BANGKOK: Japan and Thailand will support startups in both countries to help them expand operations and create new industries via an organization formed Friday. The two governments will consider needed regulatory and legal changes after receiving feedback from the private sector. The organization will encourage public-private partnerships and connect Japanese startups to Thai startups and conglomerates. Along with 10 startups, 20-plus large corporations including Toyota Motor and the Siam Cement group are listed as participating members. Thailand’s largest startup support organization will also cooperate.
Hiroshige Seko, Japan’s minister of economy, trade and industry, emphasized the business opportunities for Japanese companies that partner with Thai companies. In many cases, new services and businesses penetrate more quickly in emerging and developing nations. The new partnership is also eyeing promising operations returning to Japan after achieving success in Thailand.
Thailand has also found developing its startup sector challenging, and through the partnership the government aims to grow more knowledge-intensive industries. In August, Seko proposed a cooperative framework for Japan and members of the Association of Southeast Asian Nations to develop new industries. The Thai-Japanese partnership will be one of the first examples of such cooperation. The government will facilitate more partnerships.
