BANGKOK, 11 May 2015 – The Prime Minister has expressed his support for Thai innovations that strengthen the nation’s prosperity, especially in pushing Thailand forward as the production center for electric cars, while looking to establish a government funding for science and technological investments, says the Science Minister.
The Minister of Science and Technology Pichet Durongkaveroj has revealed the outcome of the National Innovation Development Committee’s meeting, chaired by the Prime Minister Gen Prayut Chan-o-cha, saying that the meeting has approved important policies and strategies that will push the country towards sustainable prosperity.
He has said that the meeting has agreed to focus on the national economic development through the implementation of science, technology, and innovations to increase the private sector’s capability and SME capabilities in preparation in time for the integration of the ASEAN Community.
The government is aiming to help develop up to 13,000 entrepreneurs with the estimated budget of 5 billion baht.
The committee has approved the exception of the dividend and benefits tax from the sales of shares to companies or businesses investing in technology, in order to help stimulate the investment. It has also approved the principles for establishing funds for co-investment in the ‘fund of funds’ format, that will mainly invest trough venture capitals and reduce the risk for of the private sector.
The committee has agreed to push Thailand forward as the production center for electric cars, with the objective to be able to produce electric cars in Thailand by 2015, and has appointed the Ministry of Finance to consider the regulations of the Bangkok Mass Transit Authority’s procurement procedures that will require all buses to be built domestically, along with the future installation of charging stations.
The National Science and Technology Development Agency (NSTDA) will be the agency responsible for the registration of Thai innovations to encourage Thai people to use quality Thai products. The government sector will be required to purchase innovation products and services, at no less than 10 percent but not exceeding 30 percent of the allocated budget, while registered products will have an 8 year term on the list.
The Ministry of Science and Technology will be holding the Thai Innovations Fair in the northern, northeastern, and southern region of Thailand to encourage new businesses with high potential and local entrepreneurs to access and utilize Thai innovations.
