Government policy is ready to accelerate startups to be strong
Many government agencies are ready to support Thai startups to grow and compete in both domestic and international markets, such as the National Innovation Agency (Public Organization) or NIA as a "Focal Conductor" and to facilitate the innovation ecosystem to be conducive to work potential through the promotion of both capital and knowledge to create innovative businesses that focus on 5 fields. These include food-agriculture, healthcare, tourism, climate, and soft power. It also plays an important role in being a bridge to link various agencies, both public and private, to drive Thailand towards becoming a country of innovation. This is by working with a network of partners both under the Ministry of Higher Education and external agencies such as the Office of the Board of Investment (BOI), the Office of the Science Research and Innovation Board (TSRI), and the Digital Economy Promotion Agency or depa, etc.
Big Campaign Emphasizes Thailand as an Investment Area
Thailand has an economic strategy that continuously promotes the Thai startup ecosystem. There are mega projects that support the growth and investment in innovative startup businesses. This includes the BCG Model that the government uses as a guideline to drive the economy in 3 aspects: Bioeconomy, Circular Economy, and Green Economy.
The goal is to create the sustainability of nature and the environment, to increase the rate of economic growth, to reduce social inequalities and to increase the potential for self-reliance. In addition, it also focuses on developments in two industry groups: 1) innovation development in existing industries (First S-Curve) that already exist in the country to create short-term and medium-term growth, comprising the modern automotive industry, smart electronics, quality tourism, agriculture and biotechnology and high value-added food and 2) innovation development in new industries (New S-Curve) that supports advanced technologies by aiming to be an important mechanism to drive the economy, including the robot industry, aviation, digital, integrated medicine and quality fuels and biochemistry. There is also the Eastern Economic Corridor (EEC), which invests in infrastructure and modern industries in 3 provinces: Chonburi, Rayong and Chachoengsao. which has many business and industrial sectors to support startups.
It can be said that the emergence and growth of startups in Thailand continues to have opportunities. There are many factors, both from the public and private sectors that are willing to upgrade the ecosystem and infrastructure to support business models that could grow quickly, as well as cities with outstanding lifestyles and geography that are waiting to welcome both Thai and foreign investors.