The ’GSB United Market’ project aims to create a model market that boosts the economy, improves lives and fosters sustainable communities. A key objective is to address debt issues and provide financial resources for local market vendors, explained Phuket Town Mayor Saroj Angkanapilas at the project launch on Friday (May 24).
GSB Assistant Branch Operations Director Yadaporn Sriphat and Phuket Public Health Office Environmental Health Chief Ariya Kanchaiphum, among other officials, joined the press conference at GSB’s main Phuket branch in Phuket Town to announce the collaboration.
Also present were Saksit Sunthornkul, GSB Regional Director for Region 16; Ratchadaporn Sema-ngern, Deputy Director of Product and Marketing for Retail and Community Clients; Tharutai Kosuk, GSB Phuket District Director; Nannaphat Chaikliang, GSB Phuket Branch Manager; Supaporn Thammasunarakul, Thepkrasattri Road Branch Manager; Ploenchit Wangchuay, Samkong Branch Manager; Rithai Hiri, Poonphol Rd Branch Manager; representatives from Phuket Rajabhat University; and members of the media.
The GSB United Market project is an extension of GSB’s ‘Holistic Area-Based Development’ initiative, focusing on comprehensive community development. The project targets resolving debt problems and providing accessible financial resources to community market vendors. The project has selected 18 markets nationwide as pilot sites, with Fresh Market 2 in Phuket Town being one of them, Mayor Saroj said.
During the launch, participants assessed challenges and success factors for the participating markets. The project aims to support market vendors, including small traders, street vendors and micro-entrepreneurs, to boost their incomes and quality of life. The project also aims to provide fair access to financial resources, steering vendors away from informal debt, otherwise known as loan sharks.
It was explained at the event that the Holistic Market Project involves GSB, market owners and government and private sector agencies. The comprehensive development strategy includes seven key areas:
- Debt Resolution: Providing education and counseling on managing both formal and informal debt, debt restructuring and debt prevention strategies.
- Savings Promotion: Encouraging disciplined savings habits.
- Access to Funding: Offering fair interest rates and conditions for loans, reducing reliance on informal debt.
- Financial Literacy: Teaching financial management and savings planning.
- Secondary Employment: Supporting additional occupations and necessary skill development.
- Sales and Marketing: Educating on expanding sales channels, including online platforms.
- Infrastructure Support: Rebranding markets, improving facilities, signage and overall market environment.
“The GSB United Market project is set to be a cornerstone for sustainable economic development, providing vital support to local communities and promoting a healthier economic ecosystem,” Mayor Saroj noted.