The Prime Minister aims to promote Thai Halal products to the world market.

The Prime Minister continues to drive the Thai Halal industry, aiming to push Thai Halal products to the world market, supporting financial measures for Halal SME entrepreneurs, expecting to create almost ten billion baht in economic export value, elevating Thailand to become an ASEAN Halal Hub in 2028. Mr. Chai Wachirong, the government spokesman, revealed that Mr. Settha Thavisin, the Prime Minister, aims to drive the Thai Halal industry to become the Halal Hub of ASEAN by 2028 by promoting and supporting Thai Halal product entrepreneurs to expand their Halal product export markets to foreign markets. In addition, relevant agencies are jointly promoting projects to upgrade the Halal industry ecosystem in all dimensions, especially supporting financial measures to increase opportunities and drive entrepreneurs to develop the potential of Thai Halal product standards at the international level, as well as expanding the export of Thai Halal products to the world market. The government spokesman said that th e government, through the Export-Import Bank of Thailand (EXIM Bank), the Islamic Bank of Thailand (ibank), and relevant agencies, have signed a memorandum of understanding on the 'Project to Promote and Support Halal Entrepreneurs for Export', which aims to support small and medium enterprises (SMEs) to access sources of funds and financial instruments that help manage risks in international trade and investment, such as providing loans to be used as working capital or to expand investment, and providing Exim for Small Biz export insurance to protect against risks of non-payment of goods by overseas buyers. It is estimated that providing loans and risk insurance in 2024 will generate almost 10 billion baht in export economic value, as well as create more opportunities for SMEs to become exporters and producers of Halal products to foreign markets. It also supports the expansion of trade opportunities through business matching activities and exhibitions in Thailand and abroad, and the promotion and developmen t of academic knowledge on Halal to create understanding of the direction of international trade and investment in the modern world, as well as the application for Halal certification. Meanwhile, the Islamic Bank of Thailand has also launched a loan project to provide financial support to SMEs or those in the supply chain, such as manufacturers, distributors, retailers, wholesalers, and shops in 3 industrial groups: tourism industry, food industry, and medical and health industry, or the IGNITE HALAL loan to facilitate SMEs without collateral and who need a source of halal funds to invest in business expansion in the form of a term loan and to enhance liquidity in the form of a cash withdrawal limit. 'The Prime Minister supports Thailand's potential advantages as the world's 15th largest Halal food exporter and opportunities from the expansion of the global Halal market, which has led the Prime Minister to continuously support the implementation of Halal food industry policies and has supported financial me asures to promote Thai Halal SMEs. The Prime Minister is confident that the Thai Halal industry will be able to achieve its goal of expanding the market share of Thai Halal products in the global market, enabling Thailand to step forward to become the ASEAN Halal Hub in 2028,' said the government spokesman. Source: Thai News Agency