Government tries to make Thailand startup hub

NONTHABURI, May 18 (TNA) -- Thailand will compete with Singapore by supporting startups and small and medium-sized enterprises, Deputy Prime Minister Somkid Jatusripitak said. Launching the SME Transform event at the IMPACT convention and exhibition complex, Mr Somkid said there were more than 3 million SMEs in the country. They form 99.7% of overall enterprises and employ about 10 million people, thus being an economic fundamental. Therefore, the government was supporting SMEs because they formed a main economic pillar, Mr Somkid said. According to him, a new economic development plan will facilitate the establishment of startups and Thai SMEs will be turned into smart enterprises for higher income. The government will improve financial access for SMEs by having financial institutions applying big data for efficient credit analyses. The support for SMEs would turn Thailand into a startup hub to compete with Singapore as Thailand was the junction of Chinese transport and economic activities of Japan, India and Australia, Mr Somkid said. (TNA)