Cabinet Nods For Opening Of Thai Agribusiness Corp

[george]

Cabinet nods for opening of 'Thai Agribusiness Corp'

BANGKOK: -- The Cabinet yesterday approved a plan to set up a new enterprise, called "Thai Agribusiness Corporation" to improve the efficiency of the country’s farming sector.

According to the Permanent-Secretary for Finance Suparut Kawatkul, the new corporation, to be run by the Ministry of Finance, will have a total registered capital of one billion baht, of which 250 million will be paid up within one month after the cabinet approval.

Once the business registration process is completed, Thai Agribusiness Corporation will work closely with the Ministry of Agriculture and Cooperatives and other agencies concerned in order to implement major agricultural projects with greater efficiency and better co-ordination.

The first business plan in the pipeline is the cow-breeding project.

Thai Agribusiness Corporation is mandated to help Thai farmers secure production means to enhance their outputs and help equip them with efficient business management schemes, technical assistance in farm product processing, as well

as seeking new markets for their products.

Mr. Suparut said that the Finance Ministry would liaise with many financial institutions to provide low-interest loans for farmers through the new corporation.

The participating institutions include the Bank for Agriculture and Agricultural Cooperatives (BAAC) and the Government Savings Bank (GSB).

The Ministry of Commerce, meanwhile, will offer help in terms of various risk insurances for the corporation.

--TNA 2005-03-30