Thailand plans to elevate technology sector and increase numbers of new startups

Thailand’s four-year national innovation plan of Srettha Thavisin’ government is set to elevate the country’s technology and innovation sectors and increase more numbers of startups, beginning in 2024.

Thailand aims to increase about 10,000 startups in fields like agriculture and medicine, and “improve the productivity of the Thai economy,” said Krithpaka Boonfueng, executive director of the National Innovation Agency (NIA).

According to Nikkei Asia, Srettha’s government intends to provide 5 billion baht ($138 million) to the NIA’s grants and investment funds.The funds will be put into improving areas of agriculture, medicine, tourism, soft power, energy, electric vehicles as well as supporting more than 1,500 new projects.

Due to its conservative nature, Thailand has struggled in enhancing its technological innovation sector, therefore, the government expected the plan to help the country overcome its conservative business image.

Krithpaka added that above all this, Thailand also “aims to be among the top 30 countries in the world in terms of technological innovation by 2030.” This year, Thailand was ranked 43rd place in the World Intellectual Property Organization’s Global Innovation Index 2023.

Source: Nikkei Asia

About Kanlayakorn Pengrattana

Kanlayakorn 'Princess' Pengrattana is a freelance writer at ScandAsia.

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