Success for the value-based economic model dubbed Thailand 4.0 will require the development of agricultural startups and innovative "smart farming" systems, says Deputy Prime Minister Somkid Jatusripitak.
Greater collaboration between large organisations and telecom companies is needed to provide financial support and build digital infrastructure, Mr Somkid said yesterday at a seminar entitled "Startups the Driving Force for Thailand 4.0".
"Building up technology-driven farming startups will create economic warriors to help drive the country's digital ecosystem, as the Thai farm population accounts for 35% of the total," he said.
Mr Somkid said the government wants to see large enterprises help support startups in the agriculture sector, such as by providing incubator facilities.
Lars Norling, chief executive of Total Access Communication (DTAC), said Thailand 4.0 poses critical challenges to all companies in Thailand as the initiative is intended to reshape the country's economic structure.
"Companies need to acclimate themselves under a do-or-die strategy to compete in the digitally-driven economy," he said.
Mr Norling agreed that promoting new agricultural startups is another component of driving Thailand into a digital economy.
Even though Thai farmers account for 35% of the population, they generate only 10% of the country's GDP.
Somchai Lertsutiwong, chief executive of Advanced Info Service (AIS), said Thailand's economy is transforming from an industry-driven to a value-driven economy. The development of startups will be key in promoting the country's new economic model.
He urged the government to provide investment incentives, including taxes and regulatory frameworks, to support the startup sector.
Increased connectivity is also going to change the way we communicate and do business, he said. The mobile internet transformation is moving towards 5G wireless broadband services and the Internet of Things, which is expected to drive the digital transformation of industries by 2020.
Teerapon Tanomsakyut, chief innovation and sustainability officer of True Corporation, agreed that greater collaboration between the private and public sectors is required in order to accelerate the development of an innovation-driven economy in the areas of high-speed digital networks and creative content and applications.
In addition, he said the government should outline a clear roadmap involved in the allocation and auctioning of spectrum for the telecom industry.