The Thai government and the private sector agreed on Saturday to cooperate in setting up the so-called Public Private Partnership (PPP) aimed at further developing local small and medium-sized enterprises (SMEs), according to Thai Deputy Prime Minister Somkid Jatusripitak.

Somkid, also Commerce Minister, said the PPP would include a new generation of business persons invited to participate as working committee members.

He made the remarks at a press conference after presiding over the opening of a meeting between the public and the private sectors on finding ways to boost the Thai economy at the upper southern province of Petchaburi.

The development of local SMEs, also aimed at boosting the country's competitiveness in international trade, would be a government priority, he said, explaining that the development would involve information technology (IT), finance and management.

The focus will be first made on developing processed agricultural and food products, automobile and IT products, he said.

The working committees will submit their proposals to Prime Minister Thaksin Shinawatra for his approval during a meeting in July, Somkid indicated.

"Thailand's needs to accelerate creative cooperation," Somkid said, "otherwise the Thai economy could encounter problems within the next five years."

Meanwhile, Pramon Suthiwong, Chairman of the Thai Chamber of Commerce, said the private sector is ready to cooperate with the government, and that he fully agreed on the setting up of the PPP to help strengthen the Thai SMEs to penetrate more overseas markets.

Source: Xinhua