Thailand to boost BCG exports

Director-General of the International Trade Promotion Department under the Commerce Ministry of Thailand Phusit Ratanakul Sereroengrit (Photo: www.bangkokpost.com)

Bangkok (VNA) – The Commerce Ministry of Thailand has vowed to support exporters in trading bio-, circular and green (BCG) products which align with the global climate agenda and the world's megatrend that will focus more on BCG products.

Director-General of the International Trade Promotion Department under the ministry Phusit Ratanakul Sereroengrit said that the department is scheduled to develop and upgrade 500 Thai exporters to become exporters of BCG products next year, up from 50 this year.

The department aims to raise the BCG export volume to 4.4 trillion THB (about 133 billion USD) by 2024, making up 24 percent of the gross domestic product (GDP) from 3.4 trillion THB or 21 percent of the GDP in 2020, he said.

The BCG export products will focus on three main sectors comprising food as functional food, novel food, medical food and organic food; lifestyle products; and health and medical products, according to Phusit.

Thailand has promoted the country's new economic model, known as the BCG Economy, as it will be Chair of the Asia-Pacific Economic Cooperation (APEC) in 2022./.