85 million baht approved for SME innovation projects

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BANGKOK – Up to 85 million baht has been approved for 104 projects proposed for the second phase of the government’s Innovation Coupon Project created to spur small and medium enterprises (SMEs) to utilize innovations in their development. 

Director of the National Innovation Agency, Phanart Chairat, has reported that in the second phase of the coupons for SME enhancement through innovation project, which seeks to elevate small and medium businesses in 5 industries to the ASEAN level, a total 104 projects have been allotted a combined 85 million baht.

By industry, 9 projects from the agro sector received 8 million baht, 20 projects from the Health Products and Creative industries received 14 million baht, 30 projects in the traditional industries excluding food segment received 25 million baht, 25 projects of future industries received 25 million baht and 20 projects in the service sector received 10 million baht.

Each SME was allowed to request approval for no more than 2 projects at a rate of no more than 1.5 million baht per project. The government effort is expected to spur over 1.5 billion baht in innovation investment.