Thailand’s National Innovation Agency is moving ahead to develop Bangkok as an “Innovation City,” aiming to create a new global startup hub and attract strategic partnerships to the country.
Thailand is developing an “Innovation City” by exploring the nation’s capital alongside other major cities’ potential to become a smart innovation hub. The country’s National Innovation Agency (NIA) is helming this project, to drive financial innovation, aviation hub growth, and the creation of districts that will attract international investment.
Following Thailand’s lifted pandemic restrictions, Bangkok is set to be a regional hub for innovation-based entrepreneurs and global strategic partnerships with the country.
Dr. Pun-Arj Chairatana, the Executive Director of NIA, commented, “Many cities throughout the world have policies in place to improve the quality of life and the economy, as well as to make their communities more liveable. To make the city a sustainable city, innovation is employed to promote problem-solving and handle difficulties in a fast and effective manner. Bangkok is a city that is constantly expanding. Urbanisation is critical, and it invariably requires policies that encourage or provide space for innovation. Such challenges are crucial in supporting the capital’s and the country’s lifestyles and economic prosperity.”
Recently, many global venture capital firms have been choosing to invest in Bangkok due to the city’s reputation and potential to become an ASEAN powerhouse for innovation. The city’s infrastructure fosters more opportunities for skilled workers looking to build experience and pursue new ventures. Thailand is also advantageous as it directly funds, as well as attracts foreign investment, building a technology-driven framework that will strengthen its place as a financial innovation hub.
As Thailand transitions into a post-pandemic new normal, air traffic has already begun to pick up, both domestically and internationally, securing Bangkok as a major global aviation hub. As the open city welcomes more travellers, entrepreneurs will also be drawn to the region given its accessibility and warm reception of global citizens.
Bangkok’s uniqueness is derived from its different regions and their different specialties, which also open a path to different innovation fields, such as a “medical district, a digital development district, a tourism zone, or a logistics district.” These different districts will be able to operate as incubators for startups and catalysts for economic value creation, bringing benefits not only for stakeholders, but also the nation’s economy.
Dr. Pun-Arj concluded, “The transformation into a knowledge-based economy and leading investment destination will attract innovation-driven enterprises and stimulate strategic partnerships, further developing our growing tech sector by nurturing inclusive growth and impacting the lives of thousands of people in Thailand and beyond.”
Kicking off Thailand’s innovation goals, the NIA will be hosting a Startup x Innovation Thailand Expo 2022 from June 23rd to 25th, with the theme “Reconnecting the World,” to highlight innovative emerging products and connect industry leaders, startups, executives, and investors.