Ministry sets up panel devoted to BCG economy

Ministry sets up panel devoted to BCG economy

The Industry Ministry has set up a new committee on bio-, circular and green (BCG) economy to step up efforts at putting Thailand on a path toward economic sustainability.

The establishment came after the government declared the BCG economic model as a national agenda, hoping it will speed up BCG development and help increase the value of farm products.

The government also approved a five-year strategic plan to promote BCG between 2021 and 2026.

"Many countries are focusing on BCG, especially European countries and the US," said Industry Minister Suriya Jungrungreangkit.

US President Joe Biden's decision to rejoin the Paris Climate Accord, a global effort to reduce global warming, shows he supports the BCG concept, said Mr Suriya.

BCG is aimed to have business operators use resources wisely with minimum impact on the environment.

Bio-economy is particularly closely related to agriculture as it promotes the use of renewable resources as raw materials to produce energy, food and other value-added products that will be a new source of revenue for farmers.

Agriculture and the food industry are among four strategic industries pushed forward by the government.

Others are healthcare and medical businesses, energy and biochemical businesses as well as tourism.

"The government expects these four industrial sectors will create economic value worth 4.4 trillion baht for Thailand, or 24% of its GDP, in the next six years," said Mr Suriya.

Many countries are increasingly concerned about the impact businesses may have on the environment and public health. This may become a trade barrier to Thai factories if they do not adopt more environmentally-friendly production, he said.

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