“Innovation is the fuel that growing, evolving economies rely on, and that helps businesses get to the next level. Supporting innovation is one of the reasons Thailand remains one of the most business-friendly countries in the world.”
NEW YORK (PRWEB) September 06, 2019
On the heels of an improved ranking in the Global Innovation Index 2019, the Thailand Board of Investment is focused on attracting more innovation related investment into the region. Strategic investments into innovation are expected to spur research and development and bring the Thai economy into a stronger, more prosperous future.
The World Intellectual Property Organization (WIPO) has ranked Thailand 43rd in 2019’s Global Innovation Index. Thailand saw improved scores in investment promotion, research and development, and business environment, all factors which contribute to fostering innovation and growth.
“We are thrilled Thailand is being recognized for its efforts in encouraging innovation,” said Mr. Chokedee Kaewsang, Deputy Secretary General of the Thailand Board of Investment. “Innovation is the fuel that growing, evolving economies rely on, and that helps businesses get to the next level. Supporting innovation is one of the reasons Thailand remains one of the most business-friendly countries in the world.”
As part of its push to encourage innovation, the Thai government created the Eastern Economic Corridor of Innovation (EECi), a subsector of its Eastern Economic Corridor industrial region. The objective of the EECi is to serve as an ‘innovation ecosystem’ and hub within the EEC, where research and development are supported and where the future of Thailand’s industries will take shape. The six target industries of the EECi are modern agriculture and biotechnology; biofuel and biochemicals; high-performance battery and modern transports; automation, robotics and intelligent electronics; aviation and space; and the medical device industry. These target industries are represented in the EECi’s three main centers – the Aripolis, or innovation center for automation, robotics, and intelligent systems; the Biopolis, or innovation center for life sciences and biotechnology; and the Space Innopolis, or innovation center for space technology and geo-informatics.
In exchange for this important work in innovating and bringing about Thailand’s industrial future, companies based in the EECi enjoy privileges such as access to shared-use common and scientific infrastructures, an expedited visa process, an import duty exemption on raw materials for R&D purposes, and up to 13 years of corporate income tax exemption for companies that partner with academic or research institutions.
Companies are already taking note of this unique opportunity from the Thai government to innovate the Kingdom’s key industry sectors. One of the EECi sites, Wang Chun Valley, is owned by PTT, one of Thailand’s largest publicly traded companies and a national oil and gas conglomerate. PTT’s designated Accelerator Team for this center will also support new R&D activities by teaming up with 10 leading universities in the country. Similarly, PTT will lead a roadshow to attract and introduce other innovators to the industrial zone, likely at the end of this year.
“This year, the aim of making the EECi the most important science park in the country is ever closer to fruition,” concluded Mr. Kaewsang.
The Thailand Board of Investment (BOI) is the investment promotion agency for Thailand that facilitates foreign direct investment. BOI’s services are free of charge and customized to help business succeed in Thailand. For more information, please visit http://www.boi.go.th and http://www.thinkasiainvestthailand.com.