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Strategic Plan to Move Thailand Forward with BCG Economy Model

18 January 2021 (Readers 1046)

The Government is moving Thailands economic development forward with the Bio-Circular-Green (BCG) economy model. Prime Minister and Defense Minister General Prayut Chan-o-cha recently chaired a meeting to discuss and approve the framework of the BCG Economy Model Strategic Plan, 2021-2026, worked out by the BCG Economy Model Committee.

The meeting also agreed to include the BCG economy model as part of the national agenda. This model will enhance and further develop Thailands strength and potential in biological and cultural diversity. It will also link with the principles of the Sufficiency Economy Philosophy, in line with the Sustainable Development Goals.

The BCG Economy Model Strategic Plan, 2021-2026, consists of four strategies. The first strategy aims to create sustainability of resource bases and biodiversity through balancing conservation and utilization.

The second strategy involves community empowerment and the development of the local economy through capital, resources, identity, creativity, and modern technology. Area-based potential will be used, based on the principle of "exploding from within, with an emphasis on making use of biodiversity and cultural diversity to increase the value in production chains and services.

In the third strategy, industrial development under the BCG economy model will be uplifted for sustainable competitiveness. Knowledge, technology, and innovation will be adopted to enhance production efficiency. The "less is more" environmentally friendly production system will be emphasized.

The fourth strategy seeks to enhance resilience in the face of global change in order to mitigate impacts. Science, technology, and innovation will be adopted to increase the potential of communities and entrepreneurs. The forms of production and services will be adjusted in response to the market demand, while "green growth will be promoted.

Apart from biodiversity and cultural diversity, the development of the BCG economy model will focus on four sectors: (1) agriculture and food, (2) medical services and wellness, (3) bioenergy, biomaterials, and biochemicals, and (4) tourism and creative economy.

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