News

Articles:

Tech start-ups thrive in Thailand as the country aims to be a global start-up destination

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.

0 Shares