Cyberport Thailand to specially support startup businesses

BANGKOK, May 16 (TNA) - The government is accelerating the development of the Inno Space National Startup Platform, or the so-called Cyberport Thailand, to specially cater for the country's startup businesses. Thai Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, chaired a meeting of all relevant parties in both the public and the private sectors in Bangkok on Thursday to discuss on expediting the establishment of the Cyberport Thailand, where startup businesses will be supported, through incentive measures, for their sustainable expansions in 10 innovative industrial sectors targeted by the government. Somkid said that the Cyberport Thailand will become a national center to particularly cater for Thai startup businesses in the modern agricultural and bio-technological sectors towards their sustainable growth. According to the deputy prime minister, the Cyberport Thailand, once established, will also have its main mission on drawing in higher educational and research institutes that have potential research projects on science and innovations to be applicable to commercial purposes, as well as financial institutes that are specialized in promoting the cyberport and capital institutes and established private firms that are keen to co-invest with startup businesses as counseling partners for their sustainable expansion in the future. "Hong Kong's Cyberport is now ready to open its office in Thailand's Eastern Economic Corridor (EEC) Project to support the development of the Cyberport Thailand that will later work together with the Stock Exchange of Thailand (SET) to promote the business expansion of the country's startups. I've assigned a former chief executive officer (CEO) of PTT Public Company Limited (PTT), Tevin Vongvanich, to lead a steering panel for the quick and successful establishment of the Cyberport Thailand", the deputy prime minister told reporters. The deputy premier also acknowledged that a state budget of about 500 million baht will be spent on the establishment of the Cyberport Thailand, in which some 30-40 selected Thai startups are expected to first run their businesses next month and they will be then supported to create networks with their foreign counterparts and large-scaled firms to build up their business capacities and opportunities for their sustainable growth. (TNA)