Tech start-ups thrive in Thailand as the country aims to be a global start-up destination
An announcement made by the Bangkok Post highlighted what is in store for the future of Thai tech start-ups. Reasons were enumerated as to why Thailand will become a global start-up destination. Among the reasons were: location, Industry 4.0, Smart Visa project, True Digital Park, openness as a country and being the Kitchen of the World.
In order to support and improve the tech start-up scene, the public and private sectors are joining forces. The objective of True Digital Park, which is sponsored by True Corporation, is to become a global start-up destination.
Five reasons were enumerated by True Digital Park President Mr Thanasorn Jaidee as to why Thailand is a global destination for start-ups.
One is the location of Thailand. Thailand can leverage its location and strengths in multiple business areas, as well as its readiness in terms of technology and the digital business sector. The country is situated in the geographic and strategic heart of Southeast Asia. It shares its border with other countries having with emerging markets and tremendous growth potential such as Cambodia, Laos, Myanmar, and Vietnam.
Located also in the Southeast Asian region are countries having sizeable populations with considerable purchasing powers. The presence of Singapore, Indonesia, Malaysia, Brunei and the Philippines, make ASEAN a major economic powerhouse.
Two would be Thailand’s economic transition which will be having an innovation and technology focus. The country has been through several periods of economic development that have focused on agriculture, light industry, heavy industry and now Industry 4.0.
A third reason would be the Smart Visa project, which is one of the government’s measures in supporting start-ups. The Smart Visa project grants start-ups with a 5-year corporate income tax exemption. It grants co-working spaces with an 8-year corporate income tax exemption. The project also grants venture capital firms with a 10-year corporate income tax exemption.
Another government support for start-ups is the establishment of 15 Innovation Districts to help start-ups with their operations. Among these districts are Pathumwan, Lat Krabang, Klong San and Punnawithi, where True Digital Park is located.
A fourth reason is Thailand’s openness as a country. This guarantees that the country is an exceptional host that is ready to welcome start-ups from all over the world. It could be observed that the rich cultural diversity of Thailand is proof that it is multicultural and it has been influenced with regional and international cultures.
Being labelled as the Kitchen of the World is the fifth reason. Thailand’s available variety of cuisines and abundant quality food, having distinctive flavours sold at affordable prices, need an avenue for selling.
All these, coupled with an accessible transportation network and advanced telecom infrastructures, provide start-ups with the essentials for them translate their ideas to a working reality.
Mr Thanasorn added that these five reasons prompted True Group to establish True Digital Park as the go-to digital hub for start-ups, providing them with a complete ecosystem to foster their development and success as well as support all their work and lifestyle needs from under one roof.
With all of these, Thailand will eventually serve as the place to be for start-ups to create digital innovations that would benefit the country and the region. It will attract talent and experts which would allow them to exchange experiences and to brainstorm for new ideas.
A recent announcement highlighted on the MoU between Singapore’s Action Community for Entrepreneurship (ACE) and True Digital Park to launch the True Digital Park – ACE Singapore Centre which will help Singapore start-ups to access the market more easily.
An earlier announcement explained what Thailand’s Smart Visa project is and why it was launched. Smart Visa is a 4-year professional visa scheme for professionals designed to attract foreign highly-skilled talents from 10 target industries.