Thailand is entering an era where innovation and technology play a crucial role in driving the economy. The Thai Innovation List, compiled by the Bureau of Budget, is a vital tool in promoting and supporting products and services resulting from domestic research and development. In this article, The Reporter Asia delves into the details of the Thai Innovation List, April 2024 edition, to analyze the opportunities and challenges that could impact various sectors of the Thai economy.
The Thai Innovation List: The Heart of Innovation Development
The Thai Innovation List is a compilation of products and services certified as innovations by government agencies. Its purpose is to encourage the use of Thai innovative goods and services in both the public and private sectors, thereby stimulating economic growth and enhancing the quality of life for Thai citizens.
Growth Opportunities in Various Sectors
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Construction Sector: This edition of the Thai Innovation List introduces interesting construction materials and equipment, such as KEMREX steel piles, which are prefabricated foundation piles that reduce construction time and increase convenience, and KSP polymer, an admixture for soil-cement road construction that reduces road cracking and increases durability. These products not only help reduce construction costs but also have the potential to create new markets and business opportunities for Thai entrepreneurs.
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Agricultural Sector: Liquid organic fertilizers (Bitoung) and PGPR bio-fertilizers are examples of innovations that meet the needs of modern farmers who are concerned about the environment and sustainability. Additionally, there are high-quality recycled HDPE pipes (W-EQ PIPE), an innovation that reduces environmental impact and promotes the circular economy concept.
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Medical Sector: Ezetimibe GPO and Zimmex, cholesterol-lowering drugs produced in Thailand, are more affordable than their foreign counterparts. The list also includes BodiiRay R, a digital X-ray receiver that enhances disease diagnosis efficiency and reduces X-ray radiation risks.
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Energy and Environment Sector: LED streetlights controlled through the NB-IoT system and solar-powered LED streetlights are innovations that save energy and reduce maintenance costs, benefiting both the public and private sectors.
Challenges and Considerations
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Access to Funding: Many Thai innovators still face challenges in accessing funding sources for business development and expansion. The government should have comprehensive and easily accessible financial support measures to enable entrepreneurs to further develop their innovations and create economic impact to their full potential.
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Awareness and Acceptance: While the Thai Innovation List plays a crucial role in promoting the use of Thai innovations, raising awareness and understanding on a broader scale remains necessary. The government should promote public relations efforts and build confidence in the quality and standards of Thai innovative products and services.
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Human Capital and Infrastructure Development: Sustainable innovation development requires investment in education and skills development, as well as creating an ecosystem conducive to innovation. This includes providing support in legal matters and intellectual property rights.
In Conclusion
The Thai Innovation List, April 2024 edition, reflects the progress and potential of Thai innovation in driving the economy and improving the quality of life for its people. However, to achieve these goals sustainably, the public and private sectors must collaborate to address challenges and create an environment that fosters continuous innovation development.
Reference: Thai innovation account Additional edition, April 2024, Budget Bureau
