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APEC ISOM meeting in Phuket spotlights ‘BCG Economy’

APEC ISOM meeting in Phuket spotlights ‘BCG Economy’

PHUKET: The three days of meetings for the APEC ISOM (Informal Senior Officials Meeting) in Phuket began yesterday (Dec 1), with the key delegates highlighting the need to develop a “BCG Economy”.

By The Phuket News

Thursday 2 December 2021, 05:28PM

Under the definition given by the National Science and Technology Development Agency (NSTDA), the “Bio-Circular-Green Economic Model”, or “BCG”, capitalizes the country’s strengths in biological diversity and cultural richness and employs technology and innovation to transform Thailand to a value-based and innovation-driven economy.

The model has been introduced by the research community and promoted by the Thai government as a new economic model for inclusive and sustainable growth.

The model also conforms with the UN Sustainable Development Goals (SDGs) and is also intended to align with the Sufficiency Economy Philosophy (SEP) which is also the key principle of Thailand’s social and economic development.

The meeting yesterday was the first face-to-face APEC ISOM meeting since the outbreak of COVID-19, noted a report by the Public Relations Department (PRD).

The first day of the APEC ISOM meeting in Phuket featured a symposium, including a  brainstorming session, the PRD report said.

Permanent Secretary of the Ministry of Foreign Affairs Thani Thongphakdi chaired the opening remarks as SOM CHAIR and Dr Suwit Maesincee, former Minister of Higher Education, Science, Research and Innovation, gave his welcoming speech, and Poom Tansirimas, a new generation environmental activist, gave a presentation explaining teh BCG model to representatives from each economic zone within APEC.


“The driving force of the BCG economy is the bio-economy, the circular economy, and the Green Economy. This is an idea to turn crisis into opportunity amid the situation around the world still facing COVID-19. This provides ways to adapt to survive and grow and transform the economy into a sustainable model,” Dr Suwait said.

The key points of the meeting were given as: Facilitating trade and investment with a focus on driving the Asia-Pacific Free Trade Agreement, restoring travel, and tourism links, and promoting sustainable growth, all by focusing on exchanging views through the BCG.

Mr Poom said a key factor was making the environment a part of everyday life. “What everyone can do is reduce waste, starting with rejection and reducing use, then taking responsibility and managing waste, such as reusing items," he said.

The brainstorming session focussed on the topic of “Moving the economy together in the light of the COVID-19 situation”, under the main theme, “Openness, building relationships, connecting to balance”,

The APEC ISOM meeting is being held at the Dusit Thani Laguna Phuket, under strict precautions of COVID-19. All participants must pass an ATK test and strictly comply with Thailand’s D-M-H-T-T standards, the PRD report noted.

Today was the traditional APEC round-table meeting, and tomorrow (Dec 3) will be an informal meeting of senior officials with an opening ceremony in the morning and closing the same afternoon.

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