Thailand is ramping up efforts to promote biodegradable plastics as part of a broader strategy to grow the bio-economy and reduce environmental impact. The government is taking measures to stimulate the market for bioplastics, encourage sustainable production, and promote eco-friendly practices across different sectors.
The Central Accounting Office has introduced initiatives to incentivize the adoption of environmentally sustainable products and services. They have assigned eco-friendly packaging based on the list of environmentally-friendly products and services provided by the Pollution Control Agency.
To further encourage the use of biodegradable plastics, the Taxation Department has implemented tax incentives that offer companies a tax exemption equal to 1.25 times the payment fee for purchasing certified biodegradable plastic products. This program, effective from January 1, 2022, to December 31, 2024, covers a range of 11 biodegradable plastic products, such as handbags, garbage bags, and plastic bottles.
The Office of Industrial Economics has issued 102 certificates for biodegradable plastic products to date, distributed among 8 companies. These certifications outline the certification process, standards, and biological product specifications for fiscal year 2022, with plans for an additional 32 certificates in fiscal year 2023.
In parallel, the government is establishing a network of bio-centers of excellence to foster the growth of the bio-economy. Collaborations with research institutions such as the Thailand Institute of Science and Technology are being forged to facilitate information exchange and technological innovation in the bio-industry.
These measures align with Thailand's intentions to bolster domestic demand and market for bioplastics, drive down production costs, and endorse eco-friendly procurement and product usage.
Currently, plastic material companies, including Wankai New Material Co., Ltd., are actively researching and developing related biodegradable materials. As far as Wankai is concerned, they have successfully developed bio-based temperature-resistant PET resin CPT-3100, and it is believed that more specifications of bio-based PET resins will be promoted in the future.