Bangkok: The Minister of Commerce, Pichai Naripthaphan, has reaffirmed his commitment to assisting farmers while urging them to remain patient as the government continues to address their concerns. The minister emphasized the importance of boosting exports, attracting foreign investment, and enhancing tourism as key strategies for economic growth.
According to Thai News Agency, Mr. Pichai addressed the issue of declining rice prices, which has been exacerbated by uncontrollable global market conditions and competition from countries like India. He assured that efforts are underway to support farmers, particularly those owning no more than 10 rai of land. Proposals have been made to the National Rice Policy Committee to secure approval for these support measures. The Ministry of Commerce is actively working on initiatives to stabilize the situation, including agreements to sell substantial quantities of rice to China and Africa, amounting to 280,000 tons and 270,000 tons, respectively. Both short-term and long-term strategies are being formulated to ensure farmers achieve sustainable and increased income through improved yields and supplementary crop cultivation.
Mr. Pichai expressed his desire for a better quality of life for farmers, noting that increased income leads to higher spending and, consequently, economic improvement. Although the Thai economy is generally performing well, he identified old debts as a hindrance to export growth, with early-year sales reported at 13.6%. The minister set an ambitious target for export values, aiming to surpass 1 trillion baht this year.
Addressing domestic financial challenges, Mr. Pichai highlighted the need to attract foreign funds to inject liquidity into the country's economy. He pointed to investments from companies like TikTok, which are drawn by Thailand's robust infrastructure, skilled workforce, and expertise. Such investments are expected to enhance the economy, increase exports, and promote tourism, contributing to overall economic expansion. Mr. Pichai called upon the Bank of Thailand to assist in extending debt relief following recent interest rate reductions.
In his concluding remarks, Mr. Pichai urged patience from the farming community, assuring them of ongoing efforts to address their needs swiftly and effectively. He highlighted the potential benefits of diversifying crops, noting that while rice currently yields a return of 2,500 baht per rai, fruit cultivation could offer returns of up to 5,000 baht per rai. The minister emphasized the importance of supporting alternative crop production to improve farmers' livelihoods.