Startups with significant growth potential in targeted industries will receive financial assistance of up to 50 million baht each from a newly established fund by the Board of Investment (BoI).
The fund, referred to as the “Matching Fund,” operates under another fund overseen by the competitiveness enhancement board, which is chaired by Finance Minister Pichai Chunhavajira. The Matching Fund will collaborate with venture capital to further support startups, as explained by Narit Therdsteerasukdi, the secretary-general of the BoI.
The board aims to enhance the capabilities of startups specializing in high-technology sectors, including new-generation vehicles like electric vehicles (EVs), smart electronics, biotechnology, agriculture, food, and medicine.
According to Mr. Narit, the BoI will provide between 20 and 50 million baht to each qualifying startup. To receive financial support, startups must clearly articulate their business direction and plans to present themselves to the international market. The BoI is particularly interested in whether these startups have strategies to secure funding overseas and how they plan to export their products and services.
“Access to financial resources and skilled human capital are two critical factors driving startup growth. The BoI intends to implement measures to support these elements through the competitiveness enhancement fund,” stated Mr. Narit.
To qualify for assistance through the Matching Fund, a startup must have Thai nationals owning at least 51% of the business.
This fund is anticipated to aid the government’s efforts to develop 12 targeted S-curve industries located within the Eastern Economic Corridor (EEC). The EEC encompasses areas of Chon Buri, Rayong, and Chachoengsao, which are being transformed into the nation’s high-tech industrial hub.
Zero-emission vehicles represent the new-generation cars being promoted by the government within the EEC framework. Authorities aim for battery electric vehicles to constitute 30% of total car production by 2030, targeting the manufacture of 725,000 zero-emission cars, 675,000 electric motorcycles, and 34,000 electric buses and trucks.
