Commerce Ministry plans support for service segments

Commerce Ministry plans support for service segments

The Commerce Ministry intends to beef up support of restaurant, elderly care, asset management and beauty services next year to raise income for the country.

Deputy Commerce Minister Weerasak Wangsuphakijkosol said the Business Development Department has been ordered to strengthen and upgrade the four service sectors to raise competitiveness.

The department was also told to provide more in-depth knowledge of marketing, business administration, financial management and accounting, as well as cost management for the services.

"These four services still have weak points, especially regarding business management as well as in cost evaluation, marketing plans, human resource development, finance and accounting, or related taxes and laws," said Mr Weerasak.

"Entrepreneurs should also use technology to assist business management amid higher competition, helping increase their income."

The department reported as of Sept 26, there are 18,102 business registrations in the four services with registered capital of 127 billion baht. Some 15,263 are food businesses with registered capital of 102 billion baht, while 2,177 are asset management businesses with registered capital of 21.7 billion baht.

Senior care businesses amounted to 357, with registered capital of 2.2 billion baht, while there are 305 beauty salons with registered capital of 692 million.

Mr Weerasak said Thailand's senior care services are considered insufficient for the 13 million people who will be aged over 60 by 2020. The figure is expected to grow to 18 million in 2030.

There are around 800 senior care operators, 42.6% of which are juristic persons with a combined registered capital of 2.14 billion baht. The remaining 459 operators are individuals. The senior care business includes residential homes, assisted living and nursing homes.

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