The Bangkok Post has recently reported that Thailand’s Industry Ministry has estimated that the Southeast Asian country built or expanded 1,211 factories during the first half of fiscal year 2023, totaling an investment value of THB 113 billion (USD 3.25 billion), generating more than 30,000 jobs.
A substantial amount of the investment registered during the October 2022 to March 2023 period came from entrepreneurs in the bioplastic and electric vehicle (EV) sectors. This is in line with the government policy to promote a green economy and eco-friendly cars, which involved a corporate tax deduction program to encourage investment.
Thailand’s ministries of Industry and Finance have been collaborating to promote more local production of biodegradable plastic. The goal is to reduce plastic waste, which is harmful to the environment. In 2023, the Thai Bioplastics Industry Association highlighted how Thailand ranks as the world’s second-largest producer of bioplastic products, serving growing export demand thanks to the availability of raw materials.
Bioplastic manufacturing increases the value of Thai agricultural products, while supporting global efforts to cut carbon dioxide emissions, as well as representing an alternative to single-use plastics.
(Source: Bangkok Post)
