On the second day of “Startup Thailand 2016”, Deputy Prime Minister Somkid Jatusripitak said that coupled with the government’s attempt to make start-ups a new engine of growth through such programmes as an “innopolis” scheme, the economy’s outlook was definitely bright.

“There are positive signs of economic recovery,” he said, pointing to the tourist numbers and exports in the first quarter.

The bright outlook was assured by the visit by AirAsia chief Tony Fernandes yesterday, the deputy PM said. During his meeting with Prime Minister Prayut Chan-o-cha and Somkid, he floated the idea of setting up an IHQ in Thailand, which is touted as the true gateway of Asean tourism.

Fernandes envisaged the consolidation of subsidiaries in the region and listing the consolidated company on the Stock Exchange of Thailand, or seeking a dual listing in both Malaysia and Thailand.

He also proposed the creation of a regional airport for low-cost airlines in Thailand, and said AirAsia was ready to work with other carriers in Thailand to connect Asean cities and bring passengers to this country.

Somkid, who will preside over Huawei’s HQ opening next month, said more were coming. “If Thailand does not do anything that harms itself, the future will be bright.”

Given the gradual decline in economic growth, Somkid acknowledged that Thailand needed innovation to drive growth. Showing support to start-ups, he urged them to leverage Thailand’s strengths, particularly in the agricultural sector that involves about 30 million people.

Not just IT-based

These start-ups “should not be just IT-based. Having nothing like Thailand, Singapore and South Korea have to promote IT-based companies,” he said.

Somkid yesterday launched the idea of an “innopolis” scheme to boost innovation in different economic sectors such as automobiles and digital products. Backing the drive would be the government’s new investment in information technology. He envisaged a new graduate involving himself in an agricultural project and selling products globally through an e-commerce site.

To encourage investment that will transform the Thai agricultural sector, he said the first innopolis would focus on food. It will involve about eight large food companies and universities that have expertise in food technology.

“Our purpose is to grow innovation from collaboration, the same way that Silicon Valley grows,” he said. “The government can’t make this happen single-handedly, nor the private sector.”