Thailand to launch new phase of co-payment scheme with SMEs

Thailand is set on rolling out the latest phase of its co-payment scheme with SMEs by the middle of 2021, in efforts to help smaller businesses cut costs while boosting their competitiveness. 

The government is currently preparing additional measures to help local SMEs, with the Office of Small and Medium Enterprises Promotion (OSMEP) paying 50 to 80% of their various expenses, said Government Spokesman Anucha Burapachaisri, according to Thailand Business News. 

Expenses include fees for certification registrations, product testing, and business consultations relating to accounting, agriculture and food standards. 

To be eligible for the co-payment scheme, SMEs will have to submit their tax filings to OSMEP and register with the agency. 

Over 3.1 million SMEs are expected to benefit from the latest scheme, thus further improving the quality of their services and products to meet industry standards. These enterprises will also be given opportunities to showcase their products and services, which the government hopes will be able to revive, strengthen and support businesses. 

READ: Thailand works on third tranche of co-payment subsidy

The government has earlier launched several subsidies targeted at easing the hardship of its citizens during the pandemic. Under the scheme, the government shoulders the costs of half of food, drinks and general goods purchases for up to 150 baht (US$4.88) a person a day, capped at 3,000 baht (US$97.59) per person for a specific duration.