Thailand and Hong Kong ink deal to boost start up development

Thailand and Hong Kong ink deal to boost start up development
Thailand and Hong Kong ink deal to boost start up development

An MOU between government backed venture capitalist organisations in Thailand and Hong Kong will help Thai startups.

Inno Space Thailand has signed a Memorandum of Understanding (MOU) on startup development with partners from Hong Kong. The Director-General of the Department of Industrial Promotion (DIP), Kobchai Sung sitthisawad, said the collaboration between InnoSpace Thailand, a publicprivate joint venture established to support Thai startup businesses, and Hong Kong part ners, namely HKTDC, HPA, and HK Cybersport, will help startup companies in Thailand gain better support thanks to wider expertise. InnoSpace Thailand is an organisation focused on the promotion of commercial Deep Technology (Deep Tech) in startup businesses and ecosystems development. It h as partnerships with domestic and inte rnational government agencies and priv ate firms on business incubation, knowledge base, and investment. Partners include PTT, Siam Cement Group, CP Group, ThaiBev and Bangkok Bank.

The joint venture is the only organization in Thailand focusing on Deep Tech startup promotion, instead of Fintech and mobile application development promotion programs widely available. With the new part nership, InnoSpace Thailand now expects to serve no less than 50 startup companies this year. The agreements are a first step in increasing multi-directional investment in Hong Kong and Thai technology startups. The news comes as chief executive Carrie Lam also announced Hong Kong would open an economic and trade office in Bangkok to promote trade and collaboration, especially in the tech sector and the Eastern Economic Corridor (EEC). The Bangkok office will be the 13th economic and trade office for Hong Kong globally.

“This office will work to expand economic and trade ties between us,” Ms Lam said. “It will also help boost a flourishing business between Hong Kong and Asean, creating opportunities for all concerned. The new office is a timely and visible symbol of our commitment to work and excel together.”