Thailand's Bank of Agriculture and Agricultural Cooperatives (BAAC) has announced plans to build an e-commerce platform. The platform will be built on the foundation of blockchain technology.Ensure transparency and fairnessaccording to 42-year-old Deputy Finance Minister Julapun Amolumbivat.
The Deputy Finance Minister highlighted the prevailing problem in the country where most of the profits from agricultural exports are pocketed by traders and farmers suffer losses. E-commerce initiatives are geared up to address this imbalance, with the aim of creating a fair profit-sharing system between farmers and sellers.
If this system is successfully introduced, it is expected that farmers' losses will be reduced through improved production management. Initially, the platform will focus on coffee, recognizing Thailand's status as a major coffee producer, the Bangkok Post reported.
BAAC's vision is to encourage the use of technology and innovation to improve productivity and product quality, and to promote high-value agricultural practices. The goal is to meet global standards and strengthen Thailand's competitiveness in the global market. Additionally, the bank supports local agrotourism initiatives.
With a mission to become a sustainable rural development bank, BAAC supports farmers in all aspects, from production to product value addition and marketing support. The bank's initiative aims to raise agricultural income to a level comparable to urban occupations. Additionally, BAAC strives to improve farmers' skills to improve their quality of life.
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In this context, BAAC established the Ministry of Foreign Affairs to increase the productivity and connectivity of Thai farmers to a global level. This also includes exporting products through business matching activities with Agricultural Development Bank of China (ADBC).
In addition, BAAC provides ADBC customers with direct access to raw material sources and production at a fair price, directly from upstream producers. This move underlines BAAC's commitment to fair trade practices and sustainable development in the agricultural sector.
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