Thailand’s Ministry of Digital Economy and Society to develop a national digital community for startups and entrepreneurs

The Ministry of Digital Economy and Society (DE) will be collaborating with the Hong Kong Cyberport for the development of a national digital community and one-stop facilitator for startups and entrepreneurs. Details pertaining to Thailand Cyberport will be finalised in the next two months, prior to getting the project off ground by the end of the year.

According to the report made by the Bangkok Post, the Digital Economy and Society (DE) Minister, along with his team, met up with the chairman of Hong Kong Cyberport Management Co to drive the development of Thailand Cyberport together.

DE Minister Pichet Durongkaveroj shared that Thailand Cyberport aims to be a national innovative community for multiple sectors and a centre for the startup ecosystem in the region, attracting venture capital firms and global enterprises.

He furthered that the country’s existing ecosystem for startup incubation is not enough to drive the Thailand 4.0 roadmap of the government. Therefore, the government needs a more practical driver for the development of a digital ecosystem.

The existing ecosystem does not provide startups with the opportunity to create connections with strategic partners and investors that could have assisted them upon incubation. Moreover, there is also a lack of driving collaborations with local and international business partners.

However, Minister Pichet countered, with Thailand Cyberport, incubators of all levels may seek angel funds, skills management coaching and venture capital. The project will include areas as diverse as culture, tourism and agriculture.

Thailand Cyberport will be set up in the vicinity of the Digital Park in Chon Buri province. This will be under the Eastern Economic Corridor scheme of the Thai government.

The Ministry of Digital Economy and Society is working with the Ministry of Science and Technology, the Ministry of Industry and the Board of Investment to finalise major details of the Thailand Cyberport project.

Hong Kong Cyberport is a digital community whose management company is wholly owned by the Hong Kong Government. It is a business park consisting of four office buildings, a hotel and a retail entertainment complex, described as a creative digital community with a cluster of technology and digital content tenants.

Minister Pichet added that the Thai government, through the DE Ministry, is pushing several initiatives that will fulfil the digital transformation of Thailand. One such initiative is the establishment of a test base for 5G wireless broadband at the Digital Park. The 5G test base was approved by the National Digital Economy and Society Committee headed by Deputy Prime Minister Prajin Juntong.

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