Deputy Secretary-General to the Prime Minister for Political Affairs and Acting Government Spokesperson Anucha Burapachaisri quoted a report on the Global Startup Ecosystem Index 2023 from the StartupBlink website stating that Thailand was ranked the 52nd best “ecosystem” for startups in the world.

The index ranks the best startup ecosystems in 100 countries and 1,000 cities worldwide. The report stated that Thailand’s startup scene saw an increase in 2023 and jumped one spot from the previous year. It is one of Southeast Asia’s best countries for setting up a startup. Among ASEAN countries, Thailand came fourth after Singapore, Indonesia, and Malaysia.

Thailand also has four cities on the list of the top 1,000. Bangkok moved up 25 places, from 99th in 2022 to 74th in 2023. It came third in ASEAN after Singapore and Jakarta. Three other cities in Thailand on the list include Chiang Mai, which ranked 591st, Phuket (640th), and Pattaya (849th).

According to the report, over the last forty years, Thailand has taken a leap forward into a more economically developed country through multiple reforms and social innovations. Mainly seen as a tourist destination, the emergence of COVID-19 caused the public sector to prioritize startup ecosystem development as an important step in securing Thailand’s future economic growth.

The report also indicates that Thailand attracts not only tourists, but also flocks of digital nomads, residing largely in Chiang Mai and Bangkok. With creative policies, the Thai public sector could tap into this immense knowledge and talent base. The goal should be to connect local and foreign entrepreneurs with the hope that viable projects will follow, increasing linkage to Thailand and its talented people.

The Thai public sector is innovative in terms of visa programs and the deployment of other vehicles to allow expats to stay in Thailand long term. Examples include the unique Elite Visa for business, leisure, and professional travel, as well as a Smart Visa for foreigners who have established tech startups in Thailand. Moreover, the newly launched Long-Term Residents Visa is the first visa with various tax and non-tax benefits for high-potential individuals.

Infrastructure is an important element for attracting foreigners; government-announced infrastructure investments such as U-Tapao Airport City, the high-speed railway, and the MRT Purple Line are likely to create an attractive environment. In addition to these government efforts, founders can benefit from a supportive startup community, affordable living, and low operating costs in Thailand.