Thailand’s Commerce Ministry is partnering with the private sector to launch a price reduction campaign for goods and services in the lead-up to the highly anticipated digital wallet scheme.
On Saturday, Minister Phumtham Wechayachai, who also serves as deputy prime minister, met with around 150 private sector representatives to discuss this economic stimulus initiative, following instructions from Prime Minister Srettha Thavisin.
The Prime Minister has directed the ministry to collaborate with various sectors to assist small and medium enterprises (SMEs) in easing their financial burdens and lowering the cost of living from August 20 to November 20, 2024, prior to the rollout of the 10,000 baht digital wallet scheme in December.
The first step involves working with companies to reduce rental costs for small shops and market stalls, assist them in enhancing their online presence, and lower shipping expenses with support from Thailand Post.
In addition, the ministry plans to increase the availability of sales spaces by establishing new shopping areas in each province.
The third initiative is to partner with large manufacturers and wholesalers to cut living expenses through nationwide discount campaigns.
Moreover, the ministry will organize regular seasonal promotions, such as the “9.9” and “10.10” campaigns in September and October, along with the Vegetarian Festival in October and New Year celebrations.
Prime Minister Srettha will announce the launch of these measures during the mobile cabinet meeting on August 20 at Rajamangala University of Technology Suvarnabhumi in Ayutthaya, according to Mr. Phumtham.
The Ministry of Commerce is optimistic that these initiatives will help bolster the national economy ahead of the major economic stimulus project associated with the digital wallets, Mr. Phumtham noted.
He also highlighted that around 150 major private operators have already committed to supporting this new campaign, including organizations such as the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai Retailers Association, the Thai Wholesalers and Retailers Association, and the Thai Bagged Rice Association.
Other supporters include the Processed Food Manufacturers Association, Thai Beverage Industry Association, Charoen Pokphand Group, Thai Beverage Group, Central Group, Unilever Thai Trading Co., and Saha Pathanapibul Plc.
