Thai cabinet endorses Green Economic Plan

Illustrative image. (Photo: bangkokpost.com)

Bangkok (VNA) – The Thai cabinet has approved an action plan to drive Bio-Circular-Green Economy (BCG) Model for 2022-2027 period with a budget of nearly 41 billion baht (about 1.25 billion USD).

The action plan is based on the ambition to implement sustainable economic growth and generate more income, using technology and innovation to upgrade the quality of life for Thais and rehabilitate natural resources and biodiversity, local media quoted Government spokesman Thanakorn Wangboonkongchana as saying.

The plan comprises four strategies, with the first one aimed at developing sustainability of resources, biodiversity and cultural diversity with a budget of 2.29 billion baht. Significant projects include the Thailand biodiversity genome project and natural resource rehabilitation.

The second strategy is to use technology and innovation to strengthen the grassroots and creative economies with a total investment of 1.82 billion baht.

The third strategy is to strengthen the competitiveness of BCG by focusing on five sectors: farm and food; wellness and medical; energy and bioproducts; tourism; and the creative and circular economy, with a budget of 33.3 billion baht. The government aims to raise the revenue of the five sectors by at least 1 trillion baht and upgrade the contribution of the service sector to GDP to at least 20 percent.

The fourth strategy is to strengthen human resources to respond to global changes, operating with a budget of 3.2 billion baht.

The BCG plan is expected to be directed by a management committee chaired by the prime minister. The action plan was approved by the committee on February 7. It covers four sectors namely farm and food, healthcare and medical services, energy and biochemicals, and tourism and the creative economy.

The Thai government placed BCG on the national agenda to speed up development because the sectors can increase the value of farm products and BCG is part of a global development trend.

The administration vows to develop the bio-economy, as more than 30 million people work in the farm sector, yet most remain in poverty. The development plan calls for the government to increase the value of farm products and generate more income for the farm sector./.