InfoQuest, (July 11, 2019) -- Mr. Aditat Wasanon, deputy director of Thai Office of Industrial Economics (OIE), revealed that OIE had worked with Plastic Institute of Thailand to introduce the concept of circular economy, aiming to analyze and adjust the mix of plastic industry from the perspectives of economy, society and environment. The objective is to realize economical, efficient and comprehensive utilization of resources in the whole process of production, consumption, garbage management, and material recycling.
Currently, Thailand has established Industrial Reform Center for recycling techniques and raw material innovation of plastic industry, aiming to prompt recycling enterprises to launch business in a pro-science and eco-friendly way, adjust business model, and establish circular enterprises/startups. For instance, efforts can be made to design durable, recyclable products, and use recyclable biological materials and other recyclable materials as main raw materials of production.
The Ministry of Industry of Thailand has worked with the Ministry of Finance to formulate tax preferences measures encouraging the use of environmentally-friendly packaging. Enterprises using biodegradable plastic packaging can enjoy 1.25 times of tax deduction from January 1, 2019 to December 31, 2021. Besides, the Ministry of Industry of Thailand signed a memorandum of cooperation with the Federation of Thai Industries, aiming to apply the concept of circular economy in the whole business process with Factory 4.0 policy as a driver.
The EU released "2018 Circular Economy Action Package", seeking to reduce plastic garbage and landfill and increase the amount of recycling. Such a move shows that currently governments and business departments worldwide are pushing for circular economy. Thailand's packaging products exported to EU may be affected by the above-mentioned policy. Therefore, Thai enterprises should attach greater importance to product quality and adjust their business in line with the concept of circular economy.
Source: InfoQuest, by Arda/ Rachada /Wilawan, translated by Xinhua Silk Road
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