The Federation of Thai Industries (FTI) is working with state officials and university scholars to pilot bio-, circular and green (BCG) economic development projects in five industries to make BCG-based industries represent 24% of GDP, or 4.4 trillion baht, in six years.
A BCG economy promotes sustainability through the wise use of resources to add value to products with minimum or no impact on the environment.
The five BCG prototypes are petrochemistry, construction materials, food, cosmetics and healthcare, as well as electronics.
"The FTI promotes and supports the government's BCG policy. One benefit is the reduction of plastic waste through recycling," said Supant Mongkolsuthree, chairman of FTI.
The federation is cooperating with Chulalongkorn University's Faculty of Engineering and Programme Management Unit for Competitiveness (PMU-C) to help entrepreneurs transform their businesses.
PMU-C works under the Office of National Higher Education Science Research and Innovation Policy Council to support projects that aim to increase the country's competitiveness.
Kriengkrai Thiennukul, vice-chairman of FTI, said he believes the five industrial sectors, which consist of many small and medium-sized enterprises, have potential to help make the GDP goal attainable.
"The five sectors have teamed up to create a guideline to help one another adopt practices in line with BCG policy and global industrial trends," he said.
Many countries including Thailand support a global campaign to reduce greenhouse gases, a major contributor to climate change.
Chakkaphan Sutthirat, Chulalongkorn University's vice-president for research affairs, said research on modern industrial operations is needed to pave the way for a BCG economy.