Bio-circular-green model in a developing economy

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Veraphong Chutipat ORCID logo, Rattaphong Sonsuphap ORCID logo, Witaya Pintong ORCID logo

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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.

Keywords: Bioeconomy, Circular Economy, Green Economy, Sustainable Development

Authors’ individual contribution: Conceptualization — V.C., R.S., and W.P.; Methodology — V.C., R.S., and W.P.; Software — V.C.; Formal Analysis — V.C., R.S., and W.P.; Writing — Review & Editing — V.C.; Visualization — R.S. and W.P.; Supervision — R.S. and W.P.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

Acknowledgements: The Authors sincerely appreciate Professor Dr. Anek Laothamatas, Minister of the Ministry of Higher Education, Science, Research and Innovation (MHESI) and chairperson of the BCG Model Economic Development Driving Committee. The Authors also gratefully acknowledge Professor Dr. Apical Puntasen, Associate Professor Dr. Sungsidh Piriyarangsan, Dean of the College of Social Innovation, Rangsit University in Thailand, and Mr. Pornaris Cheanchaiyasit, Former Thai Real Estate Association.

JEL Classification: O38, P48, F63, Q56

Received: 25.07.2022
Accepted: 15.02.2023
Published online: 17.02.2023

How to cite this paper: Chutipat, V., Sonsuphap, R., & Pintong, W. (2023). Bio-circular-green model in a developing economy. Corporate Governance and Organizational Behavior Review, 7(1), 150–157.