BANGKOK, April 22 (Xinhua) -- In a meeting with the Thai Ministry of Industry, Deputy Prime Minister Somkid Jatusripitak said on Wednesday as the Thai economy cannot depend on tourism and exports during the COVID-19 pandemic, the government will do its utmost to assist the local economy and small and medium-sized enterprises (SMEs) to sail through tough times.
Somkid, who heads the Thai economic portfolio, said he had also assigned the Revenue Department to consider the private sector's proposal for a three-year exemption of SMEs from corporate income tax.
In regard to the Thai baht currency, Somkid had discussed with the Bank of Thailand (BoT) to ensure that the baht currency remains competitive, and has a trade advantage over Thailand's main rivals.
"The demand for food shipments from other countries have sharply increased and there is a need to ensure the export sector is able to compete, particularly with Thailand's rival Vietnam and Malaysia," said Somkid,
"Many countries are facing the similar COVID-19 crisis, and also want to compete for exports in food and medical supplies."
The Thai baht traded at 32.46 baht per U.S. dollar on Wednesday afternoon, hovering near three-week highs.
However, according to the BoT, the baht has weakened by 7.9 percent against the U.S. dollars so far this year.
The government will inject 400 billion baht (12.37 billion U.S. dollars) to strengthen local economy and to develop local infrastructure, Somkid said. Enditem
