As Thailand progresses toward a sustainable Blue Economy, Thai Union Group PCL and the Asian Development Bank (ADB) are leading efforts in blue finance solutions that could redefine the country’s seafood industry.
Thailand’s ocean economy contributes about 30% of its GDP, ranking second in the Indo-Pacific region. It supports nearly a quarter of the population across 23 coastal provinces. Industries such as ports, shipping, and coastal tourism depend on marine resources, making sustainable ocean management essential for economic stability and Thailand’s goal to become a developed nation by 2037.
In response to this need, ADB has introduced a $150 million financing package for Thai Union. This marks ADB’s first private sector blue loan for Thailand’s seafood industry, emphasizing sustainability in seafood production. The initiative aims to enhance responsible shrimp farming and strengthen Thailand’s position as a global seafood leader while supporting national efforts toward a resilient Blue Economy.
Ludovic Garnier, Chief Financial Officer of Thai Union, stated: “As Thai Union continues to lead the way in sustainable seafood production, this partnership with ADB strengthens our commitment to responsible aquaculture. Through blue finance, we are driving meaningful, lasting change while supporting the broader development of Thailand’s Blue Economy.”
The initiative integrates sustainability into seafood production and fosters cross-sector partnerships. Anouj Mehta from ADB said: “Aquaculture supplies over half the world’s seafood, and its production is concentrated in Asia, including Thailand. This project demonstrates how blue finance can spur transformation… helping improve sustainability and resilience of the shrimp supply chain in the country.”
The blue loan will allow Thai Union to increase its sourcing of sustainable shrimp certified by recognized standards like GSSI or sourced from credible Aquaculture Improvement Projects (AIPs). The approach emphasizes environmental responsibility through biodiversity protection and reduced carbon emissions while ensuring fair labor practices.
During a panel discussion with commercial co-financing partners such as Bank of China (Hong Kong), HSBC, MUFG Bank (Singapore), OCBC, Sumitomo Mitsui Banking Corporation (Singapore), and United Overseas Bank, it was explored how blended finance solutions can accelerate this transition.
Adam Brennan from Thai Union commented: “This partnership reflects our deep commitment to responsible seafood production… With this agreement, we’re accelerating our efforts to lead the industry with integrity…”
Thai Union was founded in 1977 and employs over 44,000 people globally. Its SeaChange strategy focuses on improving traceability and ethical standards within its operations.
For further information:
Kanyarat Kiatchairin
064-949-6594
[email protected]