Five reasons why Thailand can be the digital hub of Southeast Asia

General Press Releases Thursday June 7, 2018 14:43
Bangkok--7 Jun--ABM

Thailand is fast-becoming the regional technology and innovation hub in-line with the government's "Thailand 4.0" policy and Eastern Economic Corridor (EEC) plan. This will lead to rapid advancements in and deployments of new technologies, business partnerships and startups. Thailand actively supports startups through the collaboration of government agencies, private enterprises, incubators and investors. Among private enterprises, True Group has stood out in supporting startups by establishing "True Digital Park" which has a mission of being the largest digital innovation hub in Southeast Asia. With Thailand's distinct advantages in terms of location, business environment and culture, True Digital Park is looking to support the country in becoming a global startup destination.

Mr. Thanasorn Jaidee, True Digital Park's President, revealed that True Group intends to develop True Digital Park as a digital innovation hub in order to attract talent and investors to Thailand. He also provided five key reasons that make Thailand a global destination for startups.

  • Thailand is located in the geographic and strategic heart of Southeast Asia – The region is comprised of 11 countries, with Thailand in the center of the CLMV group (Cambodia, Laos, Myanmar and Vietnam), all emerging markets with tremendous growth potential. Other countries, such as Singapore, Indonesia, Malaysia, Brunei and the Philippines, have sizeable populations with considerable purchasing power, making the region a major economic powerhouse. Thailand can leverage its location and strengths in multiple business areas as well as its readiness in terms of technology and the digital business sector, which is supportive to developing startups.
  • Economic policies to digitize Thailand – Thailand has been through different periods of economic development that have focused on agriculture, light industries, heavy industries and now "Thailand 4.0," which will see the economy transition to being more innovation and technology focused. The digital sector is an important component as one of the new growth engines for Thailand. True Digital Park is therefore determined to build the most complete ecosystem under the "Open Innovation" concept supporting innovation, ground-breaking ideas and entrepreneurship.
  • Driving the economy through innovation – The government is supporting the development of startups through a variety of measures such as the Smart Visa Project, a 5-year exemption of corporate income tax for startups, an 8-year tax exemption for co-working spaces and a 10-year tax exemption for venture capital (VC) firms. Additional support includes the establishment of 15 Innovation Districts to help startups with their operations. These include Pathumwan, Lad Krabang, Klong San and Punnawithi Innovation Districts, the last of which is where True Digital Park is located.
  • Cultural diversity in the Land of Smiles – Thailand is known as the "the Land of Smiles" due to the warmth and generosity of its people, which has impressed visitors from around the world. Thai society is also multicultural with regional and international influences that contribute to a rich cultural diversity. This open interaction ensures that Thailand is an exceptional host, with a mind-set and readiness to welcome startups from across the world.
  • A high standard of living with delicious cuisines – Known as the kitchen of the world, Thailand offers a variety of cuisines, an abundance of quality foods with distinctive flavors, at affordable prices. Together with a quality transportation network, a high standard of living, and most importantly, an advanced telecommunications infrastructure, the country provides startups with all they need to live, work and transform their ideas into reality.

These five reasons encouraged True Group to establish True Digital Park as the go-to digital hub, providing a complete ecosystem to foster the development and success of startups, meeting their work and lifestyle needs all under one roof. It will serve as a destination that attracts talent and experts allowing them to meet, exchange experiences, brainstorm research and developments, and enhance the competencies of Thai and international startups to create digital innovations that benefit the country and region. True Digital Park is determined to be a crucial partner in driving this effort and supporting successful sustainable startups in the digital era.


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