Thailand wants to be SEA’s next startup hub, but talent remains an issue

Wat Arun in Bangkok, Thailand / Photo credit: coward_lion / 123RF Stock Photo

This is a Discuss post, where we feature short but insightful opinions from the Asian tech community on startup, entrepreneurship, and tech topics.

The Thai government has big ambitions: to compete with Singapore as the next SEA startup hub.

Recently, the government has been ramping up its efforts in line with its “Thailand 4.0” initiative. This includes opening potentially the largest startup space in SEA called True Digital Park. The Thai government is also in talks to iron out what they call “Thailand Cyberport,” a business park and incubator.

With these initiatives, is Thailand ready to compete?

Editor’s note: Answers have been edited for clarity.

Stanley Wang, managing director at K2 Venture Capital

The Thailand 4.0 economic vision was initially conceived as a sector-specific, government-led roadmap to guide the country out of the “middle-income trap” and toward a higher value creation, knowledge-based economy.

More recently, the government revealed its ambition to challenge Singapore as the premier regional technology and startup hub.

Can Thailand really do it? It is likely to be a mixed result rather than a clear outcome.

Thailand could be a preferred destination for certain technology sectors where it has native advantages (agtech, digital healthcare, digital tourism, etc.). However, for other sectors, it will need to take further steps to become a more competitive destination.

Historically, Thailand has tended to emphasize good local infrastructure and attractive tax incentives to attract long-term capital investment, and its Eastern Economic Corridor scheme is modeled on that approach. But the government has also been responsive to other needs, such as updating laws and regulations to address the legal implications of new technologies (note the recent regulations surrounding cryptocurrency trading and token offerings).

Let’s discuss