Marel Q1 2024 Investor Presentation from May 8, 2024
K1 Sufficiency Economy Moi Kmitl 20 May09
1. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand course subject: Design for Sufficiency Economy open learning resource: K1. Origin of Sufficiency Economy contributors: Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang Faculty of Architecture / THAILAND
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3. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Origin of Sufficiency Economy Philosophy Origin of S ufficiency E conomy P hilosophy (SEP) a holistic concept of moderation in consumption and production
4. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand
5. Our King’s desire: “ to develop a higher quality of life for Thai people and the ability to be successful with regard to the preservation of natural resources.” Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand
6. … Learning by Doing… Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand “ There was no other King in this world is planting and harvesting rice by himself, in his own home (Chitralada Villa)” The year 1952 marked the beginning of Royal Chitralada Project, and Lead to various Royal Development Study Centres
7. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Since 1952 , His Majesty King Bhumibol Adulyadej has undertaken numerous agricultural projects on the ground of the Chitralada Villa. The projects were funded from the Privy Purse in order to study and experiment with all aspects of dairy farming.
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12. “ The King’s Experiment ground” turned “People’s Classroom” Chitralada Villa was treated as an “experiment ground” for the King’s projects that later turned into a huge “classroom” for his people. The people of Thailand could visit and learn from the projects. Evidently, a lot of farmers visited the Chitralada went back home and were able to adopt and either duplicate or adapt the knowledge into their own land / community. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Nowadays, if you make a proper reservation well in advance, you too could go visit the Royal Chitralada Project and learn something from the project, just like the people in His Royal kingdom.
13. The Royal Initiative on “Sufficiency Economy” Once learned from Chitralada Villa, HM the King later bestowed on “Sufficiency Economy” … “… Development of the nation must be carried out in stages , starting with the laying of the foundation by ensuring the majority of the people have their basic necessities through the use of economical means and equipment in accordance with theoretical principles. Once a reasonably firm foundation has been laid and in effect, higher levels of economic growth and development should be promoted …” His Majesty the King’s royal speech given to the graduates of Kasetsart University On July 18, 1974 Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand พระบาทสมเด็จพระปรมินทรมหาภูมิพลอดุลยเดช Phra Bat Somdet Phra Poramintharamaha Bhumibol Adulyadej
14. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand His Majesty the King’s royal statement significantly raised consciousness of Thai people to be prudent , to realize steps of development which are academically correct, and to adhere to morals for every conduct of life. These all are known as “Sufficiency Economy.”
15. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Aims and Philosophy
16. “ Sufficiency Economy” philosophy, whose essence is inspired by Buddhism teaching, a middle path approach, with an emphasize on human development by putting people and their well-being at the centre of development Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand
17. “ Sufficiency Economy” stresses the middle path as an overriding principle for appropriate conduct by the populace at all levels. This applies to conduct starting from the level of the families, communities, as well as the level of nation in development and administration so as to modernize in line with the forces of globalization. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand
18. “ Sufficiency ” means moderation , reasonableness , and the need of self-immunity mechanism for sufficient protection from impact arising from internal and external changes. To achieve this, an application of knowledge with due consideration and prudence is essential. In particular great care is needed in the utilization of theories and methodologies for planning and implementation in every step. At the same time, it is essential to strengthen the moral fibre of the nation , so that everyone, particularly public officials, academic, businessmen at all levels, adheres first and foremost to the principle of honesty and integrity. In addition, a way of life based on patience, perseverance, diligence, wisdom and prudence is indispensable to create balance and be able to cope appropriately with critical challenges arising from extensive and rapid socioeconomic, environmental, and cultural changes in the world.” Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand * Unofficial translation of the Thai working definition approved by His Majesty and sent by His Majesty’s Principal Private Secretary to the NESDB on November 29, 1999.
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21. The Philosophy of Sufficiency Economy seeks to achieve balance & sustainability at all levels Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand
22. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Implementation of SEP
23. “ Sufficiency Economy” stresses the middle path as an overriding principle for appropriate conduct by the populace at all levels. This applies to conduct starting from the level of the families , communities , as well as the level of nation in development and administration so as to modernize in line with the forces of globalization. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand
24. "…to be a tiger is not important..The important thing for us is to have a self supporting economy..A self-supporting economy means to have enough to survive..."
25. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Example of SE Development
26. Poverty in Thailand Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand * FROM “ SUSTAINABLE ECONOMIC DEVELOPMENT THROUGH THE SUFFICIENCY ECONOMY PHILOSOPHY” By Chirayu Isarangkun and Kobsak Pootrakool
27. As a practical example of applying the philosophy of Sufficiency Economy, His Majesty the King has developed systematic guidelines for proper management of land and water resources, based on His experiments with integrated agriculture over the years. This system of agriculture is commonly known in Thailand as New Theory Agriculture which is also regarded as a new sustainable agriculture towards self-reliance for the rural household. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand
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29. Level of Sufficiency Economy Source: www.sufficiencyeconomy.com Progressive Sufficiency Economy Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Self-reliance Basic Sufficiency Economy Community Network Progressive Sufficiency Economy
30. Human’s 4 basic factors for living Progressive Sufficiency Economy Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Living space Food Clothing Medicine
31. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand FROM “His Majesty’s Philosophy of Sufficiency Economy and the Royal Development Study Centres” by H.E. Mr. AmpolSenanarong Privy Councilor
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33. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand FROM “His Majesty’s Philosophy of Sufficiency Economy and the Royal Development Study Centres” by H.E. Mr. AmpolSenanarong Privy Councilor
34. New Theory Agriculture The second stage of the New Theory aims to create sufficiency at the community level; or cooperation among farmers Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand FROM “His Majesty’s Philosophy of Sufficiency Economy and the Royal Development Study Centres” by H.E. Mr. AmpolSenanarong Privy Councilor
35. New Theory Agriculture The third stage of the New Theory aims to create sufficiency at the national level; or cooperation among cooperatives and investors. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand FROM “His Majesty’s Philosophy of Sufficiency Economy and the Royal Development Study Centres” by H.E. Mr. AmpolSenanarong Privy Councilor
36. Level of Sufficiency Economy Source: www.sufficiencyeconomy.com Progressive Sufficiency Economy Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Self-reliance Basic Sufficiency Economy Community Network Progressive Sufficiency Economy
37. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Dissemination of Sufficient Economy Practices
39. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand various Royal Development Study Centres
40. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand The philosophy’s “middle path” approach strongly reinforces the advocacy of a people-centred and sustainable path towards human development. The success of sufficiency economy works conditionally to two qualities of people - knowledge and integrity . Yet sufficiency economy must be considered as a means, not the end result by itself.
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42. “… no matter what others say – whether they will accuse Thailand of being old fashioned or obscurantist. So long as we have enough to live on and to live for – and this should be the wish and determination of all of us – without aiming for the apex of prosperity, we shall already be considered as the top in comparison with other countries in the present world…” His Majesty the King ’Speech given on the occasion of His Birthday Anniversary on December 4, 1974
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44. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Su ff iciency Does means….
45. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Su ff er ? That everyone would have to
46. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand A ff o r d able Not at all, we are only expected to act in a manners...
47. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand mode r ation And keep in mind all the time in terms of in our actions...
48. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand r easo n able And make sure that whatever we act is…
49. r Self-immu n ity Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand And ensure that we prepare ourselves and have sufficient for future shocks.
50. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand B ala n ce S ustainability & And when we succeed in these approches, not only ourselves, BUT others too will have a future together.
51. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Sufficiency ? Do we have any “guidelines” to acquire
52. Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Well, there is no “specific guideline” BUT if one can gain a deep understanding of the SEP, one could develop a sense of Sufficiency
53. Gradually, it would become one’s Assistant Professor Sompit Moi Fusakul King Mongkut’s Institute of Technology Ladkrabang / Faculty of Architecture/ Thailand Common sense (of Sufficiency ) for the way one’s conducting life, business or any actions (..and so on..)
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Editor's Notes
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1 Excerpt partly from the conference statement of the 10th UNCTAD in February 2000, in Bangkok. <number>
The Projects include fields such as agriculture, forestry, and small-scale industries, rice fields, vegetable beds, groves, livestock enclosures, fish ponds, rice-mills and dairy factories, which add value to agricultural products for the domestic market in order to reduce imports.<number>
1 Excerpt partly from the conference statement of the 10th UNCTAD in February 2000, in Bangkok. <number>
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One project leads to other related projects.By-products from one project can be utilized in other project.Manure obtained from the cows in transformed into cooking gas which is in turn used in the production of milk as well as for fertilizer. The plant is involved in methods of milk preservation; this of course includes the manufacture of the SUAN DUSIT powdered milk. The Rice-Husk Grainding plant was set up in 1975 to study the utilization of rice husk obtained as by-product from the Chitralada rice mill.a Husk Grinding Facility was thus established to mix ground husks with lime and other types of chemicals for use as fertilizers. Besides producing organic fertilizer for soil improvement, fuel briquettes are produced by grinding and compressing rice-husk in hot iron tube compressed into logs for use in the place of charcoal and wood which can help minimize deforestation. 11
1 Excerpt partly from the conference statement of the 10th UNCTAD in February 2000, in Bangkok. <number>
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His Majesty’s philosophy of “Sufficiency Economy” lies at the heart of Thailand’s development thinking, and indeed it can serve as guidance for the country’s economic and social developments.1 1 Excerpt partly from the conference statement of the 10th UNCTAD in February 2000, in Bangkok. <number>
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The Buddha incorporated the theories of rebirth and of liberation into his teachings. But the Buddha denied the Brahmana’s imaginative theistic theory, and set his own foundations upon an intelligent analysis of reality. He made a thorough change in both theory and practice from the old religions. Although the cycle of life and death, and the attainment of liberation in Nirvana were theories that were accepted by Indian society at that time, the problems lay in the questions of why was there rebirth and how could one be liberated. The Buddha gave wise answers to these questions. This was the teaching of the \"Middle Path\". The \"Middle Path\" distinguished the Buddha’s Teachings from other religions.\"Middle Path\" may be misunderstood as equivocal. In fact Buddhism is not as such. \"Middle\" means neutral, upright, and centered. It means to investigate and penetrate the core of life and all things with an upright, unbiased attitude. In order to solve a problem, we should position ourselves on neutral, upright and unbiased ground. We investigate the problem from various angles, analyze the findings, understand the truth thoroughly, and find a reasonable conclusion.The Middle Path in Buddhism does not mean having a biased view or superficial understanding only. The \"Middle Path\" represents a distinct theory and way of Buddhist practice that is not common to other religions. Buddhism is a religion with high moral values. It lays great emphasis on human thought and action in dealing with the natural environment, society or individual problems. It is concerned with the relationship between thoughts and behavior, and the relationship between behavior and its consequences.<number>
Unofficial translation of the Thai working definition approved by His Majesty and sent by His Majesty’s Principal Private Secretary to the NESDB on November 29, 1999. <number>
Sufficiency Economy is a philosophy serves as guide for the way of living/ behaving for people of all levels toward the middle path.It promotes a middle path, especially in developing the economy to keep up with the world in the era of globalization. Sufficiency Economy consists of 3 principles: reasonableness, moderation and self-immunity and 2 necessary conditions:knowledge and moralityActions based on Sufficiency Economy focus on moderation and gradual development. <number>
N. Thongpakde, “Thailand’s Economic Development and the Philosophy of Sufficiency Economy,” Unpublished.Fig. The three rings represent the three principles, which aremoderation, reasonableness and self-immunity. Theknowledge and morality content are two necessary conditionsto achieve the three main principles. The knowledge conditionrequires thorough study of all available information andexperience in order to make prudent decisions. The moralitycondition stresses integrity, trustworthiness, honesty and thehard-work of individuals. By practicing Sufficiency Economy,people would live in harmony and with security in asustainable society and environment; and they would be ableto tolerate and cope with all kinds of malign impacts ofglobalization.20
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Unofficial translation of the Thai working definition approved by His Majesty and sent by His Majesty’s Principal Private Secretary to the NESDB on November 29, 1999. 20
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The above proxy numbers with regard to the size area for each purpose are carefully calculated to support food sufficiency of the household. As long as the ratio is used, however, the size of land is immaterial. For example, with rice being the staple food for every Thai household, the New Theory estimates that, if each family carries out rice cultivation over an area of 5 rai (2 acre), they will be guaranteed with a whole year’s supply of rice for consumption, i.e. food security. This means that farmers will not have to buy rice at an unreasonably high price and being self-sufficient in terms of basic necessities 30
The above proxy numbers with regard to the size area for each purpose are carefully calculated to support food sufficiency of the household. As long as the ratio is used, however, the size of land is immaterial. For example, with rice being the staple food for every Thai household, the New Theory estimates that, if each family carries out rice cultivation over an area of 5 rai (2 acre), they will be guaranteed with a whole year’s supply of rice for consumption, i.e. food security. This means that farmers will not have to buy rice at an unreasonably high price and being self-sufficient in terms of basic necessities 30
The above proxy numbers with regard to the size area for each purpose are carefully calculated to support food sufficiency of the household. As long as the ratio is used, however, the size of land is immaterial. For example, with rice being the staple food for every Thai household, the New Theory estimates that, if each family carries out rice cultivation over an area of 5 rai (2 acre), they will be guaranteed with a whole year’s supply of rice for consumption, i.e. food security. This means that farmers will not have to buy rice at an unreasonably high price and being self-sufficient in terms of basic necessities 30
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4 This is different from the agricultural development strategy in the past, which put more emphasis for specialization in mono-crop and to produce in response to market demand. As a result, farmers were put under a well-known cob-web situation of price-quantity adjustment. 36
Sufficiency economy must be considered as a means, not the end result by itself.Definitions differ from author to author, (and from discipline to author), but most agree that it refers to a concept much beyond product innovation. Therefore it is a matter of radical innovation, not only at the technological level, but also socio-cultural, organizational, infrastructural, hence involving innovative stakeholders’ relations/interactions. For some authors, system innovation means planning/design-and-implementation processes aimed at achieving particular outcomes. For other authors (i.e. transition management theorists), system innovation is a more process-oriented philosophy/model, to help dealing with complexity and uncertainty in a constructive way. 36
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