Charoen Pokphand Foods Public Company Limited (CP Foods) ensure the "Faster Payment" project help six thousand small and medium-sized enterprises (SMEs) who supply goods and services to the company stay afloat amid new wave of COVID-19 infections.

CP Foods has launched the “Faster Payment” scheme in October 2020, offering a payment term within 30 days in a bid to help the small business partners financial strengths and enable continue their business smoothly and maintain their workforce.

Thidarat Dechayonbuncha, vice president of CP Foods, said that the initiative so far helped suppliers go through the crisis. Importantly, the scheme boosts their confidence in expanding business and adjusting to the new normal. However, the third wave of COVID-19 has raised concern among small and medium-sized enterprises. The company, thus, extends the program to the end of the third quarter this year. 

“Amid this uncertain situation, the extension of the Faster Payment program will be beneficial to six thousand small business partners, who are a crucial part of CP Foods’ undisrupted supply chain, to help their business survive. With good liquidity and less loan debt, they will be able to able to maintain their businesses and ensure well-being of their employees and families. This is important for the country's economic recovery,” said Ms. Thidarat.

This year, CP Foods also focuses on raising the capabilities of small business partners by arranging workshop to provide knowledge to manage their operations with responsible practices in labor, safety and environmental management. The company will collaborate with the government agencies to share its experiences to partners with a goal to develop and improve their operations to achieve international standards. 

Ms. Thidarat also said SME Partner Development will be beneficial to CP Foods’ production, enabling the company to adapt to the changing of business dynamics in post-Covid-19 era. She explained that food business will focus more and more on food safety, social responsibility and workforce.  This can create new opportunities for partners to grow to be upgraded to be a national producer./