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Saturday, July 20, 2024

Thailand garment sector hails distributing free Baht 10,000 digital currency

The Thai Garment Industry Association has welcomed the decision to distribute free Baht 10,000 in the form of digital currency to its citizens as it will simulate the Thailand economy.

Yosthon Kitkuson, President of the association said that giving Baht 10,000 Baht of free digital currency is a good way to stimulate purchasing power within the country.

He said this move will stimulate sales in several retail sectors including apparel retail and help the ailing industry, as it will bring back the jobs, made redundant due to slow clothing domestic and export sales.

The association President added that the association will educate citizens on prudently spending the digital currency.

However, Kitkuson also urged the government to sign more free trade agreements with various countries thereby creating opportunities for increasing exports.

Peeraphon Tatiyamaneekul, Vice President of the association, said that they agree with the Prime Minister’s trip to various countries.

“He conducts trade negotiations on behalf of the country which will boost all industrial sectors in the country,” he too added.

“If the Prime Minister is able to negotiate trade cooperation deals with the European Union, the Middle East, South America, and other countries, it will have a positive effect on the country’s economy,” he stated.

“We want the government to help increase garment exports by negotiating Free Trade Agreements (FTA’s) between Thailand and the EU,” Niphon Chawalitmontian, Director General of the trade body informed.

“Thailand is at a disadvantage vis-à-vis its competitors who export duty-free garments to the EU, while Thailand garment exporters have to pay customs duty on their exports,” he observed.

Currently, the association has more than 200 members that produce garments mainly for export, which when combined with the textile sector, generates income of around Baht 200,000 billion per year, while employing millions of workers.

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