On 24 March 2023, Mrs. Pornpimol Kanjanalak, Advisor to the Minister of Foreign Affairs, delivered a keynote address at the 3rd Thailand-Latin America and Caribbean (LAC) Seminar Series titled “Bio-Circular-Green (BCG) Economy: Pathways to Enhanced Partnerships between Thailand and Latin America and the Caribbean.” This hybrid seminar was organized at the Royal Orchid Sheraton Hotel by the Department of American and South Pacific Affairs (Latin America Division), in collaboration with nine LAC Embassies in Thailand, namely Argentina, Brazil, Chile, Colombia, Cuba, Guatemala, Mexico, Panama and Peru. The seminar aimed to promote economic partnerships between Thailand and the LAC region, leveraging the Bio-Circular-Green (BCG) Economy Model. More than 400 participants from the public and private sectors, international organizations, academics and the media from Thailand and LAC attended the seminar in person, while approximately 150 participants joined virtually.

The seminar progressed through two thematic panel discussions. In Panel Discussion 1, under the title “Business outlook: How LAC countries are transitioning and adopting policies that are environmentally-friendly and sustainable, which in Thailand is known as the Bio-Circular-Green Economy”, Ambassadors and representatives of the LAC Embassies in Bangkok presented their economic development policies that align with Thailand’s national agenda on BCG economy as well as showcased their success stories focusing on the transition to the adoption of technology and innovation to generate growth with the sustainable and eco-friendly use of natural resources. These included (1) A joint venture plan between Brazil’s BRASKEM company, the world’s largest biopolymer producer, and SCG Chemicals to develop bio-ethylene in Thailand; (2) Mexico’s investment in sustainable agroforestry and the construction of wetlands to clean wastewater; (3) Guatemala’s implementation of a satellite system for monitoring palm oil plantation and sugar production to prevent deforestation; (4) Chile’s "Energies of the future", especially green hydrogen; (5) Argentina’s potential cooperation with Thailand in lithium-ion batteries production; (6) Peruvian Aje Thai, a non-caffeine beverage producer that supports local farmers in Samut Sakhon Province in coconut flower production and; (7) the preservation of biodiversity in the Colombian Amazon region through the Green Industrial Policy; and (8) Panamanian government’s policy in advancing the country towards the world’s leadership in Blue and Green Economy development model.

Trade between Thailand and LAC was valued at 16.903 billion USD in 2022, an increase of over one billion USD from the previous year, demonstrating the significant trade and investment growth potential between Thailand and the LAC region. The LAC countries have advanced in balancing environmental and eco-system management with economic development, for example, the Green Hydrogen and Turquoise Diplomacy of ocean and terrestrial ecosystem in Chile; the Orange Economy of creative industries in Colombia; the Blue Economy of ocean resources in Panama; and Green Growth in Brazil, as well as Green Jobs in Argentina.

Panel Discussion 2, entitled “Looking beyond challenges: How can Thai businesses utilise the BCG Economic Model to Enhance Thailand - Latin America and the Caribbean partnerships,” featured representatives from the Thai business community. They included Dr. Savanit Boonyasuwat, Working Team on BCG Model of the Federation of Thai Industries; Dr. Chanintr Chalisarapong, President of the Thai Tuna Industry Association; Mr. Niwat Athiwattananont, Chief Technology Officer (CTO), SCG Chemicals Pub Co., Ltd.; Mr. Rawee Boonsinsukh, Executive Vice President, Innovation and new S-Curve Business Development, Bangchak Corporation Pub Co., Ltd.; Mr. Chalumpon Lotharukpong, Managing Director and Owner of VT Garment Co., Ltd; and Mr. Nophol Techaphangam, Founder & CEO of Circularity Co., Ltd. (a Start-up under the trademark “nornnorn”). The business leaders exchanged perspectives on BCG-related business models and strategies, including their experiences, success stories, challenges and initiatives to develop new technologies and innovations for transforming into sustainable organizations. The business panelists also identified opportunities for Thailand-LAC collaboration in BCG-related industries.

The seminar also featured a Mini Business Fair showcasing 25 booths organized by LAC Embassies in Thailand as well as leading private enterprises from Thailand and LAC countries that conduct business based on BCG principles. Another activity was the Business Networking Luncheon that presented an opportunity for the exchanges of experiences and best practices amongst representatives from LAC Embassies and Thai government agencies as well as like-minded entrepreneurs from LAC and Thai companies interested in adopting BCG business models.

The seminar inspired multi-stakeholders to collectively maneuver the implementation of the Bangkok Goals on BCG Economy which was adopted at the APEC 2022, towards tangible outcomes. It paved the way for enhanced partnerships in trade and investment as well as research and development between Thailand and LAC regions in major BCG-related industries that Thailand plans to promote.