Prime Minister Surayud Chulanont urged industrialists yesterday to apply the sufficiency-economy concept in their operations - by focusing on risk management, sustainability and human resource development.

Speaking at a seminar organised by the Federation of Thai Industries, he recommended industries cover seven points to achieve sufficiency.

First, they should apply proper technology to their industries. Second, they should run their factories with proper capacity in line with appropriate management. Third, they should not inflate their business targets but focus more on long-term returns.

Fourth, they should be honest and not take advantage of consumers, labour and material suppliers. Fifth, they should focus on risk management that allows them to adjust their business strategy. Sixth, they should pursue policies to ensure risk management and not create excessive debt. Lastly, they should respond to local, country and international markets accordingly.

Kansakun Trakulhoon, president of Siam Cement Group and a seminar speaker, suggested that Thailand should turn crisis into opportunity - while the baht was very strong - by investing more in research and development (R&D).

He said his company would spend Bt700 million on R&D this year.

Vichit Suraphongchai, chairman of Siam Commercial Bank, suggested the government should spend some of its foreign reserves on R&D and infrastructure while the export sector was not doing well as a result of the strong baht.