Bio-circular-green model in a developing economy

Abstract

The Bio-Circular-Green (BCG) economic model, adopted by governments throughout the world, including Thailand, is the prevailing economic development model to manage natural resources more effectively and with little environmental damage (Simachaya, 2021). This research intends to evaluate the administration and management of the BCG model implementation in Thailand, factors influencing the success of implementing the model, and recommendations for enhancing the BCG economy. According to the findings, the BCG Policy Board, the BCG Implementation Committee, and the BCG Implementation Subcommittee supervise the implementation of the BCG model in Thailand. Legalization and regulation, standards and quality assurance, financial aid, tax incentives, a BCG market environment, a strategic management organisation, and budget allocation are key elements influencing the effective implementation of the model. Future action plans proposed by experts include boosting local investments in BCG industries, enhancing financial aid, fostering collaboration amongst diverse sectors, performing systematic research, and integrating current innovation and technology. The paper suggests that laws and regulations should be amended to facilitate BCG businesses to the maximum extent feasible, that standards and quality assurance should be developed for all BCG companies, and that the BCG industry should embrace cutting-edge technology and innovation