NSTDA Unveils Top 10 Future Technologies at Thailand Tech Show 2024
At the Thailand Tech Show 2024, the National Science Technology and Development Agency (NSTDA) spotlighted ten emerging technologies set to impact the next decade. Among these are artificial muscles, engineered human gut microbes, AI-augmented software development, and AI wearable technology. NSTDA President Sukit Limpijumnong emphasized the dominance of AI in these advancements, which also include Digital Twin platforms in healthcare, Privacy-Enhancing Technologies (PETs), security robots, direct battery recycling, hydrogen mobility, and the next generation of Recirculating Aquaculture Systems (RAS). These innovations, showcased at the MHESI Fair 2024, underscore Thailand’s commitment to integrating cutting-edge technology across various sectors.
Key highlights include the potential of artificial muscles in medical and industrial automation, engineered microbes for disease treatment, and AI-augmented software development projected to boost productivity by up to 45%. Additionally, AI wearables developed by NSTDA aim to enhance elderly care, while PETs like Cyblion secure data on IoT platforms. Security robots, expected to grow significantly in the Asia-Pacific region, and direct battery recycling promise sustainability in the tech landscape. Meanwhile, hydrogen energy and advanced RAS technology aim to revolutionize automotive energy sources and aquaculture in Thailand.
https://www.bangkokpost.com/business/general/2834668/nstda-reveals-crucial-future-technologies
Editor’s Note: At the Thailand Tech Show 2024, the National Science Technology and Development Agency (NSTDA) unveiled ten groundbreaking technologies, highlighting advances such as artificial muscles, engineered gut microbes, and AI-augmented software development. These innovations, which include AI wearables for elderly care and direct battery recycling, reflect Thailand’s dedication to integrating cutting-edge technology across diverse sectors for a sustainable and efficient future.
Thailand Urges Chinese EV Makers to Boost Local Parts Sourcing
The Industry Ministry of Thailand has urged Chinese electric vehicle (EV) manufacturers to incorporate at least 40% locally sourced parts in their assembly processes to bolster the country’s automotive supply chain. This initiative follows discussions with GAC Aion New Energy Automobile and other Chinese EV firms, aiming to support Thai auto parts makers and facilitate technology transfer to advance the local automotive industry. Industry Minister Pimphattra Wichaikul emphasized the need for local suppliers to adapt to the shift from internal combustion engines to electric mobility technology.
The Board of Investment (BoI) has also engaged with Chinese EV manufacturers, who largely agreed to the government’s request. Notably, Changan Automobile plans to start with 60% local content, aiming for 90% in the future, while Neta and Great Wall Motor have committed to substantial local parts usage. This push aligns with the BoI’s strategy to promote EV industry growth through investment incentives, ensuring the continued support for traditional internal combustion engine vehicle manufacturers and hybrid EV producers in Thailand.
Editor’s Note: Thailand’s Industry Ministry has called on Chinese electric vehicle (EV) manufacturers to use at least 40% locally sourced parts in their production processes to strengthen the local automotive supply chain. Following discussions with companies like GAC Aion New Energy Automobile, the Board of Investment (BoI) has seen promising commitments from firms such as Changan Automobile, which plans to reach 60% local content initially and 90% eventually. This initiative aims to support Thai auto parts makers and facilitate technology transfer while promoting the growth of both traditional and electric vehicle industries in the country.
IEAT Promotes Clean Energy for Industrial Estates in Rayong
The Industrial Estate Authority of Thailand (IEAT) announced plans to transition the Map Ta Phut Industrial Estate and its deep-sea port in Rayong to renewable energy sources, addressing the growing demand among companies for carbon dioxide reduction. Yuthasak Supasorn, chairman of the IEAT board, highlighted the use of various clean energy sources, including biomass, biogas, solar, wind, and small modular reactors (SMRs), which are a type of nuclear reactor with up to 300 megawatts capacity. This initiative aims to ensure that new investors can operate with 100% clean energy, reducing their carbon footprint and avoiding issues like the European Union’s Carbon Border Adjustment Mechanism (CBAM).
In addition to Map Ta Phut, the IEAT is partnering with the Eastern Economic Corridor Office to develop a 5,000-rai “circular industrial estate” in Chon Buri, focusing on industries such as electric vehicles and battery recycling. This project aligns with the government’s bio, circular, and green model, promoting manufacturing techniques that enhance product value while minimizing environmental impact. This strategic move not only supports Thailand’s commitment to clean energy but also caters to investor needs for sustainable business operations.
https://www.bangkokpost.com/business/general/2834032/ieat-touts-clean-energy-estates
Editor’s Note: The Industrial Estate Authority of Thailand (IEAT) is transitioning the Map Ta Phut Industrial Estate in Rayong to renewable energy sources, including biomass, solar, and small modular reactors, to meet carbon reduction demands and attract clean-energy investors. Additionally, the IEAT is developing a “circular industrial estate” in Chon Buri, focusing on electric vehicles and battery recycling, in line with Thailand’s bio, circular, and green model to promote sustainable manufacturing practices.
Cabinet to Approve Thai ESG Fund, Expected to Boost SET Trading by 50 Billion Baht
The Thai cabinet is set to approve the new Thai ESG Fund on Tuesday, with revised conditions aimed at enhancing trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually. The fund, which now has a shorter holding period of five years compared to the original eight, is designed to attract investments into Thai stocks with sustainable growth potential. Asia Plus Securities (ASPS) anticipates that the fund will draw significant inflows, particularly into stocks with cheap valuations, as it allows investors to deduct up to 300,000 baht from their taxable income, up from the previous 100,000-baht limit.
The introduction of the Thai ESG Fund is expected to reverse the net selling trend among institutional investors, potentially boosting the SET Index in the short term. Analysts predict that local institutions will favor equity investments in ESG stocks over bonds, which currently face default issues. With the SET enhancing its ESG ratings methodology to align with global practices, top-rated ESG stocks such as CP All, Airports of Thailand, and Delta Electronics are likely to benefit from increased institutional buying. The SET’s collaboration with a leading global assessor since 2022 aims to promote transparency and sustainability among listed firms.
Editor’s Note: The Thai cabinet is poised to approve the Thai ESG Fund, which is expected to boost trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually due to its revised, shorter five-year holding period and increased tax deduction limits. Asia Plus Securities predicts the fund will attract substantial investment into undervalued stocks with sustainable growth potential, potentially reversing the net selling trend among institutional investors and favoring equity over bonds. The SET’s enhanced ESG ratings methodology and collaboration with a global assessor aim to increase transparency and attract institutional buying, benefiting top-rated ESG stocks like CP All and Delta Electronics.
AI Fund and KXVC Join Forces to Boost Thai AI Startups
Global AI pioneer AI Fund has partnered with KX Venture Capital (KXVC) to foster AI startups and train young talent in Thailand, aiming to enhance the nation’s competitiveness. This collaboration, involving Kasikorn Business-Technology Group’s venture capital arm, will focus on building new companies and connecting their ecosystems. AI Fund’s managing general partner, Andrew Ng, emphasized the transformative potential of AI, likening it to electricity’s impact a century ago. The partnership aims to capitalize on generative AI’s capabilities, particularly in tourism, healthcare, and agriculture, while pushing for increased AI education and a robust startup ecosystem in Thailand.
KXVC chairman Ruangroj Poonpol highlighted the pivotal role AI will play by 2030, predicting significant economic contributions and productivity boosts. The strategic alliance with AI Fund will leverage their combined expertise to identify industry challenges, develop market-ready AI solutions, and rapidly scale new startups within six months. Additionally, KBTG has signed an MoU with AI Fund and the Equitable Education Fund to explore AI solutions for mental health and education equality. Ng noted the future trend of “Agentic AI,” enhancing efficiency and creativity in AI applications through dynamic collaboration.
Editor’s Note: AI Fund and KX Venture Capital (KXVC) have partnered to boost AI startups and enhance AI education in Thailand, leveraging their expertise to drive innovation in sectors like tourism, healthcare, and agriculture. This collaboration aims to rapidly scale new ventures and address industry challenges, with a focus on transformative AI technologies and increased investment in the local startup ecosystem.
Hermes and US Firm to Conduct Feasibility Study for Green Hydrogen Power Plant in Thailand
Hermes Cooperation Co, an industrial estate developer and subsidiary of auto parts manufacturer SNC Former Plc, is set to collaborate with a US company on a feasibility study for a green hydrogen-derived electricity project in Chon Buri. The initiative aims to attract tech companies investing in data centers and cloud services to Hermes’ new 1,231-rai industrial estate. The green hydrogen project, which utilizes reverse osmosis-treated water to produce hydrogen, will initially aim to generate 200 megawatts of electricity, requiring an estimated investment of 1 billion baht per megawatt.
This venture follows Hermes’ previous announcement of a 2.8-billion-baht industrial complex development with the Industrial Estate Authority of Thailand, targeting S-curve industries. Hermes’ chairman, Somchai Thaisa-nguanvorakul, highlighted the strategic importance of clean energy to support tech firms like Google and Microsoft, which are expanding in Thailand and committed to carbon neutrality. The Board of Investment has approved 37 projects related to data centers and cloud services, with a combined investment value of 98.6 billion baht, underscoring the growing demand for renewable energy in the tech sector.
Editor’s Note: Hermes Cooperation Co. is partnering with a US firm to conduct a feasibility study for a green hydrogen power plant in Chon Buri, aiming to generate 200 megawatts of electricity and attract tech companies to its new industrial estate. This project, which involves an investment of approximately 1 billion baht per megawatt, supports Thailand’s push for clean energy and aligns with the expansion plans of major tech firms like Google and Microsoft.
Thailand Aims for Top Five Global PCB Manufacturing Status by 2029
Thailand is on track to solidify its position as ASEAN’s leading printed circuit board (PCB) manufacturing hub, with aspirations to rank among the world’s top five in the next five years, according to Narit Therdsteerasukdi, secretary-general of the Thailand Board of Investment (BOI). Speaking at the inaugural Thailand Electronics Circuit Asia 2024 (THECA) event at BITEC, Narit highlighted the significant progress and investment in Thailand’s PCB sector, driven by its strategic importance in advancing industries such as electric vehicles, smart electronics, and medical devices. From January 2023 to June 2024, investment promotion applications for PCBs exceeded 140 billion baht, marking a substantial increase from previous years.
The success of THECA 2024, which drew 200 exhibitors and 3,000 pre-registered attendees, underscores Thailand’s growing potential in the electronics industry. The event also emphasizes Thailand’s strategic advantages, including its central ASEAN location, modern infrastructure, and robust digital network, making it an ideal destination for MICE events and business operations. The World Electronic Circuits Council’s announcement that Thailand will host the 17th World Electronic Circuits Convention in 2027 further highlights the country’s readiness to lead in the global electronics industry. The convention is expected to generate up to 20 billion baht in trade value and create over 80,000 jobs in the electronics sector over the next two years.
https://www.nationthailand.com/business/tech/40039966
Editor’s Note: Thailand aims to become a top-five global PCB manufacturing hub by 2029, leveraging significant investments and strategic advantages highlighted at the Thailand Electronics Circuit Asia 2024 (THECA) event. The country has seen over 140 billion baht in PCB-related investment applications in the past year and is poised to benefit from hosting the 17th World Electronic Circuits Convention in 2027, which is expected to generate 20 billion baht in trade value and create over 80,000 jobs. Thailand’s central ASEAN location, modern infrastructure, and robust digital network position it as an ideal destination for electronics and MICE events.
Study Reveals Widespread AI Usage Among Thai Population for Convenience and Efficiency
A recent study by creative agency BBDO Bangkok reveals that over 70% of Thai people utilize artificial intelligence (AI) in their daily lives for its convenience, time-saving benefits, and operational efficiency. The research, which surveyed respondents in Bangkok and other major cities, found that 73.84% of participants regularly use AI, with the majority trusting it to aid in their work (48.23%), save time (40.60%), and boost efficiency (37.92%). Additionally, 73% support further AI development, and 72.37% believe technology will play a crucial role in daily life over the next five years.
Despite widespread adoption, some respondents expressed concerns about AI, including personal data safety (36.79%), high costs (30.77%), and job displacement (29.10%). The study also highlighted demographic variations in AI usage, with higher-income individuals more likely to use AI, and generational differences in applications. Generation Z and Y primarily use AI for work, while Generation X focuses on safety and medical benefits. Top recognized AI brands include Google, ChatGPT, and Samsung, with the majority of consumers expecting AI adoption in mobile, computer, medical, home appliance, automotive, and finance sectors.
https://www.nationthailand.com/business/tech/40039969
Editor’s Note: A recent BBDO Bangkok study reveals that over 70% of Thais use artificial intelligence for its convenience and efficiency, with the majority relying on it to aid work and save time. While there is strong support for AI development, concerns about data safety, costs, and job displacement persist, with generational differences in AI applications noted among users.
Vietnamese Startup VinCSS Unveils Advanced Automobile Security Solution at Global Seminar
VinCSS, a Vietnamese cybersecurity startup, has introduced an innovative solution aimed at protecting smart car software and data from phishing attacks and unauthorized changes. Presented at the FIDO Munich Seminar 2024 in Berlin, Germany, VinCSS’s vehicle security solution utilizes the FIDO Device Onboarding (FDO) Protocol developed by the FIDO Alliance. This protocol ensures secure communication between authenticated entities and IoT devices integrated into smart automobiles, effectively creating a protective barrier against malware and unauthorized access.
The introduction of VinCSS’s solution comes at a critical time as the number of smart vehicles is projected to surpass 470 million by 2025, heightening global cybersecurity concerns. Since 2016, automotive-related cyber incidents have surged by 605%, with this year’s attacks expected to cause $505 billion in financial damage. VinCSS has a proven track record of deploying FDO-based solutions, including smart parking systems and smart cameras, across various international markets, reinforcing its position as a pioneer in the cybersecurity domain.
Editor’s Note: VinCSS, a Vietnamese cybersecurity startup, has unveiled a cutting-edge vehicle security solution at the FIDO Munich Seminar 2024, designed to protect smart car software and data using the FIDO Device Onboarding (FDO) Protocol. This advancement addresses growing cybersecurity concerns amid a projected surge in smart vehicles and a 605% increase in automotive cyber incidents since 2016.
Vietnam Proposes Tax Exemptions for Green Bonds and Carbon Credits
The Ministry of Finance in Vietnam has proposed amendments to the country’s Law on Corporate Income Tax, aiming to exempt corporate taxes on income derived from green bond interest and carbon credits. This initiative is in line with global trends of using tax incentives to promote environmentally sustainable practices and development. The tax exemptions are designed to encourage investment in green bonds and the trading of carbon credits, both of which are crucial for reducing greenhouse gas emissions and fostering sustainable practices. Vietnam’s 2020 Law on Environmental Protection, effective from January 1, 2022, supports these activities by providing a legal framework for the exchange and transfer of carbon credits and the issuance of green bonds.
The Ministry of Finance has assessed the potential impact of these proposed tax exemptions, estimating that if green bonds capture 0.17%–0.5% of the bond market, the corporate income tax exemption could range from $4 million to $12 million (VND 100 billion to VND 300 billion). This move is part of Vietnam’s broader strategy to enhance environmental sustainability and attract investments in green projects. By leveraging commitments and expertise in implementing nature-based solutions, Vietnam aims to create a robust carbon market and boost environmental protection efforts.
https://www.green.earth/news/vietnam-proposes-tax-exemptions-for-green-bond-and-carbon-credit-income
Editor’s Note: Vietnam’s Ministry of Finance has proposed amendments to exempt corporate taxes on income from green bond interest and carbon credits, aiming to boost investment in sustainable practices. This initiative aligns with global trends and supports the country’s 2020 Law on Environmental Protection by fostering a legal framework for carbon credit trading and green bond issuance. The tax exemptions could potentially reduce corporate income tax revenue by $4 million to $12 million, depending on the market uptake of green bonds, as part of Vietnam’s broader strategy to enhance environmental sustainability and attract green investments.
Indonesian Government to Offer Incentives for Hybrid Cars Amid Electric Vehicle Push
The Indonesian government is set to introduce incentives for hybrid cars as part of its broader strategy to promote electric vehicles (EVs). Coordinating Minister for Economic Affairs, Airlangga Hartarto, announced at the 2024 GAIKINDO Indonesia International Auto Show (GIIAS) that incentive programs are being prepared. Currently, hybrid cars face a luxury goods sales tax (PPnBM) of 6-12%, unlike fully electric vehicles (BEVs) which enjoy various incentives, including zero PPnBM. The government also offers a 10% VAT exemption for electric cars with a minimum domestic component level of 40%.
Industry Minister Agus Gumiwang Kartasasmita revealed that the Ministry of Industry will propose incentives for hybrid vehicles to the Ministry of Finance. Kartasasmita emphasized the effectiveness of fiscal incentives in boosting car sales, citing a 113% increase in domestic vehicle sales from March to December 2021 and an additional 95,000 units sold from January to May 2022. The proposed incentives will focus on vehicles meeting local content requirements and promoting low-carbon emission models. The government also considers support measures to control interest rates, aiming to address the stagnation in annual domestic car sales, which have remained around 1 million units over the past decade.
Editor’s Note: The Indonesian government plans to introduce incentives for hybrid cars as part of its broader push for electric vehicles, with hybrid models currently facing a 6-12% luxury goods sales tax compared to zero tax for fully electric vehicles. Industry Minister Agus Gumiwang Kartasasmita highlighted that the proposed incentives, aimed at increasing sales and supporting low-carbon emission models, will be presented to the Ministry of Finance. This initiative follows the government’s successful fiscal measures that previously boosted domestic vehicle sales by 113% and aims to address stagnation in annual car sales by promoting vehicles with local content and lower emissions.
MDEC launches Malaysia’s inaugural e-invoicing open day & accreditation
KUALA LUMPUR: Malaysia Digital Economy Corporation (MDEC) has launched the inaugural national e-Invoicing open day and accreditation, marking a significant milestone towards digitalising business processes.
MDEC said the landmark event aims to empower businesses by facilitating the adoption of e-invoicing solutions, after having championed the e-invoicing initiative to accelerate the nation’s digital transformation since 2020.
Editor’s Note: The launch of Malaysia’s inaugural e-invoicing open day by MDEC is a significant step towards modernizing financial transactions. It promotes efficiency and accuracy in invoicing, reducing the risk of errors and fraud. Additionally, this initiative is likely to enhance the overall business environment by streamlining processes and encouraging digital adoption among companies.
Malaysia top contributor to Taiwan’s talent programme
KUALA LUMPUR: Malaysia has emerged as a top destination in Taiwan’s mission to attract talent under the New Southbound Policy (NSP). Introduced in 2016, the NSP aimed to boost cooperation and talent exchange between Taiwan and Southeast Asian, South Asian and Australasian countries.
Up to last year, data from Taiwan’s Labour Ministry revealed that Malaysian professionals accounted for nearly half of the 11,647-strong international talent pool enhancing Taiwan’s industry leadership. Malaysian talent, the data showed, had played a significant role in helping shape Taiwan’s educational and economic landscapes.
Editor’s Note: Malaysia being the top contributor to Taiwan’s talent program highlights the nation’s strong commitment to fostering international collaborations and developing its workforce. This achievement underscores the high quality and competitiveness of Malaysian talent on a global stage. Additionally, it opens up more opportunities for Malaysians to gain valuable experience and skills through international exposure, benefiting both individuals and the country’s economy.
Website: https://www.nst.com.my/news/nation/2024/07/1077531/malaysia-top-contributor-taiwans-talent-programme
Microelectronics company Melexis opens its largest wafer testing site in the world in Kuching, Sarawak
KUCHING: Melexis, a global microelectronics engineering company, has opened its largest wafer testing site worldwide in Kuching, Sarawak. In a joint statement by the Ministry of International Trade, Industry and Investment and Melexis, it said the expansion signals Melexis’ commitment to meeting the increasing demand for semiconductors and strengthening its presence in the Asia-Pacific region.
The expansion of Melexis in Malaysia will see it hosting 90 semiconductor wafer test equipment used to test Integrated Circuits (ICs). It also said that Malaysia stands out as an ideal location due to its geographical, cultural, and economic advantages, to expand Melexis’ footprint in the Asia-Pacific region.
Editor’s Note: The opening of Melexis’ largest wafer testing site in Kuching, Sarawak, significantly boosts Malaysia’s position in the global microelectronics industry. This development brings advanced technology and high-quality job opportunities to the region, fostering local economic growth. Additionally, it underscores Malaysia’s attractiveness as a hub for high-tech manufacturing and innovation.
Indonesia Launches Golden Visa Program to Attract Foreign Investment
President Joko Widodo announced the launch of Indonesia’s Golden Visa program on July 25, 2024, aiming to attract foreign nationals to invest and work in the country. Speaking at The Ritz-Carlton Mega Kuningan in South Jakarta, President Widodo highlighted Indonesia’s potential as an investment destination due to its strong economic growth, political stability, demographic advantages, and natural resources. The Golden Visa is designed to offer significant benefits, such as extended stay periods, priority immigration service lanes, and exemptions from limited stay permit requirements. With 300 applications already received, the initiative seeks to boost capital gains, job opportunities, technology transfer, and human resource quality.
Minister of Law and Human Rights Yasonna H. Laoly emphasized the Golden Visa’s role in fostering community welfare development and creating opportunities for international investors and global talents. The program includes various categories such as Individual Investors, Corporate Investors, and Global Talent, requiring applicants to commit to direct investments in Indonesia. Investment thresholds range from US$350,000 to US$50,000,000, depending on the visa type and duration. The digital system for Golden Visa applications, integrated with banking services, aims to streamline the process and enhance public service efficiency, reinforcing Indonesia’s attractiveness as a business and investment hub.
Editor’s Note: President Joko Widodo has announced Indonesia’s Golden Visa program, which aims to attract foreign investment and talent by offering extended stay periods, priority immigration services, and exemptions from limited stay permits. The program, already receiving 300 applications, targets boosting capital inflows, job creation, and technology transfer through various categories like Individual and Corporate Investors, with investment thresholds ranging from $350,000 to $50 million. Minister of Law and Human Rights Yasonna H. Laoly highlighted the initiative’s potential to enhance community welfare and streamline the application process through a digital system integrated with banking services.