Thailand 4.0: How Thailand is Bringing Technology to the Table
Thailand has a favorable environment for agricultural needs. However, Thailand understands the need of the hour is not the traditional form of farming. Currently, Thailand is working towards integrating technology with more and more agricultural processes. Thus, the Agritech industry in Thailand is expected to see rapid growth, if it is not already growing.
The Thailand government is focused on normalizing the usage of technology in the Food Industry and Agriculture. So far, 35 major businesses have shaken hands with the Thai government to adopt the innovation. The Thai government is committed to making businesses use high-tech methods for the food and agriculture industries.
To promote the same, the government has offered a few incentives to businesses that are adopting advanced technologies and advanced facilities. One of the most important incentives given by the government is the Tax exemption for thirteen years to businesses adopting advanced facilities.
These Non-tax incentives include business activities such as visa and work permits and land ownerships. Currently, the Thai government is investing in the research and development process to figure out the best strategy to expand the coverage of agritech in Thailand.
A report by CNBC states, Thailand Board of Investment (BOI) got 215 new applications for agriculture and agritech projects. These applications had a collective value of US$1.9 billion.
Applications of Agricultural technology in Thailand 4.0
AgriTech is already existing in many forms in Thailand and more forms of the same are expected to enter the market. Especially when the government is giving its best to increase the adoption of agritech in the country, farmers of Thailand will witness rapid changes.
Big companies in Thailand are already adopting technologies such as Robotics, GPS, AI, and more. With time, expectations of leading the Thai food industry to technological revolution will grow and fulfill as well.
Thailand 4.0 has strategies aiming at the development of advanced technical skills and innovations in the country. The government is using the Research and development resources to achieve its goal. It will not only help in increased productivity of resources but also in a better quality of life.
However, for now, it might be a little tough for Thailand businesses to adopt the innovation. Currently, Thailand is only spending 1 percent of its GDP on the Research and Development tasks compared to South Korea and Taiwan, which are spending 4 and 5 percent of their GDP on Research and Development, respectively.
To achieve their goals, the Thai government and businesses are joining together to transform industries in Thailand. The focus will be on a digitized business environment and advanced infrastructure.
It will include technological evolution by replacing traditional equipment with modern and more capable ones. Moreover, training to workers for their skill development will also be provided. The Government is also coordinating with small enterprises to make sure that they are meeting international standards of industries of their respective nature.
The development into the Eastern Economic Corridor
The Thai government has marked an area of more than 13,000 square kilometers including three major provinces of Thailand- Chonburi, Rayong, and Chachoengsao southeast of Bangkok.
The government is working on building infrastructures for Roads, railways, aviation, and shipping in the region. The plan has an assigned budget of US$45billion by the Thai government. Another purpose of the Thai government is to assist smart cities in technological and industrial development.
With the help of the Thailand 4.0 plan, the government is focusing on increasing the number of growing tech companies as well. For that, the government is planning to bring more strategies to increase the cooperation between the private and the public sector. Major Thai businesses are using this opportunity and adopting the change to grow in the country and abroad.
A healthy lifestyle with the adoption of environmentally friendly strategies
The Thai government is focusing on making the country the most environmentally friendly country. For a green and prosperous future, Thailand, especially Bangkok is all set to adhere to national and international certification standards of a green environment.
Leadership in Energy and Environmental Design (LEED) is helping the Thai government in adopting the “new urbanism” philosophy. The government is planning to use technology to enhance the number of walkable neighborhoods along with employment opportunities, essential services, and transportation infrastructure in parallel. The government is also focusing on taking proper measures to keep the city green.
Smart city Bangkok
The Thai government is adopting digital measures such as new trends in mobile app development, high-speed internet, and automated processes to make Bangkok technologically advanced. Thailand is also focusing on better energy management throughout the city. For security, the government has installed centralized monitoring and video surveillance systems.
With the growing financial position of Thailand in the world, the country is now adopting digital measures for the financial sector faster than ever. Bangkok bank is currently focused on connecting with customers and international clients by providing them in-depth financial services. The expansion is also looking forward to utilizing benefits by long-established connections in the region by the bank.
Bangkok Bank and its 15 major economies and 32 international branches are turning out to be key players in the Thai government’s development plan based on railways, aviation, and other industries in the region.
Technological evolution in the banking sector
The Thai government is also pushing modern technological trends like Artificial Intelligence, Blockchain, and Big Data to help the customer service part of the banking sector. Moreover, the bank is also expanding its partnerships and client network to provide better services to customers. In 2020, the Bangkok bank launched Bangkok Bank Innohub as the first fintech accelerator program of Thailand.
The bank is also focusing on developing new services for its mobile banking app. For instance- the bank is planning to add person-to-person money transfers through phone numbers as a service.
Thailand, through the Thailand 4.0 program, is focused on targeting high-value products and customers. Moreover, it is also planning to enhance the skills of people in the country to make them technologically aware and also to increase the employment opportunities.
In the future, it is expected that Thailand will see a rapid technological revolution in the country for almost every sector. It will be interesting to keep an eye on its progress.
Jason Camaya loves carrying his camera wherever he goes. When he doesn’t click pictures, Jason loves to write, play video games, and procrastinate. He has been writing for https://www.mobileappdaily.com/ for quite some time now, and as talented as he gets, he is giving tough competition to his fellow writers. He has been featured on many websites and blogs.