In 2018, the Ministry of Finance appropriately assessed the need to prioritise forex to manufacturing firms in the non-energy sector that earn foreign exchange.
The programme has now been successfully delivered with USD100M allocated (over USD80M sold) to approximately 100 manufacturers.
Some key programme highlights are as follows:
- The USD100M forex has supported companies with total export sales of TTD1.37B.
This is evidence of the Multiplier Effect in action.
- Export sales from the same cohort of manufacturers increased by TTD143M or 11.7% from 2018 to 2019.
- 82% of participating companies have less than 150 employees and fall into the SME category;
- 17 sectors served with the largest sectors in order are “Food & Beverage”, “Building and Construction Materials” and “Packaging and Plastics”.
TTMA has stated that this manufacturing forex facility has enabled its members to:
- Focus on export growth strategies with confidence;
- Improve supply chain management and repair supplier credit relationships;
- Reduce manufacturing downtime due to improved inventory stock levels;
- Provide support to maintain employment levels;
- Ensure the stability of the domestic supply of goods.