The government is proceeding with plans to make Thailand a regional manufacturing center for hemp products over the next five years, with the goal of generating at least 25 billion baht in revenue.
According to Industry Minister Suriya Jungrungreangkit, the value of hemp cultivated and harvested in Thailand is projected to grow by at least 20,000 baht per rai, creating more jobs throughout the industry supply chain.
Suriya added that the move is in line with the industry’s expansion, fueled by the relaxation of legal restrictions on commercial hemp in the United States, Canada, Australia, the European Union, China, Japan and South Korea.
According to the industry minister, the global hemp industry was worth 142 billion baht in 2020, representing a 22.4% increase over the previous year. The value is expected to reach 558 billion baht per year by 2027.
Thongchai Chawalitpichet of the Office of Industrial Economics (OIE) meanwhile said the ministry has also tasked his agency with developing an operational plan to support the promotion of hemp as the nation’s newest cash crop. He also said at least four major measures have since been established and are expected to be implemented upon approval by all parties involved.
Source : Thailand Business News
July 23, 2022