Thailand’s rise in startup ecosystem ranking ‘points to policy success’
Thailand's global startup ecosystem ranking has risen to 52, demonstrating the country's efforts to build and drive its socioeconomic status through innovation, the National Innovation Agency's (NIA) executive director, Pun-arj Chairatana, said on Friday.
His remarks came as StratupBlink, the world's most comprehensive startup ecosystem map and research centre, released its annual report on the Global Startup Ecosystem Index 2023, which ranks the best startup ecosystems in 100 countries and 1,000 cities worldwide.
The index used three criteria to evaluate each country: (1) the number of startups, investors, co-working space, and accelerators;
(2) the quality of infrastructure, facilities, research and development centres, tractions, and impact; and
(3) a friendly business environment including languages, taxes, regulations, price, security, and freedom.
Thailand is ranked one level higher than last year at 52nd, making the country 11th in Asia and fourth in Asean after Singapore (6), Indonesia (41) and Malaysia (43), while Vietnam is ranked 58th and the Philippines is 59th.
Thailand is also well-accepted in terms of logistics and transportation, ranking 43rd in this category.
Meanwhile, Bangkok jumped from 99th to 74th among 1,000 cities worldwide, surpassing Malaysia's Kuala Lumpur, which was ranked 87th.
As a result, Bangkok has risen to third place in Southeast Asia for startup ecosystems.
The global index also includes three Thai cities: Chiang Mai (591), Phuket (640), and Pattaya (849).
Pun-arj said it is a great news for the innovation and startup industry.
This is proof that the country's reform policies, which prioritise innovation, are an authentic strategic practical method to improve the country, he said. The government and the agency's support for Thai startups not only helps Thailand move forward but also attracts new investment and talent, such as digital nomads, he added.
He believes that this scenario will propel the kingdom to the forefront of the global digital economy.
"We will continue to develop in the four cities listed in the ranking by constructing innovation districts, such as the Yothi Medical Innovation District initiative in Bangkok, to achieve the goal of becoming Asia's first medical hub," he said.
Meanwhile, the NIA in collaboration with the Board of Investment has launched the Smart Visa programme, as well as some tax incentives, he said.
Since 2016, the NIA has collaborated with many other organisations from both the public and private sector to facilitate and incubate Thai startups as well as develop the country's ecosystem to meet the needs of investors and startups worldwide.
Pun-arj expected more collaboration from all parties to create a complete ecosystem that would be best for startups to groom as well as to instil an innovation mindset in all so that Thailand can finally become a startup nation with plenty of unicorns.
