BANGKOK, 31 May 2012 – The Department of International Trade Promotion (DITP) is set to enhance Thai OTOP products to meet with the demands of foreign markets while urging entrepreneurs to look for new markets due to the negative growth of the European economy at present.
DITP Director-General Nantawan Sakuntanak said that the department is determined to elevate the quality of Thai OTOP products to be compatible with those in the global market while boosting their export to overseas markets. Mrs. Nantawan explained that 77 OTOP products will be selected to undergo quality enhancement in order to adapt them to the market’s demands. Products with potentials to succeed in the global market belong to the categories of lifestyle, gifts, souvenirs, and household decorations.
Meanwhile, the Director-General said that the recurring crisis in Greece will likely result in a negative growth of 0.3-0.5% for the European economy, which is a considerable drop from the previous speculation of 0.5%. The European economic downfall will pose an impact on the global economy since the European Union comprises a group of countries with high purchasing power.
Mrs. Nantawan further added that Thai exports to the EU account for 10% of the country’s overall exports. However, Thailand is not the only country to be hurt by the crisis; all countries relying mainly on exports to Europe are all suffering. Thus, the DITP encourages them to consider searching for alternative markets, such as China, India, Latin America and the Middle East.