BANGKOK, May 29 (Xinhua) -- Thai government will clear all of the rice stockpile, some 5 million tons to increase rice prices for the long term, Thai Prime Minister Prayut Chan-o-cha said on Monday.
Delivering a speech during Thailand Rice Convention 2017, Prayut said some 13 million of a total 18 million tons of rice in government stock has been released to the markets, securing some 112 billion baht (3.29 billion U.S. dollars) in sales over the last two to three years.
The Thai government, according to the prime minister, has had to bear the storage cost of more than 1 billion (29 million dollars) per month.
"We will clear all of the remaining stock in this administration in order to increase rice prices for the long term," Prayut said, adding they have made a five-year rice strategy plan to improve the quality of Thai rice.
He said large volumes of the rice have been traded in government-to-government dealings with major buying countries such as China, Iran, Iraq, the Philippines, Indonesia and Malaysia.
"Now we export 10 million tons of rice and earn some 150 billion baht (4.41 billion dollars) yearly as more than 4 million families in the country are growing rice," Prayut said.
Meanwhile, he reiterated that farmers have been strongly suggested to do large-scale rice farming in order to reduce producing costs, raise bargaining powers in dealing with traders and secure an increased price in their own favor.
According to him, a large-scale rice farm cover no less than 400 acres of land.
