Seven big firms sign pact to promote sufficiency economy

Seven big firms sign pact to promote sufficiency economy

Seven large private firms have agreed to promote the sufficiency economy initiated by His Majesty the King.

Sumet Tantivejkul (left), chairman of the Research and Development Institute of Sufficiency Economy Philosophy Foundation, and the National Economic and Social Development Board yesterday join seven companies that agreed to promote the sufficiency economy. PORNPROM SATRABHAYA

The National Economic and Social Development Board in conjunction with the Research and Development Institute of Sufficiency Economy Philosophy Foundation yesterday signed a memorandum of understanding with Siam Cement Group, Mitr Phol Sugar Group, Toshiba Thailand Co, PTT Plc, Betagro, Bangchak Petroleum Plc and Charoen Pokphand Group to promote the use of the philosophy.

Under the pact, all are committed to convincing at least five companies each year to apply the concept.

Sumet Tantivejkul, the foundation's chairman, said the partnership will help Thai and international businesses to grow in a sustainable manner.

His Majesty has been promoting self-reliant or sustainable farming since the 1950s. The philosophy points a way for recovery that will lead to a more resilient and sustainable economy better able to meet the challenges arising from globalisation and other changes.

The concept is based on the fundamental principles of moderation, prudence and social immunity, using knowledge and virtue as guidelines. Significantly, there must be intelligence and perseverance that will lead to real happiness in leading one's life.

Mr Sumet said many businesses and organisations have forgotten what they experienced in the 1997 economic crisis and focused only on profit without prudent preparation to protect their businesses.

"I hope the private sector, which is strong and more energetic, will help create the change in this society, as bureaucracy is like old people while state agencies are functioning only as supporters," he said.

Isara Vongkusolkit, chairman of the Thai Chamber of Commerce, said the world's economic crisis stems largely from profit-oriented economic development without an appropriate focus on social and environmental progress.

The chamber also plans to promote the sufficiency concept among small and medium enterprises from July 17 in a move to convince them to apply the philosophy into their management, accounting and finance.

Kobkarn Wattanavrangkul, chairwoman of Toshiba Thailand, said the company has already applied the concept and is planning to expand it to its dealers.

The company has provided training to its dealers about new business management and how to conduct transparent accounting and attract customers.

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