Macroeconomics/research

Editorial team

Approval 31.10 billion baht for research funding

The cabinet gave the green light to fund 31.10 billion baht for research budget moving Thailand to overcome the middle-income trap.

Dr. Patamawadee Pochanukul, director of Thailand Science Research and Innovation (TSRI), said the cabinet approved the budget framework for funding of science, research and innovation 31.10 billion baht in fiscal 2024 budget as proposed by TSRI.

The budget framework is divided into 3 parts, in accordance with the national plan on science, research and innovation (SRI) earlier approved by the cabinet, which aimed to improve Thailand’s competitiveness; to solve social, environmental and emergency problems; and to stregthen Thailand’s capacity in science, research and innovation. This includes the knowledge development to prepare for future opportunities and challenges.

The budget framework was endorsed by the National Commission on Science, Research and Innovation Promotion Fund (SRIP) on December 16, 2022 in the amount of 31.10 billion bath.

The research budget will support 188 agencies which are responsible for conducting science, research and innovation in Thailand.

Dr. Patamawadee Pochanukul, director of Thailand Science Research and Innovation (TSRI)

There are two categories including a strategic fund which account 60-65% of the budget is plan to fund for research projects in line with strategic agenda under the national plan on SRI and the rest 35-40% for fundamental fund to support government agencies to achieve their missions to promote Thailand’s development.

In fiscal 2024 budget, an amount of 5 billion baht from the budget will be allocated to research utilization in accordance with the Thailand Research and Innovation Utilization Promotion Fund Act of B.E. 2564 (2021), which is expected to generate at least a double on investment return.

Thailand aims to overcome the middle-income trap by 2037, improve well-being of its citizens and grassroots economy, improve sustainable development goals(SDGs) index ranking from the rank of 44th to 35th, especially the achievement net zero greenhouse gas emissions targets of 40 % by 2030, and uplift human capital capability to meet future needs.

Investment in science, research and innovation play an importance role to move forward bio-circular-green(BCG) economy, s-curve industries, creative economy, digital economy, advanced health system, food of the future, high-value agriculture, higher incomes for farmers and community enterprises with innovations, electric vehicles, and railway systems and logistics.

Investment in SRI will also help to create regional growth and reduce the social and income gap, solving social and environmental problems such as waste, PM2.5 and global warming. As regards human capital, the aim is to produce high-skilled graduates and develop new breed of entrepreneurs to meet the country's industrial needs into the future.