Thailand’s BCG model couples economic recovery with sustainability
At the policy dialogue “Understanding the BCG Economy Model for Strong, Balanced, Secure, Sustainable and Inclusive Growth in the Asia-Pacific” organized in February, APEC 2022 host Thailand welcomed economies of APEC to exchange ideas on how applying the Bio-Circular-Green (BCG) Economy model could foster sustainable development for the region.
“BCG” was introduced by Thailand to APEC this year as a post-pandemic growth strategy combining science, innovation and technology for efficient resource usage, waste reduction and ecosystem maintenance.
According to the National Science and Technology Development Agency, the Bio-Circular-Green Economy model was conceptualized by Thailand’s government as a strategy directed toward economic and social recovery after the COVID-19 pandemic.
Aligned with the Thailand 4.0 aspiration, BCG was also created to enhance Thailand’s commitment to the United Nations Sustainable Development Goals (SDGs).
The model emphasizes applying science, technology and innovation to make the most of an economy’s biological and cultural advantages. For Thailand, these competitive advantages span agriculture and food, wellness and medicine, energy, materials and biochemicals, and tourism and creativity.
The Bio component of the model concerns the production of renewable biological resources and their conversion into products of value. Within the Circular Economy, businesses and consumers reuse and recycle resources. In a Green Economy, the economy, society and the environment are in balance and are conducive to sustainable development.
Differing from traditional economic models, BCG targets economic progress that is also balanced by promoting sustainability of biological resources, strengthening communities and the grassroots economy, enhancing sustainable competitiveness for relevant industries, and resilience to global changes.
Put into practice in 2021, BCG has already empowered Thailand to turn several challenges into opportunities. Amid falling global food prices, BCG allowed Thailand to increase the value of its agricultural produce and returned it to the path of becoming the “Kitchen to the World”.
Similarly, BCG adoption in the medical and wellness sector created a prime opportunity for Thai businesses during the pandemic, when world trends turned to natural and sustainable health products.
With the 2021-2027 BCG Action Plan, Thailand has provided a blueprint for implementing BCG that is ready to adopted by APEC economies, so that they may also achieve sustainable economic prosperity.
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