MOU AIMS AT AGEING SOCIETY

>> Thailand’s increasingly ageing society will be better catered for after an MoU was signed to bolster the development of products and services catering to this sector.

The memorandum of understanding was signed by representatives from the National Science and Technology Development Agency (NSTDA) and the Thailand Creative Design Centre.

“By 2021, 20% of our population will be aged 60 or older,” said Ratchaphon Suntivarakorn, acting director for the NSTDA’s Industry Technology Development Division. “Our society urgently needs to adapt to this, and we will begin by creating suitable products and services.”

Mr Ratchaphon said the development programme will last for three years, with the goal of producing at least 20 new products or services per year. He said the project’s duration could be extended if more companies enlist. So far, almost 70 private companies have expressed interest.

Chanaghan Suntayanonta, senior consultant for the NSTDA’s Industry Technology Development Division, said the joint project is primarily geared towards small and medium-sized enterprises (SMEs), most of which already have their own products, but are looking to diversify to fit international standards.

“SMEs will definitely see Thailand’s ageing society as a long-term opportunity to come up with products in the face of such projected demand,” Ms Chanaghan said. “It’s not only about who is old now; everybody will age.”

According to her, possible projects would include elderly-friendly neighbourhoods, with around 20% of their housing units offering related technology, such as stair lifts.

Businesses joining the project can expect to generate a return of about six times the investment, Ms Chanaghan said.

“If the NSTDA grants 100,000 baht to a company for the development of elderly-friendly products, for instance, the company’s project should inject 600,000 baht back into the economy, since the funds are drawn from public taxes,’’ she said.