Illustrative image (Photo: https://opengovasia.com) Hanoi (VNA) - The Thai Government will earmark a combined 24.4 billion baht (814 million USD) for spending on research and development (R&D) in the fiscal year 2022, up from 19.9 billion baht in fiscal 2021.
According to Kitipong Promwong, director of the Office of National Higher Education Science Research and Innovation Policy Council (NXPO), the proposed budget received the green light from the cabinet last week
Kitipong said the spending would also focus largely on creating innovation for commercial purposes, strengthening competitiveness in the production and service sectors, narrowing income disparity and upgrading technology.
According to Kitipong, Thailand faces many challenges in terms of social problems, poverty, income disparity and economic competitiveness, so its government sees it as imperative for R&D to help tackle such problems.
The spending would also focus on developing medical equipment to help fight the COVID-19 pandemic, electric vehicle batteries and next-generation automobiles, and artificial intelligence.
Thailand’s overall spending on R&D in 2021 is estimated to reach 270 billion baht, making up 1.5 percent of GDP.
In 2020, overall R&D spending was estimated at 166 billion baht, or 1.09 percent of GDP.
NXPO forecasts the nation's R&D spending to hit 400 billion baht or 2 percent of GDP in 2027./.
VNA
