Thailand eyes to become hub of startups in Asia

BANGKOK, May 18 (TNA) - The Thai government is preparing the country to become a hub of business startups in Asia through initiative measures, aimed to first promote and support the emerging businesses in the Thai economy. Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, announced the policy while delivering a speech at the "Startup Thailand" event, themed the "Endless Opportunities", organized at the Queen Sirikit National Convention Center in Bangkok on May 17. Somkid said Thai business startups have got up to become a national economic force in the future, but they now need the promotion and support by the government through the amendment or the introduction of laws and regulations, as well as measures to ease restrictions or barriers to their business development. The deputy prime minister assigned the Office of the National Economic and Social Development Board (NESDB) to modify the educational and labor structures, as well as other major systems in the country to support and sustain the emerging businesses in the Thai economy. The deputy premier also assigned the Board of Investment of Thailand (BOI) to work out strategic measures to drive ahead business startups in the country, notifying that both government agencies should submit their proposed plans to the administration, in response to the assignment, within the next three months. Besides, the deputy prime minister suggested that local business startups be allowed to be listed on the Stock Exchange of Thailand (SET), as part of the government's plan on developing the Thai Kingdom as a hub of business startups in Asia in the future. Meanwhile, Science and Technology Minister Suvit Maesincee (สุวิทย์ เมษินทรีย์) told reporters that the event, the third of its kind this year, has provided a business platform for more than 10,000 startups in Thailand so far, about 1,500 of which are high potential ones. According to the minister, overall investment funds of Thai business startups have stood at about 1.2 billion US dollars, or about 40 billion baht, so far. At Thursday's event, more than 400 products of business startups were showcased, along with sessions held for experience sharing and the signing of an agreement between the National Innovation Agency (NIA), a public organization, and Bangkok-based Kasikornbank (KBank) on the production of business startups at higher educational institutes in Thailand, paving the way for the development of their more value-added businesses in the national economy in the future. Another agreement was also signed between NIA and the Thailand Convention & Exhibition Bureau (TCEB), on the joint development of Thai innovations and cooperation by the two public organizations to promote the Thai Kingdom to become a leading hub of international meetings, incentives, conferences and exhibitions (MICE) in the future. (TNA)