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Thailand to spend 814 million USD on R&D in 2022

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 in fiscal 2021.
Thailand to spend 814 million USD on R&D in 2022 ảnh 1Illustrative 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 HigherEducation Science Research and Innovation Policy Council (NXPO), the proposedbudget received the green light from the cabinet last week

Kitipong said the spending would also focus largelyon creating innovation for commercial purposes, strengthening competitivenessin the production and service sectors, narrowing income disparity and upgradingtechnology.

According to Kitipong, Thailand faces manychallenges in terms of social problems, poverty, income disparity and economiccompetitiveness, so its government sees it as imperative for R&D to helptackle such problems.

The spending would also focus on developing medical equipment to help fight theCOVID-19 pandemic, electric vehicle batteries and next-generation automobiles, andartificial intelligence.

Thailand’s overall spending on R&D in2021 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 1.09percent of GDP.

NXPO forecasts the nation's R&D spending to hit 400 billion baht or 2percent of GDP in 2027./.
VNA
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