PUBLISHED: June 24, 2023 at 06:45
The Board of Investment (BoI) has partnered with the National Innovation Agency to encourage local startups to come up with new business ideas as part of efforts to promote more investment in the country.
The collaboration aims to facilitate startups and entrepreneurs who want to develop new businesses based on innovative and high-tech ideas.
“Thailand has the potential to develop many high-tech industries, ranging from electric vehicles and upstream electronics to biotechnology and future food,” said Narit Therdsteerasukdi, secretary general of the BoI.
He said the BoI can help state agencies support infrastructure development, especially in the area of digital technology, to boost high-tech investments.
Mr Narit was speaking at the Startup X Innovation Thailand Expo 2023, which highlights new business opportunities and holds workshops for startup founders who need funds to grow their businesses.
The BoI oversees state financial assistance to startups and entrepreneurs under the country’s 2017 Act on Improving the Competitiveness of Targeted Industries. The two-day event at the Queen Sirikit National Convention Center (QSNCC) concludes on Saturday.
In the first three months of this year, foreign direct investment (FDI) in Thailand soared 115% year-on-year to 155 billion baht in value, the BoI said. The number of investment project proposals increased by 10%.
South Korean investors topped the list with an investment value of 31.4 billion baht, followed by Singapore with 29.7 billion, China with 25 billion and Japan with 24.7 billion.
Long-term resident visas granted by the government are one avenue to boost FDI, he said.