Time for innovation

SGGP November 2, 2023 06:15

In a bid to improve the productivity of its economy , Thailand aims to develop 10,000 startups in fields such as agriculture and medicine by the end of 2027.

The national innovation plan will start in 2024 and last for four years, with the aim of expanding the number of small and medium-sized enterprises, including startups, according to an announcement by the National Innovation Agency (NIA).

To implement this ambitious plan, the Thai government plans to provide 5 billion baht (US$138 million) for NIA grants and investment funds over the next four years, double the amount allocated in the previous four years.

The plans call for support for more than 1,500 new projects, and funding will focus on five sectors: agriculture , healthcare, tourism, soft energy and energy, including electric vehicles. Thailand ranked 43rd in the World Intellectual Property Organization's 2023 Global Innovation Index.

Thailand's famous economic resilience is no longer what it used to be, especially after the political crisis surrounding the 2006 election, analysts say.

According to Mr. Burin Adulwattana - chief economist and executive director at Kasikorn Research Center in Bangkok - the country's economic reform is focused on new Prime Minister Srettha Thavisin - a determined leader who used to hold the position of Finance Minister.

Recognizing the urgency of addressing Thailand’s economic woes, Prime Minister Srettha Thavisin’s new cabinet has rolled out a raft of economic stimulus measures. These include cuts in electricity prices and diesel taxes, a three-year moratorium on agricultural loans, and the temporary removal of visa requirements for tourists from many countries.

With the above ambitious plan, the Thai government expects to meet the target of 5% annual economic growth in the next 4 years, which before the Covid-19 pandemic was an average of 3.6%/year.

“We aim to be among the top 30 countries in the world in technological innovation by 2030,” said Mr. Krithpaka Boonfueng, CEO of NIA.

Source: https://www.sggp.org.vn/den-luc-phai-doi-moi-post712377.html