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InfoQuest

Thailand's Ministry of Industry sets up a BCG model

March 30, 2021


Abstract : According to Suriya Juangroongruangkit, Minister of Industry of Thailand, the Ministry of Industry has set up a Bio-Circular-Green Economy Development Promotion Committee to practice a BCG Model in the industrial field to achieve greater benefits.

InfoQuest (March 22, 2021) - According to Suriya Juangroongruangkit, Minister of Industry of Thailand, the Ministry of Industry has set up a Bio-Circular-Green Economy Development Promotion Committee to practice a BCG Model in the industrial field to achieve greater benefits.

In the process of implementing the BCG model, the Ministry of Industry aims to promote economic growth, establish a sustainable nature and environment, build sustainable sectors and achieve sustainable development goals.

The Ministry of Industry has formulated a strategic plan to implement the BCG model, said Mr. Kobchai Sungsitthisawad, Deputy Secretary of Thailand's Ministry of Industry.

Multiple institutions under the Ministry of Industry have introduced a wide range of BCG-oriented projects.

As a new model of economic development, the BCG model promotes rapid economic development on the basis of the concept of sustainable development, which is consistent with the concept of "moderate economy" put forward by Rama IX. Divided into four major sectors, namely agriculture and food, health and medical treatment, energy, materials and biochemistry, tourism and entrepreneurship industries, it will promote biodiversity and cultural diversity, and boost national development and the improvement of people's living standards.

In the following six years, the BCG model will create an output value of 4.4 trillion baht in the above four sectors, accounting for about 24 percent of GDP. It will help balance the existing and consumed resources, protect biodiversity and promote sustainable development, thus promoting social progress, creating jobs, and bringing income to all parts of the country.

Source: InfoQuest, by Otoreu/Rachada/Kasamarporn, translated by Xinhua Silk Road

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Keyword: BCG model

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