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Striving to Go Green Economically, Thailand Builds A Resilient Supply Chain with Foreign Investment

Striving to Go Green Economically, Thailand Builds A Resilient Supply Chain with Foreign Investment

Apr 27, 2023

Image credit - Alice on Unsplash

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Fueled by IPEF, Thailand is vigorously promoting the Bio-Circular-Green (BCG) economic model, trying to get ahead of the game by valuing the resilience of supply chains in post-COVID-19. What are the policy priorities amid Thailand's green economic transformation? Where are the business opportunities Taiwan can pursue?

# New green policies address sustainability # Thailand's digital transformation creates new business opportunities # Taiwan gains the whip hand in Thailand

Salon Participants

林俊旭

林俊旭

中華經濟研究院綠色經濟研究中心副主任

張智媛（Woranath Khemasiri）

張智媛（Woranath Khemasiri）

資誠聯合會計師事務所
東南亞及印度業務服務副總經理

What happened?

  • At the end of February 2023, the Thai Cabinet approved a draft of the negotiation framework for the IPEF (Indo-Pacific Economic Framework for Prosperity), which will focus on strengthening supply chains between Thailand and partner countries for clean and environmentally friendly economic development.
  • IPEF provides a platform for Thailand to move toward the third phase of its digital landscape development plan to promote the full digital transformation to reach the top 30 in the IMD (International Institute for Management Development in Lausanne) World Digital Competitiveness Ranking within five years. (VietnamPlus)
  • In July 2022, the Thai Government approved the draft of Thailand National AI Strategy and Action Plan (2022 – 2027) to strengthen AI technology by developing at least 100 R&D prototypes with a focus on food and agriculture, government services, health and medicine, manufacturing, and other fields. (NECTEC)


Where is Thailand's industrial transformation headed?

IPEF holds the promise of building resilience, sustainability, fairness, and competitiveness in the economy, which has shared values with the BCG model promoted by Thailand in 2021.

  • The BCG model employs technology and innovation to transform Thailand into a value-based economy, which conforms with the UN Sustainable Development Goals (SDGs) and aligns with the Sufficiency Economy Philosophy (SEP), the essential principle of Thailand's social and economic development. (NXPO)
    • BCG aims to focus on four industries – namely food and agriculture; medical and wellness; bioenergy, biomaterial and biochemical; and tourism and creative economy – poised to accelerate Thailand's post-pandemic economic recovery.
  • The BCG-covered fields have long been included in Thailand 4.0 strategic initiative launched in 2019. Policymakers now have visions for sustainable development.
    • Thailand 4.0 is a collective approach that the Thai Government uses for the entire Thailand foreign investment policy and crucial industrial planning, aimed at lifting the country from its current Thailand 3.0, an era of heavy industry and export, to the 4.0 era where innovation-oriented manufacturing with production automation, biotechnology, and the digital economy will play an important role. (CROSSING)
  • The Thailand Board of Investment (BOI) adopted an investment promotion strategy in October 2022. It identifies industries and sectors that are strategic to Thailand's long-term development. In addition, the Thai BOI offers companies tax benefits and other incentives to encourage their transformation into smart industries. The move also advanced Thailand as the regional business, trade, and logistics hub through income tax exemptions and other incentives.


What are the future business opportunities for Taiwan?

Thailand is accelerating its green and circular economy through automation and digital technology in key industries such as high-end agriculture, biotechnology, and digital and next-generation automobiles. 

  • The development trend of electric vehicles has advanced Thailand, a stronghold of automobile manufacturing, to transform by integrating the electronics industry with automobile components. It would be a good time for Taiwan's electronics industry to tap into the country.
  • Thailand 4.0 includes smart city planning, covering smart governance, smart energy, smart economy, and smart transportation. For foreign investment, the Thai Government released bids related to smart cities, an opportunity for Taiwanese manufacturers to strive for.

In addition to the Green Deal, what are Thailand's plans to align with its international sustainability goals? What should Taiwanese companies be aware of if they want to seize the opportunity of Thailand's transformation? The following in-depth Sunrise Medium interview with experts has shed some light.

Digitalization Economics sustainibility green economy renewable energy electric vehicles green investment circular economy IPEF CPTPP

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Stacy Chen

Stacy Chen / Editor

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Chang Yu-Ning

Chang Yu-Ning / Editor in Chief

Edited

Salon Talk

question
question
What is the industrial transformation strategy that Thailand is vigorously promoting? 共 2 則對談comments 2023-04-26 11:09:40
張智媛（Woranath Khemasiri）

張智媛（Woranath Khemasiri）

資誠聯合會計師事務所
東南亞及印度業務服務副總經理

The APEC held in Thailand in 2022 was themed around promoting the BCG Economy. Asia is not only about economic development but also needs to create value, improve resource efficiency, and achieve sustainable goals in terms of technology and innovation.

The concept of developing BCG is not new. It has long been there since Thailand 4.0 in 2019. The fields covered by BCG have been mentioned in Thailand 4.0, which set the goal of sustainable development. This will drive the Thai government to provide incentives and benefits to the industries and attract foreign investment.

2023-04-26 11:10:10

我對於這則留言有疑慮
林俊旭

林俊旭

中華經濟研究院綠色經濟研究中心副主任

In terms of the circular economy, Thailand promotes the recycling of resources such as solar panels and batteries, and the recycling system is also moving in the direction of extended producer responsibility. In terms of low-carbon energy, they are aggressively promoting infrastructure such as electric vehicle charging stations to create 10 million jobs in the next decade. Thailand is a largely agricultural country, and the "Bio" mentioned in the BCG model is expected to improve agricultural productivity and transform agricultural waste to drive overall GDP growth.

In the medical industry, Thailand's BCG model expects to improve the production technology of vaccines, biopharmaceuticals, and medical equipment to reduce Thailand's dependence on imports of more than 100 billion baht in medicines and vaccines and become self-sufficient.

2023-04-27 11:35:40

我對於這則留言有疑慮

question
Why does Thailand set sustainability as its main goal in its BCG strategy? 共 2 則對談comments 2023-04-26 11:11:42
張智媛（Woranath Khemasiri）

張智媛（Woranath Khemasiri）

資誠聯合會計師事務所
東南亞及印度業務服務副總經理

To export goods to the European and American markets, the production supply chain must meet the ESG requirements of the markets. The development of BCG in Thailand also considers ESG in the hope to attract foreign-funded enterprises to invest in Thailand by encouraging industries, developing green energy, and recycling waste.

2023-04-26 11:10:54

我對於這則留言有疑慮
林俊旭

林俊旭

中華經濟研究院綠色經濟研究中心副主任

Thailand's Eastern Economic Corridor project and Thailand 4.0 previously launched focused on smart manufacturing, which is under the main axis of the green economy. BCG marks a continuation of the previous policy to increase the overall output value through the green economy.

With Thailand aiming to be carbon neutral by 2050 and net zero by 2065, many oil companies started investing in electric vehicle designs and infrastructure improvements, hoping to bring the production volume to reach 750,000 electric vehicles in 2030, accounting for 30% of the total output of 2.5 million.

2023-04-26 11:11:42

我對於這則留言有疑慮

question
What are the roles and advantages of Thailand's goal in the Indo-Pacific region? 共 4 則對談comments 2023-04-26 11:15:43
張智媛（Woranath Khemasiri）

張智媛（Woranath Khemasiri）

資誠聯合會計師事務所
東南亞及印度業務服務副總經理

At present, many Taiwanese businessmen would move to North Vietnam, where wages are cheaper. Thailand is a logistics center in Southeast Asia. With relatively high wages in Thailand and tax-free trade between Vietnam and Thailand, Thailand wishes to develop itself into an operation hub in Southeast Asia.

The development trend of electric vehicles has advanced Thailand to transform by integrating the electronics industry with automobile components. Some Taiwanese electronics companies wish to go to Thailand to acquire local auto parts companies and integrate the two...

2023-04-26 11:13:15

我對於這則留言有疑慮
林俊旭

林俊旭

中華經濟研究院綠色經濟研究中心副主任

Among the ASEAN countries, Thailand has a geographical advantage. It can connect Central and Western Asia and even the entire European market. Going east, it can extend to Northeast Asia, and is also relatively politically stable compared to other neighboring countries...

2023-04-27 11:32:21

我對於這則留言有疑慮
張智媛（Woranath Khemasiri）

張智媛（Woranath Khemasiri）

資誠聯合會計師事務所
東南亞及印度業務服務副總經理

In addition, ASEAN established the ASEAN Smart Cit
2023-04-26 11:13:46

我對於這則留言有疑慮

question
What is the current smart city policy in Thailand? What infrastructure has been laid out? 共 1 則對談comments 2023-04-26 11:16:12
張智媛（Woranath Khemasiri）

張智媛（Woranath Khemasiri）

資誠聯合會計師事務所
東南亞及印度業務服務副總經理

The development of Thailand's smart city is multi-faceted, including smart governance, smart living, smart environment, smart talent, smart energy, smart economy, smart transportation, and so on. Their detailed practices in such areas as electronic payment, international talent, electronic medical care, and smart home will be closely related to Thailand 4.0 and BCG model. For foreign investment, the Thai Government has also released bids related to smart cities, such as the ones involving Japanese and American companies' participation in electronic payment.

2023-04-26 11:16:33

我對於這則留言有疑慮

question
As part of the global industrial chain, what is Taiwan advised to do to invest and gain a foothold in Thailand? 共 2 則對談comments 2023-04-26 11:19:53
張智媛（Woranath Khemasiri）

張智媛（Woranath Khemasiri）

資誠聯合會計師事務所
東南亞及印度業務服務副總經理

Investing in Thailand is not a one-time action. It requires short-, medium-, and long-term considerations, including paying attention to regulations, environmental impact assessment reports, and transnational taxation regulations. With the global trend toward investment transparency, legal compliance is a must.

Furthermore, cultural differences will affect the company's operations, especially when Taiwanese businessmen set up factories in Southeast Asia. To manage employees from different cultures, they must beware of regulations governing local salary and related labor laws.

2023-04-26 11:18:42

我對於這則留言有疑慮
林俊旭

林俊旭

中華經濟研究院綠色經濟研究中心副主任

Taiwan's agricultural technology, recycling technology, and reuse of agricultural waste are all very advanced. Introducing these to Thailand will give us more space and tools to leverage. However, many applications involve localization and they need to be closely integrated with local culture and business models to boost capacity.

To be able to develop locally, I suggest that Taiwanese companies should find a local partner who understands the local people well. There are usually two ways: one is to follow big players to invest in Thailand; the other is to find a partner. This partner does not have to be a Taiwanese manufacturer or a local Thai manufacturer; it can be Chinese, Japanese, Korean manufacturers, or European and American manufacturers as well that have already developed in the local area.

2023-04-26 11:19:53

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