The Board of Investment (BoI) has joined hands with the National Innovation Agency to encourage local startups to come up with new business ideas as part of efforts to promote more investments in the country.
The collaboration aims to facilitate startups and entrepreneurs who want to develop new businesses based on innovative ideas and high technology.
"Thailand has the potential to develop many high-tech industries, ranging from electric vehicles and upstream electronic products to biotechnology and future food," said Narit Therdsteerasukdi, secretary-general of the BoI.
He said the BoI can help state agencies support the development of infrastructure, especially in the field of digital technology, to stimulate investment related to high technology.
Mr Narit was speaking during the 2023 Startup X Innovation Thailand Expo, which highlights new business opportunities and organises workshops for startup founders who require funds to grow their businesses.
The BoI is supervising state financial assistance for startups and entrepreneurs under the 2017 National Competitiveness Enhancement for Targeted Industries Act. The two-day event at the Queen Sirikit National Convention Center (QSNCC) ends on Saturday.
In the first three months this year, foreign direct investment (FDI) in Thailand skyrocketed by 115% year-on-year to 155 billion baht in value, said the BoI. The number of investment project proposals increased by 10%.
South Korean investors topped the list with investment value of 31.4 billion baht, followed by Singapore at 29.7 billion, China at 25 billion and Japan at 24.7 billion.
The government's long-term resident visas are one path to boost FDI, he said.