Thailand moves to increase the number of startups in the country to 10,000 by 2018 through the creation of a $569m fund split between two ministries.

The government of Thailand has planned the creation of a ฿20bn ($569m) fund to support startups in the country, according to the Bangkok Post.

The fund will be managed by the Finance Ministry and the Information and Communication Technology (ICT) Ministry. With ฿10bn going to each, the former will create a competitive fund for general startups while the latter will focus on technology startups.

A joint working group between the two ministries has been set up to create the formal conditions for startups that wish to apply.

The government hopes the two vehicles will move the country to newer models of economic development.

The fund is expected to support 2,500 startups in the country and raise the total number operating to 10,000 by 2018.

Uttama Savanayana, ICT minister, said: “The year 2016 is a golden year for Thailand’s startup industry.”