The Industry Ministry is planning to allocate part of its 2019 budget starting in October as financial tools for small and medium-sized enterprises (SMEs) to expand their businesses at home and abroad.
Industry minister Uttama Savanayana said the ministry is preparing the new budget, which will include funding injections for SMEs and startups next year.
"We are in talks to find a way to help SMEs and startups as push on with new measures to support them, in line with government policy," he said. "The new plans will be announced next month."
Mr Uttama forecasts Thailand's economic sentiment will remain positive this half because the global economy is expanding, creating momentum for the country's export sector.
"We are witnessing good signs on the global level that are expected to drive the country's economy as well," he said. "Many government stimulus packages can thus succeed as planned thanks to this positive momentum."
Mr Uttama said that SMEs and startups are a major engine to mobilise the country's economy as they represent 80% of all enterprises.
To drive their strength and competitiveness, he said the ministry has needed foreign partnerships, for example, with the Japanese government, as that country has been successful in implementing SME support measures.
The governments have teamed up in many regards, including helping SMEs and startups gain access to high technology like artificial intelligence, robotics and automation.
The two sides are setting up a consortium for high technology, including a master plan covering human resource development to give SMEs and startups access to new robotics and system integrators.
The consortium consists of the Industry Ministry, the Technology Promotion Association (Thailand-Japan), the Japan-Thailand Economic Cooperation Society, Japan External Trade Organization Bangkok and the Ministry of Economy, Trade and Industry.
The consortium's cooperation time frame spans from 2018-2021.