On December 16th, the Royal Thai Embassy in Seoul invited Korean entrepreneurs to a seminar titled “Investment Mission: Korean Investment Opportunities in Thailand” at SCBX NEXT STAGE, 4th floor, Siam Paragon. The event aimed to provide information and foster knowledge exchange about investment opportunities in Thailand. 

H.E. Ambassador Tanee Sangrat welcomed the Korean investors and expressed his delight at the participation of representatives from various businesses, both large and small. He emphasized the importance of South Korea as a leader in innovation and highlighted the potential for collaboration between the two countries.

H.E. Ambassador Tanee Sangrat giving the opening speech

Three prominent figures shared their insights and presented keynote sessions on investment opportunities in Thailand to the South Korean investors: Ms. Oranuch Lerdsuwankij, CEO & Co-Founder of Techsauce, Mr. Pariwat Wongsamran, Deputy Director of Innovation System, National Innovation Agency (NIA), and Mr. Chowanond Klungpremchitt, Board Member and Representative of the Thai Startup Association. Their presentations focused on attracting Korean investment in Thai startups and promoting collaboration to help those startups reach the global market.

Techsauce Launchpad: Opening Doors to Investment Opportunities in Thai Startups

Following the opening address, Ms. Chidapa Chanthong, Director of Global Business Development & Expansion at Techsauce, delivered a presentation titled “Insights into Investing in Thailand.” She provided an in-depth overview of the Thai market for the attendees, beginning with the question of why Thailand is such an attractive investment destination. She highlighted that Thailand boasts the second-largest economy in Southeast Asia, after Indonesia, making it a key region for strategic investment. 

With a population of approximately 66 million, over 61 million internet users, and more than 100 million mobile phone subscriptions (meaning many Thais own multiple devices), this means Thailand has immense potential for digital business development. The country's digital economy is projected to reach a value of $57 billion in the coming year, presenting a significant opportunity for investors interested in tech companies. Thailand has a large market with a strong appetite for adopting new digital technologies, resulting in a thriving startup scene across various sectors, including AI, fintech, SaaS, and healthtech. This is reflected in Techsauce's Startup Directory, which has compiled data on Thai startups over the past 10 years.

Furthermore, Thailand has policies in place to welcome foreign investors and entrepreneurs. The Board of Investment offers Smart Visas for investors and highly skilled professionals, while the National Innovation Agency and the Digital Economy Promotion Agency provide various forms of support.

คุณจิดาภา จันทร์ทอง ระหว่างการบรรยายหัวข้อ “Insights into Investing in Thailand”

However, investing in Thailand also presents certain challenges. Foreign entrepreneurs may be unfamiliar with local regulations, face a shortage of highly skilled labor, or encounter difficulties penetrating the Thai market. These obstacles can be overcome with support from domestic organizations, government agencies, and platforms like Techsauce, which offers comprehensive support services for startups.

Techsauce provides a wide range of services, including business registration, visa assistance, investor connections, fundraising support, market insights, networking events, and cross-border collaboration facilitation. They also offer accelerator programs and organize the Techsauce Global Summit, the largest tech conference in Southeast Asia. In 2024, the summit attracted over 18,000 attendees from 50 countries, with participation from over 1,312 startups and more than 20,000 business matching sessions. This reflects Techsauce's commitment to driving Thailand's growth as the digital gateway of Asia.

National Innovation Agency (NIA): The Driving Force Behind Thailand's Startup Success

Mr. Pariwat Wongsamran, Deputy Director of Innovation System, National Innovation Agency (NIA), then presented on NIA's role in driving the growth of startups in Thailand. He described NIA as the “Focal Conductor” of innovation, with three main missions: 1) promoting the innovation system, 2) creating opportunities and increasing access to innovation infrastructure, and 3) enhancing innovation skills and capabilities. The agency's vision is to develop a sustainable national innovation system. Mr. Pariwat also highlighted the sectors that NIA is currently prioritizing: Agrifoodtech, Healthtech, Energy, Environment and EVs, Travel and Tourism, and Soft Power (creative and cultural industries).

Mr. Pariwat explained the roles and responsibilities of the National Innovation Agency (NIA)

Groom, Grant, Growth, Global: Supporting Thai Startups

Mr. Pariwat explained that NIA supports startups through four main approaches: Groom, Grant, Growth, and Global as follows:

Groom

The Groom approach focuses on developing the knowledge and capabilities of Thai entrepreneurs, laying the foundation for them to become Innovation-Based Enterprises (IBEs). Mr. Pariwat cited two examples:

• Startup Thailand League: A nationwide competition where students present business models and compete for funding.
• NIA Academy: A learning platform for youth, entrepreneurs, and organizations to develop the characteristics of innovators, referred to as the “Innovator Tribe.”

Grant

The Grant approach aims to support entrepreneurs and the innovation ecosystem by providing funding to further their businesses through seven main mechanisms:

1. Regional Market Validate: Supporting innovation expansion to regional markets.
2. Thematic Innovation: Funding for targeted innovation projects.
3. MIND: Providing mentorship and consultancy for innovation development.
4. Standard Testing: Supporting the development of standards for innovative businesses.
5. Market Expansion: Assisting with innovation business expansion.
6. Matching Interest for Working Capital: Providing partial interest rate support to enhance liquidity.
7. Corporate CO-Funding: Supporting tech and innovation businesses to grow and expand through public-private partnerships.

In addition, NIA assists with Matching Fund processes, connecting investors and entrepreneurs from both the private and public sectors to meet the needs of all parties and promote innovation to drive the economy.

Growth

The Growth approach aims to further promote the growth of innovative businesses and startups in target industries through accelerator programs. Examples include:

1. SPACE-F: global FoodTech startup incubator and accelerator in Thailand
2. CLIMETECH: Acceleration program to develop the potential of startups and innovations in the environment and climate sectors.
3. HEALTH TECH: Acceleration program to develop the potential of startups and innovations in health technology.
4. AGROWTH: a course provided by NIA to accelerate the growth of international agricultural startups

Global

Finally, the "Global" approach focuses on promoting Thai entrepreneurs in the international market through the “Global Startup Hub,” a center for knowledge sharing that connects startups with funding sources and businesses both domestically and internationally. Key activities include “Startup Thailand Connect” for pitching and business matching, “Invest Startup Thailand” to identify angel investors and VCs and develop investor networks, the “Smart Visa program” offering visas for entrepreneurs and investors, and “Capital Gains Tax incentives” to attract foreign investment.

Thai Startup Association: Driving Thai Startups Towards Success

Mr. Chowanond Klungpremchitt, a board member and representative of the Thai Startup Association, emphasized the strength of the Thai startup community, noting its impressive growth with 17 startups exceeding a million users and 3 unicorn companies valued at over one billion USD. To further propel this thriving ecosystem, he outlined the association's vision for a new economic era, focusing on three key missions: developing a digital workforce, increasing access to funding, and improving market access. These are achieved through four main strategies, which he detailed for the audience.

Mr. Chowanond Klungpremchitt speaking about the strength of the Thai startup community

1. Uniting Thai Startups: Collaborating with Techsauce to develop the Thai Startup Directory platform, enabling startups to register, connect with each other, and build a strong network.
2. Enhancing the Potential of Thai Startups: Partnering with the Securities and Exchange Commission (SEC) to organize training courses and internship programs that enhance skills and experience. This includes knowledge-sharing events with the SEC and LIVEX in 2025 to expand business opportunities and foster networking among participants.
3. Creating Opportunities for Thai Startups: Providing members with exclusive benefits, including tools and solutions, and organizing Grant Day events. These events connect startups with funding sources like the Digital Economy Promotion Agency (depa), the National Innovation Agency (NIA), the Technology and Innovation Development Fund (TED Fund), and the Board of Investment (BOI), supporting their financial growth.
4. Driving Policies to Support Thai Startups: Promoting policies such as the Thailand National Platform for target industries, Purchase Order (PO) Financing, and digital business procurement to create an environment conducive to startup development.

Panel Discussion: Unlocking Startup Potential Through Thai-Korean Collaboration

The event continued with a panel discussion featuring Ms. Oranuch Lerdsuwankij, CEO & Co-Founder of Techsauce, Mr. Pariwat Wongsamran, Deputy Director of Innovation System, National Innovation Agency (NIA), and Mr. Chowanond Klungpremchitt, Board Member and Representative of the Thai Startup Association. They discussed the opportunities within the Thai market that could arise from collaboration between the two countries' ecosystems. The discussion was moderated by Ms. Chidapa Chanthong, Director of Global Business Development & Expansion at Techsauce

Ms. Chidapa began by asking about promising trends for Korean entrepreneurs in Thailand. Ms. Oranuch highlighted several attractive opportunities, such as in the manufacturing industry, which is evolving towards smart manufacturing by increasingly incorporating robotics and AI into production processes, alongside undergoing digital transformation. She also mentioned the food and agricultural technology industry as a key opportunity, with Thailand being a food production hub in Southeast Asia, offering opportunities for entrepreneurs in both production and distribution. Furthermore, she noted the energy sector, where AI is being used to optimize energy consumption, and the growing importance of environmental technology solutions. Finally, she pointed out that Thai SMEs, especially second and third-generation businesses, are actively seeking business partners and strategic investors to expand their operations.

Mr. Pariwat, Ms. Oranuch and Mr. Chowanond during the panel discussion

When asked about support for startup collaboration with Korean entrepreneurs, Mr. Pariwat explained that Thailand has already signed several MOUs with Korea and is an early adopter of technology, making it an ideal choice for market testing. He emphasized Thailand's strong value chain and highlighted startup programs open to foreign investors, encouraging Korean startups to participate. He mentioned exchange programs between the two countries and networking opportunities for startups. He also spoke about programs with funding support, Smart Visas for entrepreneurs, guidance for those wanting to test the market, and labor support.

Addressing the strengths of Thai startups and opportunities for foreign partners, Mr. Chavanon stated that Thai startups are primed for collaboration. He highlighted business matching and accelerator programs that support foreign investors and entrepreneurs, presenting excellent opportunities for those looking to enter the Thai startup market.

Regarding unique opportunities to leverage the strengths of both Thailand and Korea, Ms. Oranuch responded that both countries have much to gain by capitalizing on each other's strengths, given their similarities in innovation and the presence of large businesses eager to invest in new technologies. She positioned Thailand as an ideal target market with a robust startup ecosystem and an attractive option within Southeast Asia due to its relatively low costs. She also emphasized Techsauce's role as a partner connecting businesses to the global market.

Guests taking a photo after the seminar

Finally, Ms. Chidapa asked Mr. Pariwat and Mr. Chowanond for advice for Korean investors and entrepreneurs seeking to enter the Thai market. Mr. Pariwat saw Climate tech as a promising opportunity due to increasing market demand driven by carbon regulations and the push to reduce carbon footprints. Mr. Chavanon emphasized Thailand's position as a startup hub with a supportive community that Korean entrepreneurs can leverage.