The Ministry of Industry is working out a roadmap for investment in the development of bioeconomy in Thailand.
The bioeconomy industry is one of the Government’s target industries and is part of the five future industries in the New S-Curve, under the Thailand 4.0 policy. Deputy Prime Minister Somkid Jatusripitak on 23 January 2017 presided over a ceremony for the launching of cooperation in building bioeconomy through the public-private-people partnership, or Pracharat.
The bio-economy plan has five sectors — bio-energy, bio-chemicals, food, animal feed and bio-pharmaceuticals.
At the ceremony, government agencies, the private sector, educational institutions, and research centers signed a memorandum of understanding (MOU) to drive bioeconomy development.
The Deputy Prime Minister said that existing economic crops would be used to develop high-value products in an effort to build a bioeconomy, in accordance with the Thailand 4.0 policy.
The project will start with sugar cane and cassava, which are grown in abundance in Thailand.
The Board of Investment (BOI) offers a wide range of tax and non-tax incentives for the bioeconomy industry.
Tax-based incentives include the exemption of corporate income tax for up to eight years, with an additional 50 percent reduction for five years and the exemption of import duties on machinery and raw materials. Non-tax incentives include the permission to own land and visa and work permit facilitation.
The Ministry of Industry will complete its investment roadmap for the development of bioeconomy within this year.
In working out the roadmap, it will cooperate closely with the Ministry of Agriculture and Cooperatives and the Ministry of Commerce. In the initial stage, six cash crops will be selected for the development of bioeconomy.
They include sugar cane, cassava, rubber, rice, oil palm, and soybean. Discussions will be made on whether an industrial estate will be set up or not to accommodate the development of the bioeconomy industry.
As for investment in this development, the Ministry of Industry will use the Eastern Economic Corridor site in Rayong province to promote large investment projects, linking with the development of target industries and transport infrastructure.
Thailand has an abundance of natural resources, providing an important competitive advantage for the bioindustry sector. It is also making an effort to transform itself into the “bio-hub” of ASEAN.
Disparity worsens ocean pollution
Most of the Thai marine waste is plastics led by plastic debris (12%), Styrofoam boxes (10%), food wrappers (8%), plastic bags (8%), glass bottles (7%), plastic bottles (7%), and straws (5%).
Ocean plastic pollution is threatening humanity and Thailand cannot escape the blame as one of the world’s worst marine polluters. Although the government has pledged to tackle marine pollution, one thing is certain. Success is out of reach if the state authorities fail to engage local communities as equal partners.(more…)
ASEAN takes on Circular Economy as part of priority agenda
The circular ‘reuse-reduce-recycle’ approach promotes a more efficient use of resources, thereby contributing to ASEAN Member States’ commitment to the Paris Agreement on climate change and the achievement of the UN 2030 Agenda for Sustainable Development Goals.
Today, ASEAN Secretariat conducted an online workshop on Circular Economy. The workshop gathered relevant sectoral bodies to discuss the draft Framework for Circular Economy for the ASEAN Economic Community (AEC), which is one of the priority economic deliverables for Brunei Darussalam’s ASEAN Chairmanship this year.(more…)
Subscribe via Email
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000...
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving...
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...