EXIM Thailand Expands Credit Facility to Support Thai SME Exporters Adoption of Food Processing and Agro-industrial Technologies in Line with Health and Wellness Trends

Stocks and Financial Services Press Releases Tuesday June 11, 2019 10:55
Bangkok--11 Jun--EXIM BANK

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), revealed that consumers worldwide have increasingly adjusted their consumption pattern to suit their own lifestyle and tastes. Coupled with the health awareness and environmental protection trends, food industries need to adapt to and apply new technologies to their manufacturing processes in response to the needs and expectation of consumers today. EXIM Thailand has accordingly improved its EXIM Value Added Credit, a facility launched since April 2018 and well received by SME exporters with credit line applications worth more than 500 million baht. The service availability is extended until the end of April 2020 and the pre- and post-shipment revolving credit limit increased to a maximum of 8 million baht. Special benefits are offered to SME entrepreneurs in the advance agriculture and biotechnology and food processing industry, which is one of the targeted S-curve industries under the government policy. These benefits include interest rate reduction in the first two years to prime rate -1.50% (equal to 4.75% p.a.) from prime rate -1.25% (equal to 5% p.a.) at present. Furthermore, SME exporters are offered complimentary coupons for product quality laboratory testing and certification worth 5,000 baht per exporter by Central Lab Thai Co., Ltd. to ensure their product reliability and quality in accordance with international standards. An import credit facility is also offered as an additional benefit, secured only by a letter of guarantee from Thai Credit Guarantee Corporation (TCG) or a personal guarantee and requiring no asset-based collateral.

"Thailand has great potential as a leading producer and exporter of agricultural products and processed foods. We need to embrace new technologies to improve our manufacturing and management processes to enhance product quality in line with international standards and suit the needs and lifestyles of new generation consumers. EXIM Thailand is fully equipped to support the adaptation and development of Thai exporters, particularly SMEs in the advance agriculture, biotechnology and food processing industries to achieve sustainable expansion into overseas markets and in line with the increasing health conscious trends and longevity of the global population," added Mr. Pisit.

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