Thai Mom and Pops’ to Get Government Backing
Thailand’s Ministry of Commerce is hoping to make it easier for locally-owned shops to compete with foreign-owned supermarkets. The Thai Department of Business Development signed a Memorandum of Understanding (MOU) with relevant sectors to modernize mom and pop stores that are being forced out of businesses, reports the National News Bureau of Thailand.
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Those relevant sectors include “retailers, financial institutions, manufacturers, as well as the government and the private sectors.” Modernization will include updating the stores’ appearance and ensuring product availability to keep customers from heading to bigger and more accessible department stores or supermarkets.
The initiative has the backing of several banks, which vow to make ATMs available by storefronts and offer business loans.
Related texts: Thailand Foreign Business Act
Flickr photo courtesy of Buzz Hoffman
