Bangkok: The Ministry of Higher Education, Science, Research and Innovation (MHESI) is pushing forward research projects under the Thailand Research Fund (TRF) initiative to help Thais get out of debt using science and technology. The Ministry is also moving forward with the implementation of research-based community business development (LE-Local Enterprises) to strengthen Thailand's grassroots economy, aiming to provide communities with access to knowledge, markets, and funding.
According to Thai News Agency, Professor Dr. Yotsanun Wongsawat, Deputy Prime Minister and Minister of Higher Education, presided over the opening ceremony of the LEs EXPO - Local Enterprises Exposition 2026. The event, themed "LE-Local Enterprises Success Formula...Empowering Community Businesses...Building Sustainable Growth for Thailand's Grassroots Economy," showcased the successes of the LE research framework in upgrading community businesses through a collaborative process among local community entrepreneurs.
Professor Dr. Yoschanan highlighted Thailand's significant debt problems and the insufficiency of the budget allocated for debt management. He emphasized the need for developing coaches to transfer knowledge on income generation to grassroots groups such as farmers and SME entrepreneurs. The grassroots economy represents 45% of Thailand's GDP, providing livelihoods for millions, especially informal workers and community entrepreneurs.
The Ministry, therefore, focuses on leveraging knowledge from universities, integrating it with science, research, and innovation to create new opportunities for local enterprises. This initiative aims to foster a sustainable "Area-Based Economy" that is self-reliant, turning local enterprises into engines for local economic growth.
Professor Dr. Yotsanan stressed the importance of local enterprises in building a grassroots economy, creating jobs, and distributing income within communities. Research findings indicate that 71% of expenditures from community businesses circulate locally, contributing to employment and the purchase of local raw materials.
The Ministry plans to expand the network to cover 47,000 community businesses by 2027, facilitating comprehensive access to technology, markets, and funding. The goal is to strengthen the community economy, driving Thailand's stable and sustainable growth.
Associate Professor Dr. Bundit Innawong explained the LE research framework's approach, which involves collaboration with community economic researchers and businesses. The framework employs tools such as super applications, board games, and coach facilitators to enhance financial literacy and business management. The initiative has generated significant income and employment for community businesses, utilizing vast amounts of local raw materials.
Dr. Kitti Sajjawatana, Director of the Area-Based Development Capital Management Unit (ABDM), emphasized the grassroots economy's role in driving GDP. ABDM aims to develop the grassroots economy across all sectors, ensuring inclusive growth for Thailand. The framework encourages community entrepreneurs to become self-reliant, reducing social inequality and aligning with the national strategy for sustainable development.
The initiative seeks to elevate community businesses from traditional practices to modern market competitiveness by enhancing entrepreneurial capabilities. It focuses on a People-Product-Market model to create skilled individuals, innovative products, and market connections, ultimately fostering sustainable growth for community businesses.