Seven large companies recently signed a memorandum of understanding (MOU) to adopt the Sufficiency Economy approach to their organizations.
The MOU was signed with the Office of the National Economic and Social Development Board and the Research and Development Institute of Sufficiency Economy Philosophy Foundation.
The seven companies include
Siam Cement Group, PTT Public Company, Bangchak Petroleum Public Company, CP
All Public Company, Betagro Public Company, Toshiba Thailand Company, and Mitr
Phol Sugar Group.
According to the Office of
the National Economic and Social Development Board, the MOU is intended to
spread the message of the Sufficiency Economy philosophy to the business
community. In the first year after the signing of the MOU, each of the seven
businesses will encourage five other companies to apply this philosophy.
Altogether, a target has been set for 35 companies to adopt this approach in
the first year.
The Chairman of the
Research and Development Institute of Sufficiency Economy Philosophy
Foundation, Mr. Sumet Tantivejkul, said that several large businesses had faced
bankruptcy when economic crises took place, as they did not build up
self-immunity in the face of economic vulnerability. He said that businesses
now wanted to grow on a sustainable basis.
The Sufficiency Economy
concept has become Thailand’s approach to development strategies and policies.
Consisting of three components – moderation, reasonableness, and a
self-immunity system – Sufficiency Economy will help lead to well-balanced and
sustainable development.
The Office of the National
Economic and Social Development Board stated that Sufficiency Economy is a
philosophy imparted by His Majesty the King to his subjects through royal
remarks on many occasions over the past three decades. The philosophy provides
guidance on appropriate conduct covering numerous aspects of life. After the
economic crisis in 1997, His Majesty reiterated and expanded on Sufficiency
Economy in remarks made in December 1997 and 1998. The philosophy points the
way to recovery that will lead to a more resilient and sustainable economy,
better able to meet the challenges arising from globalization and other
changes.
In adopting this
philosophy, businesses are concerned with sustainable and stable long-term
profits. They conduct business ethically, with honesty and integrity. They are
also socially responsible and concerned about the environment at every step,
while balancing profit-sharing among all stakeholders, including consumers,
workers, business partners, and shareholders.
(thailand.prd.go.th)