Fostering Innovation: A Case Study of Eastern Economic Corridor of Innovation in Thailand

Abstract

Thailand is struggling to escape the middle-income trap within 2037 as set forth in the National Strategy (for the Year 2018 - 2037). As the innovation is both an imperative basis and a rapidly driven factor of a country’s development, especially in the area of economic development, the “Eastern Economic Corridor of Innovation (EECi)” has been established with the aims for research and development of innovation in Thailand. It is envisaged that the EECi will help upgrade technology and promote the utilization of advanced technology of entrepreneurs to create innovation in order to add value to Thai products and consequently increase export value. This study employs a documentary research methodology to dissect the missions, development plans, and strategies of the EECi of Thailand. In addition, case studies of the special zones for science, technology, and innovation in the developed countries, such as Germany, Taiwan, and South Korea are critically explored and analyzed to determine whether there are common key success factors for the special zones entailing the innovation fostering