Thailand’s Commerce Ministry is taking decisive action by collaborating with the private sector to initiate a price reduction campaign aimed at consumer goods and services, three months ahead of the highly anticipated digital wallet scheme.
Minister Phumtham Wechayachai, who also serves as deputy prime minister, spearheaded a meeting on Saturday with over 150 private sector representatives, following directives from Prime Minister Srettha Thavisin to stimulate the economy.
The Prime Minister has tasked the ministry with uniting various sectors to support small and medium enterprises (SMEs) in easing financial pressures and lowering living costs from August 20 to November 20, 2024, prior to launching the 10,000 baht digital wallet program in December.
The first initiative will involve collaborating with businesses to reduce rental costs for small shops and market stalls, alongside facilitating online promotions and minimizing shipping expenses through Thailand Post.
Additionally, there will be an expansion of retail spaces with the introduction of new shopping areas in every province.
Furthermore, the ministry plans to partner with large manufacturers and wholesalers to implement nationwide discount campaigns that aim to lower everyday expenses.
Regular seasonal promotions are also on the calendar, including the “9.9” and “10.10” sales in September and October, alongside the Vegetarian Festival in October and other New Year celebrations.
The prime minister is set to officially launch these initiatives during a mobile cabinet meeting at Rajamangala University of Technology Suvarnabhumi in Ayutthaya on August 20.
The Ministry of Commerce is optimistic that these strategies will bolster the nation’s economy in the lead-up to the national rollout of digital wallets, as highlighted by Minister Phumtham.
Among the private sector supporters of this initiative are prominent organizations, including the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai Retailers Association, and several major corporations such as Charoen Pokphand Group and Unilever Thai Trading Co.
