Thailand sets forth 2023 digital economy roadmap; robotics to contribute to the nation’s economy

It is expected that the global robotics industry will reach USD47 billion in the next five years

General Prawit Wongsuwan, Thailand’s Deputy Prime Minister and Chair of the DE Fund Executive Committee, has just set forth the roadmap for the country’s Digital Economy and Society Development Fund (DE Fund). 

This 2023 initiative’s goal is to use digital technology to improve Thailand’s economic and social development capacity, according to OpenGov Asia.

The committee also collaborated on the general funding policy framework, which focuses on seven areas, including:

• Education for the new generation in the digital age
• Digital government and infrastructure
• Proactive agriculture with digital innovation
• Digital technology in the future
• Health technology
• Security in the digital world
• Digital environment saves

Making these developments is a component of promoting digitalisation in the country.

Also, Thailand has recently discussed the implementation and follow-up of the Organisation for Economic Cooperation and Development’s (OECD) Extended Connection in Southeast Asia initiative, which will bridge the connectivity gap in the region by raising the quality of broadband networks.

More: Thailand and its quest for a sustainable and digital economy

Meanwhile, the World RoboCup 2022 featured more than 3,000 participants from 45 countries, including Australia, China, Japan, Singapore, and Thailand, reported The Nation Thailand.

This event presented Thailand with a crucial opportunity to create startups that can be used for industrial purposes, thereby building huge economic value, which is an incentive for foreign investment.

“The government has put in place policies to promote startups and give them the capabilities to compete internationally, for example, a 10-year break on capital gains tax for both Thai and foreign investors investing in Thai startups in the 12 target industries,” said Chaiwut Thanakamanusorn, Minister of Digital Economy and Society.

It is estimated that the capital gains tax break will attract more than THB320 billion (USD8.9 billion) of investments in startups by 2026, creating over 400,000 jobs and strengthening the domestic economy by THB790 billion (USD21.9 billion).

It is expected that the global robotics industry will reach THB1.7 trillion (USD47 billion) in the next five years, confirming the significance of the industry for Thailand’s economy.

The Property Report editors wrote this article. For more information, email: [email protected].