The Board of Investment (BoI) has joined hands with the Federation of Thai Industries (FTI) to push ahead with new investments in targeted industries in line with bio-, circular and green (BCG) economic development.
A joint committee will be set up by the two institutions to carry out work under the partnership.
The BCG model, which has been declared a national agenda item by Prime Minister Prayut Chan-o-cha's government, encourages manufacturers to adopt certain technologies to add value to their products, with little or no impact on the environment.
The BoI and FTI aim to drive more investment in high technologies, green and smart industries, and businesses driven by creativity and innovation, said Narit Therdsteerasukdi, secretary-general of the BoI.
These industries are seen as the core of a five-year BoI strategy.
"The BoI expects the cooperation to help drive investment projects, which will eventually help create a new economy for Thailand," said Mr Narit.
The BoI's strategy is scheduled to be implemented from Jan 3 next year until the end of 2027.
During the first nine months of this year, foreign and local investors submitted applications for 1,247 projects under the BoI, an 8% year-on-year increase, but their value dipped by 14% to 439 billion baht.
FTI chairman Kriengkrai Thiennukul said he agreed with the BoI's strategy as it could guide businesses during economic challenges and uncertainties, ranging from high inflation to geopolitical conflicts and climate change.
He said he believed the strategy could work in tandem with the federation's "ONE FTI" policy to help businesses, especially small and medium-sized enterprises that were reeling from economic turbulence, including that caused by the pandemic.
ONE FTI emphasises stronger collaboration among entrepreneurs to promote potential industries across Thailand under a "One Province, One Industry" plan, which is aimed at helping local businesspeople and villagers reap the rewards of local business operations in a sustainable way.