Bio-Circular-Green Economy Model - Best for Investors in Thailand in 2023
By promoting Thai bio, circular, and green (BCG) economic development, the Industry Ministry hopes to increase Thailand’s post-pandemic GDP. Additionally, it expects to transform the nation into an ASEAN bio-hub by 2027.
The government is putting in place tax privilege schemes to make them more appealing to investors. Nonetheless, this is to encourage firms to create and add value to products with no or minimal environmental impact.
Thailand currently satisfies the requirements to become the subsequent Asian bio hub with:
- An abundance of Bio-based Materials (like cassava, sugar cane, and palm oil)
- Existing Infrastructure (Thailand hosts several facilities that are instrumental in developing the Thai bio-economy)
- Strategic Location (like in Chonburi with Palm Bio-complex)
Thailand also has a comprehensive Plastic Waste Management Roadmap. This model aims to remove at least 50% of Thailand’s marine debris from plastic by 2027. Doing so is one of the plans to contribute to the Circular Economy of Thailand. Therefore, foreign investments in projects promoting this initiative in Thailand will surely attract great earning potential.
If you want to know what are the other top business opportunities in Thailand in 2023, read this - konradlegal.com/2023/01/05/top-business-in-thailand-in-2023/
- United Arab Emirates
- United Kingdom
- United States
- Commercial and Business Law
- Corporate and Company