Thailand’s information and technology spending is on track for double-digit growth this year, helped by the national e-payment scheme and the development of Thailand 4.0 initiative, reports the Bangkok Post.

Thailand 4.0 refers to the development of a value added economy of innovation and creativity, a government backed initiative.

“The growth is to come from both the public and private sectors, especially the financial sector,” said Supakit Tiyawatchalapong, managing director of Computer Union. Despite the economic slowdown, both agencies and private firms are increasingly moving towards modernizing their systems to survive in the new era of competition and growth.

Modernising data infrastructure, especially data centre updates and consolidation, adopting cloud computing technology and big data analytics can cut costs and enhance business agility.

Businesses are shifting IT budgets to software and IT services to enable infrastructure management, rather than only build hardware.

Andrew Yeong, general manager of Asia-Pacific for Lexmark International said that the company is now offering enterprise solutions to help users manage their documents.

“A mobile workforce needs access to information any time, anywhere. More and more employees rely on mobile devices to work,” he says.

However, despite the positive outlook for Thailand’s IT sector, it appears that the country knows very little about the government’s 4.0 initiative. According to a survey carried out by the Thai Chamber of Commerce, 58% of respondents in the SME sector said they do not know much about Thailand 4.0.

What is Thailand 4.0?

According to Bangkok Post, Thailand 4.0 is the vision of Prime Minister Prayut Chan-o-cha and his government to revamp the economy so it is driven by creativity and innovation. The goal is to move the country out of the middle-income trap.

Thailand 1.0 was retroactively used to describe the period when agriculture was the major economic driver while 2.0 focused on light industries. Thailand 3.0 relied on heavy industries and exports.

A version of this appeared in The Bangkok Post on September 1. Read the full version here