BCG to take centre stage at Abac
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BCG to take centre stage at Abac

The business sector will discuss bio-, circular and green (BCG) economic development and propose capital funding to help businesses in 21 countries during the Apec Business Advisory Council (Abac) meetings next year.

Four meetings among business leaders will be held as part of the 2022 Asia-Pacific Economic Cooperation (Apec) summit, hosted by Thailand between late October and early November.

Kobsak Duangdee, a member of Abac Thailand, said yesterday one highlight of Abac is talks on BCG, which are aimed at supporting economic development, along with efforts to protect the environment, including decarbonisation plans.

BCG, one of key economic policies of the Thai government, promotes economic sustainability by urging companies to make wise use of resources to add value to products, with little or no impact on the environment.

The Federation of Thai Industries (FTI), which will join Abac meetings, is encouraging local enterpreneurs to adopt the BCG economic model to better adjust themselves in the post-pandemic era as the world is likely to be dominated by environmental concerns, especially global warming, in addition to digital technology.

The Abac meetings will culminate with reports on business and investment recommendations, given to 21 Apec leaders, said Supant Mongkolsuthree, chairman of the FTI and chairman of the Apec.

"Businesses in the Asia-Pacific are hopeful for economic recovery in 2022 despite the pandemic," he said.

"The business sector wants to work closely with the government and all stakeholders in Apec to help drive the economy," he said.

During the Abac meetings, participants will also discuss financial issues, including capital funding, to help businesses in Asia-Pacific, said Mr Kobsak.

Trade value between Thailand and Apec members accounts for 69.8% of the country's total trade value in the global market.

The first Abac meeting will be held by Singapore in February, followed by Canada in April, China in July and Thailand during the Apec summit.

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