Bangkok--Jul 11--EXIM Thailand
Mr. Sataporn Jinachitra, President of Export-Import Bank of Thailand (EXIM Thailand) said the Bank’s Financing Facility for Thai Restaurants Overseas has been well received among Thai restaurant entrepreneurs wishing to open or expand their business overseas. EXIM Thailand approved loans worth 259 million baht to 41 Thai restaurant projects in all continents including emerging markets such as Brazil, South Africa and Middle East. In addition, ten projects in the United States, Japan, the European Union, Australia and Laos are now under consideration for loan approval.
According to EXIM Thailand President, to enhance Thailand’s role as the “Kitchen of the World,” EXIM Thailand is committed to providing support to overseas Thai restaurant operators expanding into promising new markets while helping to upgrade Thai restaurants operating in existing markets such as the United States, Canada and the European Union. Some overseas Thai restaurants have been able to pay off their debts rapidly. About one-third of the restaurant operators benefiting from EXIM Thailand’s finance have experienced strong business growth such that they no longer require support from the Bank. However, two-thirds of them have yet to become successful and need to be further developed. Despite EXIM Thailand’s full commitment to promoting Thai restaurants overseas, most restaurant operators still lack planning capability and full understanding of the business leading to their failure to maintain business standard and, subsequently, ineligibility for financing. EXIM Thailand has, therefore, accelerated its involvement in the development of human resources for Thai restaurant ventures overseas by organizing monthly training courses on business plan formulation and special seminars on related topics. Furthermore, the Bank has supported and provided guest speakers for restaurant personnel development programs held by academic institutions under the “Kitchen of the World” campaign.
In certain countries such as the United States, European countries and Japan where it is more convenient for Thai restaurant entrepreneurs overseas to apply for financing from local banks, EXIM Thailand is prepared to guarantee up to 50% of such loan. This will help mitigate foreign exchange and collateral risks. EXIM Thailand’s Financing Facility for Thai Restaurants Overseas includes loans, loan guarantees, financial packages for franchise business and roadshow overseas. Further, loans and loan guarantees are also available to export-oriented food suppliers, owners of food distribution centers and Thai food ingredient stores. All of these facilities are aimed at promoting Thai restaurant operators’ management and human resources capability to achieve international standard, taking advantage of Thailand’s standing as the world’s major food exporter and the uniqueness of Thai food flavor and ingredients which are globally-renowned for their health benefit.
About Export-Import Bank of Thailand
Export-Import Bank of Thailand is a financial institution wholly owned by the Royal Thai Government under the Ministry of Finance’s supervision. The Bank was established by the Export-Import Bank of Thailand Act B.E. 2536 (1993) which empowered the Bank to engage in any financial activities customary to commercial bank practices, except for accepting deposit from the general public. The Bank’s objective is to provide financial services to strengthen the competitive edge of Thai exporters and investors abroad while contributing to the earning or saving of foreign exchange.
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