Thailand has the potential to become one of the top five tech ecosystems in Asia within the next 10 years if it continues to develop smart industries, especially in the key sectors of tourism, healthcare, agriculture and manufacturing, says a corporate innovation accelerator.
The adoption of artificial intelligence and the creation of a skilled digital workforce are essential to enhance such potential, said Dr Kid Parchariyanon, chief executive and co-founder of RISE, the accelerator.
He said Thailand has several advantages over its neighbours such as geopolitical factors related to the US-China relationship, a sizeable economy and a strong capital market among Asean nations.
Thailand's economic recovery has benefited strong sectors, especially tourism and healthcare, while the country is a popular destination for travel, living and long-stay work, said Dr Kid.
Moreover, the country has kept developing fundamental infrastructure and economic zones such as the Eastern Economic Corridor as well as promoting policies for ease of doing business to attract foreign investment.
Dr Kid said Thailand is already in the top 20 best tech ecosystems in Asia. The country has the potential to reach the top five in Asia, though there are several challenges to reach this level, he said.
"Thailand is a wide margin from Silicon Valley in terms of development, but through the Thailand Digital Valley we can build on our strengths and potential with tech support," said Dr Kid.
He said there are many vertical industries that could be developed to run smart operations to cash in on the new economy.
The four with the greatest potential to embrace smart operations are tourism, healthcare, agriculture and manufacturing, said Dr Kid.
"Thailand's reputation is well established in those sectors, but there are still many areas that need to be accelerated for further development such as agriculture in which Thailand has a lower yield per rai than Vietnam."
Dr Kid said the existing fundamental structure and related digital agencies could further help support the development of the country's tech ecosystem ranking.
He said policymakers should continue providing incentives to woo investors. Moreover, sustainability with green energy is an essential trend for every corporate.
The country should provide competitive energy costs compared to other countries to develop a strong green energy ecosystem.
RISE began operating in 2017, connecting tech startups to leading corporates and the government sector to expedite the growth of corporate innovation via the company's framework.
In a related development, McFiva, a marketing consultancy, is collaborating with global partners such as Denso International Asia, Singha Venture, Gaysorn Group, RISE and SO (Siam Rajathanee) to organise SEAT 2024, the Southeast Asia Technology Conference, from March 20-21 at The Crystal Box, Gaysorn Urban Resort, Bangkok, under the theme "Future of Everything".
The event will bring together top-level executives and leaders in frontier technologies to exchange perspectives, driving Thailand forward to become a tech ecosystem at the regional level. This is the third iteration of the SEAT conference.
Warachaya Urupongsa, chief digital officer of McFiva (Thailand), said the event's goal is to highlight the potential in areas such as marketing technology, venture capital, climate technology, fintech, health technology, food technology, the Internet of Things and hardware.
"We continue to strive towards our primary goal of positioning Thailand among the top five countries for tech ecosystems in Asia," she said.