Considering the growing demand and need for bio-chemicals, Thailand is willing to develop a bio-economy. This includes five sectors, such as bio-energy, animal feed, bio-pharmaceuticals, bio-chemicals, and food. In fact, it is also a part of the five future industries in the S-Curve, under Thailand 4.0.
If you don’t know already, the Deputy Prime Minister of Thailand, presided over a ceremony on 23rd January 2017 to launch cooperation in developing a bio-economy through a public-private-people partnership. To this, he said that existing economic crops will be used to develop high-value products to build such an economy. As for now, the project will begin with cassava and sugar cane, which are ample in Thailand.
In support of this initiative, a MoU has been signed by government agencies, educational institutions, research centres, and the private sectors to drive the development.
Additionally, the BOI offer more tax and non-tax incentives for its promotion. It is expected that the investment roadmap will be completed soon. To work this out, it will work closely with the Ministry of Agriculture and Cooperatives and the Ministry of Commerce.
Apart from sugar cane and cassava, oil palm, soy bean, rubber, and rice will also be considered. However, discussions are to be made whether an industrial estate will be established to accommodate the industry. As for the investment, the Ministry has decided upon using the Eastern Economic Corridor in Rayong province in order to promote large investment assignments while linking with the targeted industries and transport infrastructure.
