FRIDAY, March 29, 2024
nationthailand

Thai deals clear way for Singapore startups

Thai deals clear way for Singapore startups

THAILAND and Singapore have signed two deals to deepen links between their technology ecosystems and help start-ups from the city-state gain a foothold in the Kingdom.

Trade agency IE Singapore signed two memorandums of understanding. The first was with Thai Beverage unit C asean, the social enterprise subsidiary of the conglomerate, which runs a programme aimed at helping foreign start-ups set up in Thailand. The second was with Thai co-working space and ecosystem builder Hubba.
The memorandums were signed at the Fifth Singapore-Thailand Enhanced Economic Relationship Ministerial Meeting, in Singapore yesterday. Thai Commerce Minister Apiradi Tantraporn co-chaired the meeting with Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang.
The meeting noted the growing bilateral economic ties between both countries. In particular, officials discussed deepening cooperation in agriculture and food, information and communication technology, investment, trade facilitation, tourism, air connectivity and intellectual property cooperation.
IE Singapore said Thailand is on track to become the region’s next booming tech hub – the country’s nascent start-up scene has grown rapidly in recent years.
Thailand is now home to about 1,000 start-ups, making it Southeast Asia’s third-largest start-up ecosystem after Singapore and Indonesia.
Only three start-ups in Thailand received funding in 2012; this surged to 75 in 2016 when a total of US$170 million was raised.
“Thailand might not be an intuitive market for start-ups, but we have to look at the country’s potential trajectory,” said IE Singapore assistant chief executive Tan Soon Kim.
An estimated two-thirds of Thais are social media users and the majority access social media through their mobile phones, speaking to strong prospects for the country’s digital economy.
In addition, start-ups in Thailand are getting strong support from both the government and private companies keen to tap new technologies for growth, IE noted.
“Thai conglomerates are looking out for technologies that can address their core traditional businesses, and this is where Singapore companies can come in to fill a need,” Tan said.
“If [Singapore companies] are able to latch on to these conglomerates, they can go regional into Cambodia, Laos, Myanmar and Vietnam (CLMV region).”
 

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