The Thai government is looking to develop its startup industry by following in the footsteps of Singapore’s initiatives which have made the city-state a leading incubator of entrepreneurs.
Singapore is the top Asian economy in this year’s global startup ecosystem index published by StartupBlink : Thailand ranks 52nd on the global startup ecosystem index, while Singapore is ranked sixth. Thailand still faces many challenges in supporting entrepreneurs, including complicated paperwork and a shortage of investors and skilled talent.
Thailand is prioritizing the development of its startup ecosystem to secure future economic growth. While not yet as focused as some of its neighboring countries, the Thai government is making efforts to attract and connect local and foreign entrepreneurs through innovative visa programs and infrastructure investments.
The country has already produced several unicorns and hopes to stimulate the entrepreneurial spirit of its population to draw more capital into the startup scene. The government has also passed tax cuts for VCs and incentivized investing in certain industries to attract more foreign investment.
Read the rest of Thailand ranks 52nd on the startup ecosystem scale on Thailand Business News