NIA signs MoU with Chinese firm for startups in EEC

National Innovation Agency (Public Organisation) or NIA, Digital Economy Promotion Agency (DEPA), Department of Industrial Promotion, and Vidyasirimedhi Institute of Science and Technology sign a Memorandum of Understanding with Tus-Holdings Co., Ltd., People’s Republic of China on the development of EEC startup hub.

The Parties will cooperate in three major areas including

  1. Development of EEC Startup Hub via conducting joint study and develop models regarding the design, development, and management, and promote startups in EEC Startup Hub into international status of international startups, venture capital and facilities.
  2. Development of exchange program and soft-landing package to support startups among the parties, conceptualise and develop financial support model, develop a network of coaches, mentors, trainers and domain expert, as well as explore opportunities to jointly establish incubators to support startups.
  3. Development of human resources to support startups by sharing the parties’ experiences, exploring opportunities to jointly establish manpower development program and entrepreneurial development program and exchange human resources and talents between the parties and their partners.

Addition to human resources development, the agreement also covers partnership in other aspects related to development and support of startups, create a network of startups, industries, academic institutions, government agencies, local authorities and other related entities to promote startup.

The multilateral agreement is part of the attempt to drive the economic growth of the country based on the government’s policy of Thailand 4.0 by which technology and digital innovation is a crucial drive the growth of the country.

The MoU agreement is signed by related public and private agencies of Thai and foreign parties to jointly promote the innovation development in EEC. There are also other cooperation projects including 5G technology testing, the development of Digital Park Thailand and Internet of Things Institute.

In May 2018, the Thai government endorsed the Eastern Economic Corridor (EEC) law 2561 due to a high economic potential in the eastern provinces.