Thailand Floods Affected Most Smes In Textile And Garment Industries

The Thailand small and Medium Enterprises Promotion Office (Osmep) said that the floods affected an estimated 24 SMEs and 670 thousand workers.

Osmep director YuthasakSupasorn said

Of the 24 million affected small and medium-sized enterprises, about 58000 are in the industrial sector.

Among them, food and beverages and

About 170 thousand businesses were affected by floods in the retail and logistics sectors, and 19 thousand hotels and restaurants were also flood victims.

Yuthasak director said that before the flood hit Thailand, he discussed with Japanese government officials to move production from Japan to Thailand in order to avoid the risk of natural disasters.

However, at present, any relevant plans have been suspended.

WitoonSimachokedee, deputy director of the Ministry of industry, said that about 19 thousand enterprises outside the industrial area were victimized, with a loss amounting to 240 billion baht, about half of which were small and medium-sized enterprises.

The Ministry of industry will pick out the 5000 most affected ones to provide advice, assistance and quick loans.

The assistance provided includes business planning, financial planning, loan and repair of machinery and construction.

The Ministry of industry also asked relevant educational institutions and vocational schools to help repair damaged machines.

The Ministry expects the 5000 small and medium-sized enterprises to rebuild their businesses in January next year, and the rehabilitation work and assistance completed in April.

The government has approved a total loan of 210 billion baht to businesses affected by floods.

These will be provided by state-owned banks and commercial banks to the disaster hit enterprises for a period of three years with a fixed interest rate of 3%.

Small and medium enterprises outside the industrial area are also eligible for the loan scheme.