Bangkok--25 Nov--Siam Commercial Bank
Siam Commercial Bank has teamed up with the Federation of Thai Industries (FTI) to organize a 10th annual SCB-FTI Factory Outlet Sale, parading a variety of factory price quality products including gifts, home furnishings, decorations and cosmetics. All the products are manufactured by Thai small- and medium-size enterprises (SMEs) and available through 220 display booths offering up to 40% discounts.
The event, which will take place during November 24-28, 2014 between 09.00-18.00 hours at Mahisorn Hall, SCB Headquarters, Rachayothin, is held to enhance opportunities for Thai SMEs to introduce and promote their quality goods and build mutual networks. It will also give consumers a chance to buy quality products at fair prices to help stimulate local consumption.
SCB First Executive Vice President and Head of Business Banking Group Mr. Vipon Vorasowharid noted that economic and trade activities and consumer confidence normally tend to pick up on the eve of the New Year Festival. SCB has continuously played a supporting role as the business partner of Thai small – and medium-size enterprises (SMEs) by assisting with promotional activities.
“The Bank has not only provided SMEs with financial support, it has also helped boost their competitive edge through seminars and training projects and given them marketing and distribution channel support through the organization of SCB-FTI Factory Outlet Sales every year. Each year the event attracts more participants. This year more than 220 SMEs are set to open their display booths. We expect the fair will help stimulate spending and inject over 18 million baht into the industrial sector, particularly SME businesses,” he said.
FTI Vice Chairman Mr. Chen Namchaisiri said SMEs, like major corporations, have played an instrumental role in propelling the economic system. At present, there are around 2.7 million SMEs in Thailand, with 470,000 in the production sector. The SME workforce numbers 11 million.
“Overall, SME business has recovered conspicuously since the government's policy implementation began to gain clear momentum and private consumption and state spending improved thanks to budget disbursement acceleration at the end of the fiscal year. However, not a few SMEs have experienced trouble in conducting business amidst stiffer competition, not to say a lack of capital sources. The FTI therefore saw it necessary to look for suitable local market channels for SMEs to offset the current export shortage and try to boost product brand awareness,” Mr. Chen said.
“The SCB-FTI Factory Outlet Sale is one of many activities jointly held by the FTI and SCB as we both realize the importance of cooperation in helping and supporting SMEs affected by the current economic sluggishness. The event serves as an additional product distribution channel and gives SMEs an opportunity to promote and introduce new products, enhancing local business liquidity. This SCB-FTI Factory Outlet Sale is being held for the 10th consecutive time. The organizers still place an emphasis on playing a role as a liaison between producers and consumers in bringing selected quality products from factories for sale to buyers at lower prices than those in the marketplace. It is expected that the event will draw as good a response as ever,” he added.