Thailand aims to be global tech talent hub by 2030

Thailand is on the brink of becoming a global hub hotspot, thanks to its strategic location, abundant resources, and savvy policies aimed at drawing in young professionals, according to industry bigwigs.

The strategy, highlighted at the Techsauce Global Summit 2024 Home for Tech Talent panel, seeks to boost knowledge transfer and export future talent. Karndee Leopairote, chief of foresight and digital assets at MQDC’s FutureTales Lab, spilled the beans on August 9.

“Southeast Asia has a new gravity in work migration, particularly Thailand, which has managed geopolitics well.”

Thailand’s reputation as a haven for new investment could attract global talent and even entice millionaires to migrate. The country boasts natural assets, good food, and an affordable cost of living, making cities like Bangkok, Chiang Mai, Phuket, and Koh Pha Ngan top destinations for digital nomads.

The nation also benefits from robust digital infrastructure, with high-speed internet covering over 80% of the country and 99.9% of smartphone usage among young adults. Additionally, Thailand’s smart visa programme and relaxed regulations aim to attract individual talent, startups, investors, and expats.

However, Karndee noted that regulatory improvements are still necessary to foster innovation. Designing policies with a startup mindset could better address the needs of future generations. She emphasised the importance of understanding the obstacles and values of Gen Z and millennials to create appealing policies.

Global labour market

By 2030, Gen Alpha is expected to represent 11% of the global labour market. This tech-savvy generation, immersed in artificial intelligence (AI) and social media, prioritises passion over traditional employment, said Karndee.

“We need more creative compensation by moving beyond monetary wages to innovative benefits, as well as flexible work-life integration, sustainability, and inclusivity.”

Surveys indicate that 71% of young people prefer remote or flexible work arrangements over promotions that require office presence.

Santitarn Sathirathai, advisor to the Parliamentary Committee on National AI Strategy, highlighted the economic benefits of making Thailand a talent hub. The country faces a shortage of skilled workers due to an ageing society and needs more foreign talent.

“By having more foreign talent, this would result in more knowledge transfer in the future. Then Thailand could export our talent to the global market,” said Santitarn.

He suggested a holistic approach to developing tech talent, offering a high quality of life for families, including schools and tax incentives. Santitarn also advocated for creating more high-end jobs to encourage executives with business knowledge to relocate to Thailand.

Tax incentives

“The cost of living is high in both Singapore and Hong Kong. Thailand can attract executives by offering them flexibility, tax incentives, and properties.”

Santitarn added that Thais who work abroad and return home bring a global mindset and resilience, contributing significantly to the country’s development.

“Go out into the world but don’t leave Thailand behind.”

Patama Chantaruck, Managing Director of Accenture Thailand, stressed the need for the future IT workforce to adapt to the dynamic aspects of technology. Coding programs now require a business logic skillset, necessitating growth and an open mindset.

Accenture recently partnered with the Faculty of Science at Prince of Songkla University to develop cybersecurity courseware, aiming to nurture the next generation of cybersecurity talent in Thailand.

An Accenture study found that organisations should adopt a “net better off” (NBO) approach, addressing multiple dimensions of employees’ lives to unlock potential and boost revenue growth, reported Bangkok Post.

Financial benefits

The study emphasised the importance of continuous learning, upskilling training, and inclusive physical and mental health support, along with financial benefits. Patama noted that Accenture designs welfare schemes for LGBTQ+ employees and supports hybrid work schedules through technology.

“An employee’s sense of purpose is also essential.”

Accenture Thailand’s diverse workforce includes employees from 17 different nationalities, said Patama.

“Previously our office had more foreign employees than Thais but now we’ve successfully transferred technology and attracted more Thais to return to work in Thailand. As a result, our office now has more Thais than foreigners.

“We need to foster internationalisation and cross-pollination to become part of the global community. Public-private-academia partnerships are crucial for building Thailand into a global talent hub.”