BOI to support Thailand’s efforts to become a bioplastics hub
The Board of Investment (BOI) is supporting efforts to turn Thailand into a hub for the global bioplastics industry, which is driving the green economy.
Over the past five years, BOI has promoted investments of more than 37 billion baht in the bioplastics sector, spanning from the upstream to downstream stages, and aiming to create high-value products from agricultural raw materials.
According to BOI secretary-general Narit Therdsteerasukdi, the bioplastics industry is one of BOI's targeted sectors under the BCG strategy, which aims to attract investments by leveraging Thailand's diverse biological potential as a source of high-quality and sufficient raw materials for the bioplastics industry. Sugarcane and cassava, along with workforce readiness and continuous industry support, have contributed to Thailand's rise as the world's second-largest bioplastics hub. Currently, bioplastics are being utilised in various industries to produce environmentally friendly products that are in demand across the packaging, medical and automotive industries, thereby adding value to Thailand's agricultural products and supporting sustainable carbon dioxide reduction efforts.
BOI has already promoted investment in several major global bioplastic producers, such as NatureWorks Asia Pacific and Total Corbian PLA Co Ltd, producers of biodegradable polymers and Polylactic Acid, PTT MCC Biochem Co Ltd, manufacturers of PBS (Polybutylene Succinate).
BOI is determined to continue fostering investments in the large-scale bioplastics production sector. Collaborations such as the joint venture between PTT Global Chemical and Alpla, a major European plastic packaging producer, along with the establishment of a bioethylene and green polyethylene (Green-PE) production plant in the Map Ta Phut Industrial Estate, Rayong province, in partnership with Braskem, a global bioplastics producer, highlight BOI's commitment to advancing the bioplastics industry.
Over the past five years BOI has promoted investments in 24 bioplastics projects totalling more than 37 billion baht. Moving forward, BOI will focus on strengthening bioplastics supply chains, connecting with educational and research institutions to enhance agricultural raw materials' value through technology and innovation, and further encourage major global companies to invest in Thailand's bioplastics industry. These efforts are aimed at boosting the development of the country's green economy, in accordance with global megatrends.
