Less for more: Thailand’s government backs digital services

In September 2016, Thailand’s government officially introduced the country’s new economic model known as “Thailand 4.0” with immediate effect. Unlike the previous economic model, which focused on heavy industries, export promotion and inbound foreign direct investment, the Thailand 4.0 model was developed under the “less for more” philosophy, focusing on growth and development in innovation, technology, creativity of the people, and an increase of trade in services instead of goods in order abolish the middle income trap.

The government aims to ignite the economy, with a goal to be on par with other big players’ economic policies, such as the US’s “Maker Nation”, China’s “Made in China 2025”, the UK’s “Design Innovation” and South Korea’s “Creative Economy”, with results expected within three to five years.

Under Thailand 4.0, there are five target industries: (1) Food, agriculture and bio-technology; (2) health, wellness and bio-medicine; (3) smart devices, robotics and mechatronics; (4) digital, artificial intelligence and embedded technology; and (5) creative culture and high-value services.