According to a recent report, the Digital Economy Promotion Agency (DEPA) working to manifest a future of Thailand’s digital innovation, spearheading its efforts with the Thailand Digital Park and IoT Institute.
The mega project has seen US$160 million to allocated to it in efforts to foster the development of facilities that will push digital innovation. An additional amount for incentives provided for international investors.
A government agency under the Ministry of Digital Economy and Society, DEPA aims to provide tactical promotions to help support, develop, and drive the overall Digital Development Master Plan and infrastructure plan of the country.
The President/CEO of DEPA stated that Thailand 4.0 is the goal and target of how to move forward and progress the nation’s future economy … from its traditional OEM (Original Equipment Manufacturer) to a nation that produces higher value services and products.
An ecosystem for innovation
DEPA has targeted approximately 100 hectares to house the Thailand Digital Park and IoT Institute in the Eastern Economic Corridor (EEC), which is 1.3 hours southeast from Bangkok. It is easily accessible by car and plane, and also has its own deep seaport.
The CEO of DEPA noted that the leadership seeks to attract more than 100,000 digital ecosystem developers into Thailand to help with the movement.
He added that the term ‘Digital ecosystem developers’ is not only in reference to programmers and developers but also covers non-tech business and enablers that will help drive the digital ecosystem.
Achieving the mega project
DEPA will anchor this mega project with its own four buildings (named the IoT Institute) in the Thailand Digital Park and will act as the main facilitator to help drive innovation to the area. The first building’s tenants from various industries are a direct result of last year’s Ministry of Digital Economy and Society’s and DEPA’s international roadshows to the USA, China, Korea, Japan, India, and Taiwan.
It was noted that the aim of the IoT Institute is to house and showcase innovation from Thailand and Thailand’s joint partners for international investors to come in and work with us to develop it further.
Moreover, with the assistance of DEPA, innovators and investors can implement successful businesses, to be able to access the local Thai market and expand to other ASEAN markets as well.
Incentives for international investors
The Director of IoT and Digital Innovation Institute stated that DEPA offers the monetary tax incentives, such as 8 to 13-year corporate tax exemption, plus the flat 17% personal tax rates for expats, but I believe it’s the intangible incentives that really sets us apart.
It was noted that the agency has been selective in understanding which large global players are strong … and are offering Public Private Participation schemes, Joint Venture structures, grants, and partnerships with DEPA for the facilitation for market penetration into Thailand’s industrial ecosystem and economy, the Director added.
