The Prosperity for All Summit, with the theme, “Partnering for Change, Creating Prosperity for All,” is one
of the related ASEAN meetings this Summit Week that will culminate on the 30th ASEAN Summit on April
29. ###PCO-Content