Thailand Creativity Fund set up according to Creative Economy Scheme

The Government financial institutions cooperated with the Thai private sector to launch the Thailand Creativity Fund worth 800 million THB, aiming at product development and value adding for competitiveness in the global market under the Strong Thailand Scheme.

Deputy Minister of Finance, MD. Pruttichai Damrongrat cited that government financial institutions and the private sector had joined forces in setting up the Thailand Creativity Fund worth 800 million THB. It was the first scheme of funding for direct investment in the Equity Instrument, Bond, and Hybrid Fund as well as to invest in the creative business ideas. This was to encourage the private sector to emphasize in creative ideas, modern designs, and value adding to products, which would help in building competitiveness in the global market in accordance with Creative Economy Scheme, initiated by the Government’s Strong Thailand Project.

Presently the Creative Economy value makes up 10 – 12% of the GDP, while the exports of creative products gained 1.3% of the global market share in 2006 with the average growth rate at 5% per year. Thus, the creative products has much room to grow in the market. (NNT)