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To improve the productivity of its economy , Thailand aims to develop 10,000 startups in sectors such as agriculture and medicine by the end of 2027.
According to the National Innovation Agency (NIA), the national innovation plan will begin in 2024 and last for four years, aiming to expand the number of small and medium-sized enterprises, including startups.
To implement this ambitious plan, the Thai government intends to provide 5 billion baht (US$138 million) in grants and investment funds to the NIA 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.
According to analysts, Thailand's renowned economic resilience is no longer what it once was, especially after the political crisis related to the 2006 election.
According to Burin Adulwattana, chief economist and managing director at the Kasikorn Research Center in Bangkok, the country's economic renewal is centered on the new Prime Minister, Srettha Thavisin, a determined leader who previously served as Minister of Finance.
Recognizing the urgency of addressing Thailand's economic instability, Prime Minister Srettha Thavisin's new cabinet has launched a series of economic stimulus measures. These measures include cuts to electricity prices and diesel taxes, a three-year debt moratorium on agricultural loans, and a temporary waiver of visa requirements for tourists from several countries.
With this ambitious plan, the Thai government expects to meet its target of 5% annual economic growth over the next four years, compared to an average of 3.6% per year before the Covid-19 pandemic.
Krithpaka Boonfueng, CEO of NIA, said: “We aim to be among the top 30 countries in the world for technological innovation by 2030.”
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