Thai commercial attaches brief Commerce Minister on EU crisis

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BANGKOK, 28 June 2012  – Commerce Minister Boonsong Teriyapirom has acknowledged the plans of Thai commercial attaches worldwide in tackling the EU economic recession. The plans will be submitted to the prime minister on 30 June 2012. 

On 27 June 2012, Mr. Boonsong was briefed on the international trade situation and measures to deal with effects of the Eurozone crisis by the Thai commercial attaches stationed in 43 countries. He said his meeting with the officials focused on the impacts of the EU’s falling economy on Thai exports, especially the economies of high risk countries, such as Greece, Spain, Italy and Cyprus. The Thai trade representatives informed the minister of export figures as well as economic situations in countries that are Thailand’s competitors.

Mr. Boonsong said the ministry had assigned the Export-Import Bank of Thailand to provide soft loans to the affected businesses in order to increase their liquidity. The amount of loan for each business will be considered by the Ministry of Finance.

Latest data shows that Thai exports to the EU in May 2012 have increased by 6.8% or 1.97 billion USD. The growth is considered a good sign.

The Thai commercial attaches from the Eurozone countries expressed their confidence that Thai exports to Europe still stood a chance to expand since Europe is a large market with high purchasing and bargaining powers despite the current crisis. The commercial attaches have warned about the economies of high risk countries, such as Greece, Spain, Portugal and Ireland, and suggested that Thai businesses should give priority to the upper market of the service sector in such countries.