Thailand’s BOI Launches “Matching Fund” to Boost High-Tech Startups 

A New Fund Launches to Propel High-Tech Startups in Thailand Toward a Future of Innovation

Thailand’s Board of Investment (BOI) has introduced a new initiative aimed at fostering high-growth startups within targeted industries. The “Matching Fund” is set to provide financial support of up to 50 million baht per startup, reinforcing Thailand’s commitment to advancing its technological and industrial capabilities. The Matching Fund is a strategic component of a broader effort managed by Thailand’s competitiveness enhancement board. This initiative is designed to work in conjunction with venture capital to provide robust support to startups that are leveraging high technology in their operations. 

Targeted Industries 

The fund specifically aims to bolster startups in several high-potential sectors, including: 

  • Smart electronics 
  • Biotechnology 
  • Agriculture 
  • Food and medicine 

Financial Support Criteria 

To qualify for financial assistance from the Matching Fund, startups must meet several key criteria. They must clearly demonstrate their business direction and have a concrete plan for introducing themselves to the international market. Additionally, they should outline their strategies for raising funds abroad and exporting their products and services. A significant requirement is that Thai nationals hold at least a 51% share in the startup. 

A primary focus of the Matching Fund is to support the development of 12 targeted S-curve industries within the Eastern Economic Corridor (EEC). The EEC, encompassing parts of Chon Buri, Rayong, and Chachoengsao, is set to become a high-tech industrial hub for the country. 

Promotion of Zero-Emission Vehicles 

The Thai government is heavily promoting zero-emission vehicles as part of its industrial strategy within the EEC. There are targets for battery electric vehicles (EVs) to comprise 30% of total car manufacturing by 2030. This goal includes the production of 725,000 zero-emission cars, 675,000 electric motorcycles, and 34,000 electric buses and trucks. 

The BOI emphasizes that financial resources and human capital are crucial for the growth of startups. The competitiveness enhancement fund will introduce measures to support these factors, ensuring that Thai startups are well-positioned to compete on a global scale. 

The introduction of the Matching Fund is a step in Thailand’s strategy to become a leader in high-tech industries and innovation in Southeast Asia. This initiative underscores the country’s dedication to fostering a robust ecosystem for technological advancement and industrial growth. 

About the Writer

Andreas Seela

Andreas primarily focuses on corporate/commercial, tax law, and real estate law. He previously worked for an international law firm in Germany and has experience in the Asian legal sphere. He holds a Master’s degree in business law and economics (LLM.oec.) and is currently working on his Ph.D. thesis at Chulalongkorn University in international law.

Andreas Seela