Somkid orders B10bn spent on startup fund

Somkid orders B10bn spent on startup fund 

In order to position Thailand as a startup hub in Asia by 2020, the government has ordered the Board of Investment (BoI) to spend 10 billion baht of the Competitiveness Fund on the startup community as well as demanding the acceleration of three startup-related laws.

“Accelerating and creating more startups is a core government policy to energise entrepreneurs for the future innovation-based economy and to drive Thailand’s economic growth in the long run,” said Somkid Jatusripitak, deputy prime minister, in a speech at Startup Thailand 2018.

Thailand’s projected economic growth of 4% has helped the region record the quickest growth in Asia.

To stimulate new startups, public-private partnership (PPP) is needed, he said. 

”I ordered the BoI to use 10 billion baht of the Competitiveness Fund that has been inactive since it was established in 2016,” said Mr Somkid.

The fund can be an alternative fund for startups and invest in a model “fund of funds”, he said. 
The National Economic and Social Development Board (NESDB) also needs to add workforce development to its national plan to prepare for job loss from digital disruption, the rise of artificial intelligence (AI) and automation, said Mr Somkid

“Both BoI and NESDB have to create a solid plan with budget allocation within 3-4 months,” he said

Reference:

https://www.bangkokpost.com/business/news/1467566/somkid-orders-b10bn-spent-on-startup-fund#cxrecs_s