The government is adopting the so-called "BCG Model" for economic development to reach its ambitious goal of raising Thailand's GDP by one trillion baht within the next five years.
Developed by the Ministry of Higher Education, Science, Research and Innovation, the BCG model -- which stands for Bio, Circular, and Green economies -- was described as a "three-dimensional model" for economic development.
"On Tuesday, the cabinet agreed to treat the implementation of the BCG model as a priority. It is as important as Eastern Economic Corridor (EEC) and Thailand 4.0-related policies," said Higher Education Minister, Suvit Maesincee.
According to the minister, the one-trillion-baht expected increase in GDP from applying the BCG model is equivalent to having an economic growth rate of 30% over a five-year period.
"To achieve this, new knowledge and technology must be used to add more value to more products from various sectors, including food and beverages manufacturing, medicine, energy, biochemicals and tourism," he said.
Mr Suvit also said the application of new technology will contribute to a significant increase in output in these industries, which in turn will make it possible for farmers to raise their income by 200% -- if they continue improving the value of their products.
"For example, farmers can now use new technologies to improve the meat quality of their cows," he said.
"Whereas beef from an ordinary cow may fetch about 250 baht per kilogramme, the meat from an 'improved' cattle breed may go for three times as much in the market.
"Bagasse, the by-product of sugarcane extraction, is normally sold at one baht per kg. If it is turned into cosmetics or medical supplies, it can be sold between 260-1,000 baht per kg," he added.
The minister assured that the implementation of the BCG Model will not require much funding.
"It [the BCG Model] will need about 760 billion baht in funding over a 10-year period from 2021-2030," he said.
"The government will cover about 30% of the costs, while the rest will come from the private sector.
With the BCG Model in place, the government is now aiming to create 10 million more jobs in the next ten years and raise the average farmer's income to 240,000 baht per year, said Mr Suvit.
"The use of new technology under the BCG Model will also help lessen our reliance on natural resources by 60% and cut the volume of waste by 16.5 million tonnes per year within 10 years," he said.