Over the next five years, the government intends to make Thailand a regional manufacturing center for hemp products, with a revenue target of at least 25 billion baht.
According to Industry Minister Suriya Jungrungreangkit, the value of hemp grown and harvested in Thailand is expected to rise by at least 20,000 baht per rai, resulting in more job opportunities throughout the industry supply chain.
Suriya went on to say that the move is in line with the industry’s growth, which has been fueled by the relaxation of commercial hemp legal restrictions in the United States, Canada, Australia, the European Union, China, Japan, and South Korea.
According to the industry minister, the global hemp industry is expected to be worth 142 billion baht in 2020, a 22.4 percent increase from the previous year. By 2027, the value is expected to reach 558 billion baht per year.
Meanwhile, Thongchai Chawalitpichet of the Office of Industrial Economics (OIE) said the ministry has also charged his office with developing an operational plan to support the promotion of hemp as the country’s newest cash crop. He also stated that at least four major measures have since been established and are expected to be implemented once all parties involved have given their approval.
