Thailand: BAAC eyes platform for crops in China

Innovation & Technology
Published Mar 4, 2024

Tridge summary

The Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand is planning to establish a joint venture with a Chinese tech company to create an e-commerce platform for selling Thai agricultural products to China. The bank will own 49% of the venture, while the Chinese company will own 51%. The platform is intended to expand the market for Thai agricultural products and ensure fair profit distribution for farmers and vendors. The proposal is set to be reviewed by the board in the first quarter of this year.
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Original content

The Bank for Agriculture and Agricultural Cooperatives (BAAC) is negotiating with a Chinese tech giant to set up a joint venture to develop an e-commerce platform to facilitate the sale of agricultural products to China, says president Chatchai Sirilai. The bank does not plan to make the venture a state enterprise, with BAAC holding a 49% stake and the Chinese tech company a 51% stake. The proposal is expected to be considered by the board in the first quarter this year, he said. Mr Chatchai said the initiative aims to create a wider market for Thai agricultural products and a fair profit-sharing system for farmers and vendors. Previously the bank and Thailand Post teamed up to sell agricultural products via an online platform called Thailand Post Mart within the country, he said. Many Thai agricultural products offer great export potential, but have limited distribution channels, said Mr Chatchai. The bank can play a vital role in helping to promote such products, he said. ...
Source: Bangkokpost
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