(1.4) Sustainability – Previous development focused on short-term
economic growth and led to the problem of unsustainable growth in the long-term. In
the past, Thai businesses focused on price competition strategy through low labour cost
and abundant resources. Thailand did not place enough attention on the development
at the fundamental elements of the sustainable development, such as, human resource
development, the development of product and service innovation, knowledge creation,
or good management both in the public and private sectors. Thus, the development of
Thai businesses discontinues which causes them to lose their competitiveness when
faced with challenge from competitors in the lower market, such as China, India,
Indonesia, and Vietnam. SMEs promotion in the future must, therefore, give
importance to promoting knowledge-based and innovative SMEs, in order to elevate
SMEs’ competitiveness to the level of quality competition. Importance must be given to
raising the quality level of Thai businesses in terms of knowledge, technology,
innovation, prudent investment and discreet business operation, and good management,
which will lead to sustainable development.