Big Push for Biochemicals and Bioplastics with Thailand’s 10 year Bio-economy scheme
Posted on : 06 Mar, 2017
The World Economic Forum estimates bio-economy and its value chain to witness investments of more than 200 billion euros (Bt7.5 trillion) by 2020.
Thailand government has announced the launch of its “bio-economy” scheme in January 2017 – whereby it expects to attract Bt400 billion worth of investment from the private sector – both domestic and foreign players – during the next decade.
The scheme is expected to follow phased investments over the course of 10 years – with phase 1 – 2017-2018 to usher in a total investment of Bt51 billion, the second phase (2019-2021) is expected to bring in Bt182 billion while the final phase (2022 to 2026) to attract total investment of Bt132 billion.
The scheme hopes to attract both domestic and foreign bio-industry players to invest in Thailand and help create high-value products using the country’s economic crops. Sugarcane and tapioca are some of initial crops to be used in the bio-economy. Players such as PTT are already investing in the bio-economy. Its subsidiary PTT Global Chemical (PTTGC) is working on Polylactic Acid (PLA) production plant project. PBS and PLA, key raw materials for biodegradable plastics, can be produced from sugar or cassava, which are abundant in Thailand. Some of the bio-economy projects (part of the first-phase) are expected to come up in Rayong, where there are already some refining facilities.
The government has also prioritized investments in the bio-economy projects in the Eastern Economic Corridor (EEC) with a total of Bt1.5 trillion over the next 10 years.
With the bio-economy scheme, Thailand’s sugarcane industry is supposed to gain extra value of Bt300 billion annually while the tapioca industry is to benefit from an extra value of Bt100 billion by the end of 10 years. The scheme is also expected to increase farmers’ incomes by Bt75,000 per person per year in the next decade.
The scheme aims to focus on projects such as ethanol, biomass power, bio-plastics, biochemicals, and biopharmaceuticals.
More about Thailand’s bio-economy at CMT ’s 6th Biobased World - Chemicals and Plastics on 19-22 June, 2017 in Bangkok, Thailand.
For more information, email Ms. Grace at firstname.lastname@example.org or call +65 6346 9147.
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