Undertaking the study project will be Thammasat University and King Mongkut's University of Technology Thonburi. They should complete the project in a year.

"Thailand has a variety of agricultural products with an annual export value of at least Bt200 billion," Atchaka said.

"However, most are exported as primary products, which are of low value. If these products enter a processing process enhanced by innovations in technology, the new products could be of higher value. Thailand thus needs to conduct a feasibility study of turning them into biochemical products and seriously explore possible marketing channels, so that we can add value to our abundant agricultural supplies and substitute imports."

Atchaka noted that Thailand had witnessed a growing value of imports of raw materials and semi-finished goods for industrial use, even in categories in which Thailand has the capacity to produce on its own. This is particularly true in extracting or synthetising chemicals from the tapioca flour and sugar sectors. Sugar and tapioca have been mostly processed into animal feed of low value. With a systematic development process, these products would be the spearhead in adding value to Thailand's agricultural goods.

"The study would also pave way for clear biochemical industrial development strategies and related agencies can formulate policies and guidelines accordingly," Atchaka said. "This will lead to the commercialisation of biochemical products which will stabilise agricultural product prices, substitute imports and encourage new innovations in the Thai industrial sector."