The goal of the mega project is to create an ecosystem to drive the ideas and innovation toward further development through tools, resources, and networks

Digital Economy Promotion Agency (DEPA) is pushing on with the future of Thailand’s digital innovation, spearheading its efforts with Thailand Digital Park and IoT Institute. The mega project has earmarked US$160 million to be used on the development of facilities and 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.

“Thailand 4.0 is our goal and target of how to move forward and progress for our future economy … from our traditional OEM (Original Equipment Manufacturer) to a nation that produces higher value services and products.” -Dr. Nuttapon Nimmanphatcharin, President/CEO of DEPA

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.

“We are seeking to attract more than 100,000 digital ecosystem developers into Thailand to help us with the movement,” says Dr. Nuttapon. “Digital ecosystem developers don’t only mean programmers and developers, but also cover non-tech business and enablers that will help drive the digital ecosystem,” he adds.

How DEPA will achieve this goal

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.

Dr. Nuttapon continues, “The aim for 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.”

“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,” Dr. Nuttapon adds.

Incentives for international investors

Dr. Monsak Socharoentum, director of IoT and Digital Innovation Institute shares, “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.”

“We have 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.” – Dr. Monsak Socharoentum, Director of IoT and Digital Innovation Institute

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For more information, visit their website at www.depa.or.th, follow DEPA on their official Facebook account here, or email them at doss@depa.or.th.

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