Thailand will show APEC how the BCG economy helps SMEs

Thailand’s Bio-Circular-Green (BCG) economic model is helping many small and medium-sized (SMEs) businesses achieve a sustainable recovery from the pandemic. Thailand plans to showcase examples of their success at four major APEC meetings in the coming months.

Thailand is the host country of APEC 2022. The year has been packed with meetings at Minister’s level and other officials from the 21 member economies, the capstone of which will be a summit of leaders in Bangkok during November.

As host country, Thailand is taking the opportunity to share its experiences and best practices with its fellow members. Among them is the shift towards a greener and more innovative economy as part of the Kingdom’s national development strategy.

Key to that is the adoption of the BCG economic model. Thailand’s government and economic planners believe that the BCG model will propel the Kingdom on its path to sustainability while also making it more competitive.

“This is an excellent opportunity to demonstrate the country’s competitiveness, particularly among local SMEs, which account for more than 70 percent of business in the country,” said Thani Thongphakdi, Permanent Secretary of the Ministry of Foreign Affiars.

The focus will be on SMEs in and around the northern city of Chiang Mai. The city has about 100,000 SMEs, while the nation has over 3.1 million.

The BCG economic model fits that landscape well, emphasizing high-value processed agriculture and food innovations. Under the model, trade and investment will focus on the creative economy, innovation, and sustainability.

While companies engaged in BCG businesses pursue profits, they are committed to balancing earnings with responsible practices and good stewardship of the environment. “Profits are important but is no longer the number one priority in business,” said Cherdchai Chaivaivid, Director-General of the Department of International Economic Affairs, Ministry of Foreign Affiars.

Photo courtesy of  https://www.apec2022.go.th/