Investment value of projects related to the bio, circular and green (BCG) economic model is expected to grow further after reaching 677 billion baht as of September, says the Board of Investment (BoI).
Some 2,829 projects have been granted investment incentive packages by the BoI since 2015.
The project numbers and their value will continue to increase as BCG is a global trend and has become the national agenda, said Duangjai Asawachintachit, secretary-general of the BoI.
BCG encourages manufacturers to make and add value to products with no or minimal impact on the environment.
"The Thai government has joined the international community to adopt more environmentally-friendly measures, including decarbonisation plans," she said.
Renewable energy development and waste-to-energy power plant projects were ranked first, with investment value of 289 billion baht, among the top five BCG projects.
Coming second was food additives and ingredients based on high technology. Their investment value stood at 94.22 billion baht.
Next is green polymer and chemical products, with investment value of 40.99 billion baht, followed by recycled agricultural raw materials, valued at 25.83 billion baht, and natural rubber, valued at 22.25 billion baht.
From January to September, the BoI approved 564 BCG projects, a rise of 74% year-on-year. The investment value skyrocketed by 160% year-on-year to 128.32 billion baht.
Investment value stood at 93.88 billion baht in the same period last year.
The BoI expects BCG to make up 25% of GDP over the next five years.
"BCG will play an important role in leading Thailand, through innovation, towards sustainable development goals," said Ms Duangjai.
The BoI is teaming up with various agencies, including the National Innovation Agency and the Office of National Higher Education Science Research and Innovation Policy Council to jointly host the BCG Startup Investment Day early next year. The event is aimed at promoting technology startups.