Thai Official Promotes Natural Capital Projects for High-Income Goal
Deputy Prime Minister Yossanon Wongsuwat spoke at the STS Forum in Kyoto, advocating natural capital accounting as a tool for economic stability. He unveiled three strategic projects—Siam Silica, Siam Medica, and Siam Terra—designed to elevate Thailand to high-income status through science and technology. Pilot work on natural capital accounting is already underway in Nan province with support from the World Bank and national agencies.
Yossanon highlighted the concept of Natural Capital Financing, comparing it to the book value that oil- and mineral-rich countries use to secure economic stability. He argued that Thailand, with its rich biodiversity and abundant natural resources, should similarly account for these assets to strengthen national security. Pilot work has already begun in Nan province under a collaboration between the World Bank, the National Economic and Social Development Council, and the Kasikorn Thai Foundation, using the UN’s System of Environmental-Economic Accounting (SEEA) as the standard.
In the Ministerial Roundtable with representatives from over 30 countries, Yossanon presented Thailand’s strategic plan to reach high-income status through science and technology, centered on three flagship initiatives. Siam Silica aims to move Thailand up the global semiconductor value chain from basic assembly and testing to higher-value production while developing skilled workers. Siam Medica seeks to establish Thailand as a global wellness hub grounded in scientific research. Siam Terra focuses on transforming agriculture through technology that boosts productivity and income, shifting from selling raw crops to processing food and pharmaceuticals so farmers truly own the value chain; a pilot launch is scheduled for 2070.
The STS Forum, held annually in Kyoto, is a premier international platform for science and technology dialogue. This year’s gathering featured twelve Nobel laureates, ministers, business leaders, research institute heads, and top university presidents who convened to shape the future direction of science and technology and its impact on society.
