FTI: More than 100,000 SME operators would call it quits

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BANGKOK, 29 April 2014,  – The Federation of Thai Industries (FTI) has predicted that more than 100,000 SME operators will likely quit if the political turmoil continues until the end of the year. 

The comment was made by the President of the FTI, Suphan Mongkholsuthee, who advised SME operators to keep in reserve at least 6 months’ worth of operating funds in order to carry on their operations and avoid going out of business.

He is nonetheless confident that the political tension would ease after 6 months’ time, and confidence indexes of consumers, investors and the tourism sector would quickly rise, as the nation’s economic foundation remains strong.

Meanwhile, the FTI would help the government by asking financial institutions to offer low interest credits as well as to extend debt payment period for SME operators. Mr. Suphan said his agency would also discuss with the Thai Credit Guarantee Corporation regarding providing insurance coverage to SME operators against politically induced violence.

The FTI President also said the government should seek ways to stimulate the local economy in order to revive the SME sector. He also viewed that talks between the Election Commission and the government to set a new date for the national poll was a positive sign, saying that the private sector confidence level would tremendously return, if the talks could go on successfully.