SINGAPORE, Aug. 6, 2021 /PRNewswire/ — Enterprise Asia, the organiser of the prestigious fifteenth Asia Pacific Enterprise Awards (APEA) 2021 Regional Edition is pleased to recognise 59 exceptional award recipients who have exemplified excellence and perseverance in this unprecedented period. The APEA awardees have proven resiliency and accelerated tremendously to overcome the unprecedented economic conditions wrought by the global pandemic.
The APEA, an initiative by Enterprise Asia, the region’s leading NGO, is the largest regional recognition and acknowledgement programme for trailblazers in the business community. APEA prides itself as a testament to the commitment, aspiration, and true entrepreneurship. With over 800 nominations received each year, and about seven percent were commended to the most deserving for recognition. This year, an impressive number of 130 finalists from 15 countries were up for consideration in the final round of judging and only 59 were crowned as award recipients.
Chuwit Jungtanasomboon’s Success Story
A former farm sweeping boy in his family farm, Chuwit Jungtanasomboon decided to forgo his education in Bangkok at the age of 19 to seek a life. He travelled back home to help in the cassava farming business. He saw an opportunity in the chicken farming business and realised that chicken manure can be an excellent fertiliser for growing rubber. The Jungtanasomboon family hence became the first family to bring in rubber to plant in the North Eastern region in 1984. This idea was considered out of the ordinary at that time as many thoughts that only the Southern region was suitable for rubber plantations. This is the story of Chuwit Jungtanasomboon, the Founder and CEO of North East Rubber Public Company Limited, or NER, the company that produces and distributes processed products made from natural rubber.
Inspiring villagers saw that growing rubber is possible in the North Eastern region, Chuwit brought in rubber products to sell in the Eastern region but the move incurred a high transportation cost. To reduce transportation cost, Chuwit decided to build a factory in the region and purchased rubber from the locals at a fair price.
Chuwit Jungtanasomboon, CEO of North East Rubber Public Company Limited was honoured for Master Entrepreneur Award at the Asia Pacific Enterprise Awards 2021 Regional Edition
The turning point for the company was during its first three years of operations when future contracts caused the business to face financial losses. Chuwit resolved the crisis by meeting directly with clients to manage delivery issues, offering to deduct the account payable by USD100 per ton from new orders. Following this move, the company changed its operating strategy to Matching Order and Cost Plus Margin, which generated profits for the company’s continuous growth until today.
Chuwit believes in giving opportunities to deserving groups. An example is providing former prisoners from the Buriram Province Prison work at his factory. Chuwit believes that everyone has a critical point in their life, but problems can be solved by positive thinking.
Chuwit is someone who thinks fast, acts fast, is a fighter and is dedicated to his work. He is also the creator of a different management method, for example, using a strategy to employ 100% local labour and compensating employees based on the company’s productivity which earns higher than daily wages.
As the founder and CEO, Chuwit believes in the company’s Vision as developing into a sustainable business by using clean energy that is friendly to both the community and environment.
The company’s Mission is to use 100% renewable energy in the production process, reduce waste products from the production process to zero (zero waste) by producing biogas from chicken manure and wastewater from the factory, and to reduce carbon dioxide emission by growing napier grass. North East Rubber Public Company Limited’s future plans is to install solar power panels on the roof of the plant and operate biogas projects for renewable energy production.
About Enterprise Asia
Enterprise Asia is a non-governmental organisation in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organisations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. For further information, visit www.enterpriseasia.org.
About Asia Pacific Enterprise Awards
Launched in 2007, the Asia Pacific Enterprise Awards is the region’s most prestigious awards for outstanding entrepreneurship, continuous innovation and sustainable leadership. The Award provides a platform for companies and governments to recognise entrepreneurial excellence, hence spurring greater innovation, fair business practices and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation only networking powerhouse. The program has grown to encompass 14 countries and markets all over Asia. For more information, visit: www.apea.asia
Media Contact
Ms Nerissa Ng
Enterprise Asia
(60) 3 7803 0312
n.ng@enterpriseasia.org