Senior business leaders and policy experts are calling for Thailand to accelerate the development of a robust innovation ecosystem capable of producing rapid, tangible results to revitalise economic growth.
Speaking at a recent Thailand Science Research and Innovation (TSRI) dinner talk under the theme “Igniting Thailand’s GDP through the STI Fund”, Kris Chantanotoke, Chairman of the TSRI Board and Chief Executive of Siam Commercial Bank, emphasised that innovation should not be reduced to mere technological advancement. Rather, it must be embedded within a cohesive innovation system underpinned by clear goals, strategic collaboration and economic relevance.
“Innovation is not just about technology — it’s about creating an effective system that can drive economic transformation,” Mr Kris stated.
He warned that Thailand’s economy remains vulnerable and is unlikely to achieve GDP growth beyond 2% annually in the foreseeable future.
Strategic Reorientation Needed
Mr Kris highlighted a critical misalignment in Thailand’s current research and development strategy, which focuses primarily on inputs such as publication volume and aims to raise R&D spending to 2% of GDP by 2027. In contrast, other nations like Canada are targeting economic impact directly, with plans to generate US$50 billion in value through leadership in artificial intelligence over a decade.
“Research activity is booming like mushrooms, but the application of innovation to solve real-world problems remains limited,” he said. “We need to move from disbursing funds to designing systems that drive real economic results.”
He advocated a sharper focus on high-potential sectors aligned with Thailand’s strengths in natural resources and skilled labour. These include medical tourism and wellness, automotive, electronics, and food and agriculture — each with its own value chain that can deliver measurable outcomes.
Mr Kris also pointed to external headwinds, including trade tensions and falling tourism, which are undermining the country’s economic base. Thailand remains heavily reliant on exports to the United States, which account for 18% of total trade, while household debt levels remain elevated.
In terms of innovation output, Mr Kris cited a stark contrast in patent activity: Thailand registered only 11 resident patent applications per million people in 2023, compared with 274 in Singapore, 1,079 in China, 1,839 in Japan and 3,696 in South Korea.
Enhancing Investment and Talent Ecosystems
Kobsak Pootrakool, Executive Vice-President of Bangkok Bank, echoed the call for structural reform, urging Thailand to leverage its geographical location, infrastructure, and integrated supply chains to attract greater investment flows into Southeast Asia.
He called for the development of a new talent ecosystem geared towards emerging sectors, particularly semiconductors, while also attracting foreign experts. This should be accompanied by continued investment in physical and digital infrastructure, modernisation of supply chains, regulatory reform, and improved ease of doing business.
Mr Kobsak also emphasised the importance of upgrading traditional sectors and creating new strategic industries, including fintech, agritech, and climate technology.
Delivering Real-World Impact
Somkiat Tangkitvanich, President of the Thailand Development Research Institute, cautioned that reliance on export-led growth is increasingly unsustainable amid global protectionism, citing shifts in U.S. trade policy. He stressed that innovation must now become the engine of economic opportunity.
He urged researchers to pursue projects that are both economically and commercially viable, citing examples from Japanese universities that, while not globally top-ranked, produce impactful research such as genetic profiling for athletes, matcha green tea innovation, and marine biology breakthroughs.
“To deliver impact, research must produce results in a timely manner,” Mr Somkiat said. He called for rigorous assessments of market potential, technological feasibility, and financial viability — including revenue and profitability forecasts.
Sompong Klaiyananwasuang, Director of TSRI, reiterated the organisation’s commitment to serving as a national platform that bridges academic research with practical application, ensuring that innovation drives measurable, sustainable progress.
-Bangkok Post
