Bid to make nation a regional powerhouse
The Digital Economy Promotion Agency (Depa) and business technology platform Techsauce have jointly unveiled four strategies and objectives to propel Thailand towards becoming the technology gateway of Southeast Asia by 2030.
The strategies are meant to drive Thailand’s growth and raise the competitiveness of the digital startup sector.
As part of the effort, Depa acquired an 11% share in Techsauce Media to synergise their efforts to elevate the efficiency of tech gateway operations.
Digital Economy and Society Minister Prasert Jantararuangthong said fostering technological advancement, particularly in artificial intelligence, is key for Thailand’s journey towards sustainable development. He made the remark during the recent “Bridging Thailand to Global Impact” event held by Techsauce.
The comprehensive strategies include establishing platforms to promote Thai startups, the creation of a digital startup fund to facilitate co-investment with the private sector, and the promotion of digital service accounts.
Central to these plans is the tech gateway project of Techsauce, in collaboration with Depa and its network of partners.
This gateway aims to attract foreign investment to Thailand, ensuring the country becomes a hub for technology and innovation enterprises, said Oranuch Lerdsuwankij, chief executive and co-founder of Techsauce Media.
The four strategies comprise seven inbound and outbound goals.
The inbound objectives include attracting more skilled tech talent from overseas to work here and expanding production bases in Thailand by increasing the number of companies and projects in the technology business group, she said.
Another inbound objective is promoting cooperation in technology by reintroducing and implementing technology investments made by Thai organisations abroad, which aims to enhance Thailand’s efficiency and competitiveness in the global market while fostering sustainable technological development within the country, said Ms Oranuch.
The strategy also hopes to increase investment in technology businesses in Thailand by attracting foreign investors, with the aim of distributing investment funds from various countries, according to Techsauce.
This process is slated to begin in August 2024.
An outbound objective is elevating the level of innovation in Thailand and strengthening the ability of Thai companies to innovate by using technology created by Thais, she said.
Leading Thai innovation-based organisations are going to be promoted to grow at a regional level, increasing the chances for them to prosper, said Ms Oranuch.
A final objective aims to develop skills for Thai tech talent to grow on an international scale, attracting Thai tech workers living abroad to return home and develop the innovation scene in the country, she said.
The tech gateway project is a collaborative effort between the private sector and key organisations, including Depa, Beryl 8 Plus, the Export-Import Bank of Thailand, Kasikornbank, Siam Cement Plc, the Thai Startup Association, True Digital Park Co Ltd, WHA Corporation, UOB Bank Plc, and the Department of International Trade Promotion.
