(Bloomberg) --
Thailand has set a goal of increasing research and development spending over the next five years to catalyze long-term economic development, its science minister said.
The goal is to lift such outlays to 1.5% of gross domestic product from about 1.1%, Suvit Maesincee, minister of higher education, science, research and innovation, said in an interview Thursday.
“Private-sector research and development is concentrated in a few big companies, so part of the challenge is how to encourage small and medium-sized firms to do more,” he said.
Growth in Southeast Asia’s second-largest economy lags behind its neighbors, highlighting the need for innovation to deliver new engines of expansion. Suvit said his ministry plans to set up a fund of up to 1 billion baht ($33 million) to encourage startups.
Like a number of others in both the ruling coalition and the opposition, Suvit faces a Constitutional Court case for allegedly breaking shareholding rules politicians must adhere to.
He said he’d quit his post if the court rules against him.
Questions remain about how long Thailand’s sprawling, 19-party ruling coalition can survive on a four-seat majority after March’s disputed general election.
A number of coalition lawmakers face cases that could lead to their suspension or disqualification.
A controversy has also erupted over the swearing in of the Cabinet and Prime Minister Prayuth Chan-Ocha in July because they reportedly failed to utter the full oath as mandated in the charter.
Asked about how long the government will last given its slim majority, Suvit said “no-one knows what will happen.”
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