Foreign investors see a lot of potential in Thailand's digital economy and are interested in teaming up with Thai entrepreneurs keen on creativity, says Thailand Creative & Design Center (TCDC), a government agency that promotes a creative economy.
The centre is supporting Thai entrepreneurs to catch up with the global trend of creative economies through the use of a digital platform to benefit business growth.
TCDC managing director Apisit Laistrooglai said many foreign investors were keen to invest in start-up companies here because of the emphasis on technological development.
The Thailand Tech Startup Association estimated foreign investment in start-up businesses here would reach US$150 million this year, almost double last year's $80 million.
Most of the foreign investors are from Japan, the US, Singapore, China and South Korea.
"The number of start-up companies in Thailand is still small compared with other countries in Southeast Asia, and only 8% of them will survive," Mr Apisit said.
However, their outlook here remains bright up to next year, he said.
During the past few years, many young adults in Thailand have wanted to work on their own and set up small businesses using a digital platform for brand building, marketing and sales.
The National Economic Social and Development Board said the Thai creative economy was valued at 1.6 trillion baht last year, accounting for 13.2% of the country's GDP of 12.1 trillion. Fashion contributed 504 billion baht, design 368 billion, broadcasting 200 billion, visual arts 158 billion, software 111 billion, printing 83.5 billion, film 78.6 billion, handicrafts 87.3 billion, advertising 20.7 billion and music 1.4 billion.
Mr Apisit said Thailand faced a challenge to develop the manufacturing sector alongside the digital economy. Creativity is an important element to help Thai businesses compete and grow in the 21st century, he said.
"Consumers like to connect on social media and buy goods online. Thai manufacturers have to keep up with consumer tastes," said Mr Apisit.
TCDC recently organised Creativities Unfold 2015, an international symposium in Bangkok where well-known creative types were able to share their ideas with Thai entrepreneurs.
Among them were Nicholas Felton, former lead designer of Facebook's timeline, Porter Erisman, former vice-president at Alibaba.com and Alibaba Group, FitBit designer Gadi Amit and Nobumichi Tosa, musician and inventor who won the Toys Grand Prix Award 2010.