Industry officials are formulating new measures under a bioindustry plan to generate investment worth 190 billion baht and put Thailand on track to become a bio hub of Asean within 2027.
The 10-year plan, which has been implemented since 2018 and continues through 2027, has reached the halfway stage and aims to encourage investors to develop businesses based on biotechnology. It needs updating to better support investment projects.
"The government wants the plan to be carried our more efficiently to make sure it can achieve the goal," said Warawan Chitaroon, director-general of the Office of Industrial Economics (OIE).
Some existing measures under the plan to promote investment may not suit the current situation and require adjustment to better support different groups of entrepreneurs, covering startups as well as small, medium and large-sized companies, which have different business objectives.
Her office recently held a meeting with state and business organisations to brainstorm ideas to adjust the plan, which will be then forwarded to the cabinet for the final say.
Among new measures supported by participants of the meeting is a suggestion to set up a one-stop service centre to provide prospective investors with information needed for running businesses in the bioindustry, said Mrs Warawan.
The OIE also plans to apply biotechnology to various industries, including food, pharmaceuticals, food supplements, herbs and cosmetics. This can generate additional investment value of at least 10 billion baht, she said.
Authorities also want to help farmers earn more through bioeconomic development, promoting renewable resources as raw materials to produce energy, food and other products.