Pichai Naripthaphan faces huge expectations as new commerce minister

Businessman-turned-politician Pichai Naripthaphan is set to take on the crucial task of driving Thailand's economy in a time of crisis. With high expectations from all sectors, he faces tall challenges ahead.

Pichai, 63, has been appointed the new minister of Commerce in Prime Minister Paetongtarn Shinawatra's administration, succeeding Phumtham Wechayachai, who has moved to the roles of defence minister and deputy premier.

Pichai’s political career began after his success in the real estate and gem industries. He has held several significant positions, including Deputy Minister of Finance in the Samak Sundaravej government and Minister of Energy in the Yingluck Shinawatra administration.

With his diverse experience in business and politics, Pichai is widely recognised as the head of the economic team of the Pheu Thai Party and recently served as deputy chairperson for strategy and politics.

His expertise in economics and trade was likely a key factor in his selection to head the Commerce Ministry.
However, Pichai’s political journey has not always been smooth. He was removed from his position as Minister of Energy in 2012 and was once nicknamed "Overflowing Ideas" by the media for frequently proposing innovation, which was not well received.

This return to a key position is a critical opportunity for Pichai to prove his abilities and apply his business and political experience to manage the Commerce Ministry, a pivotal agency in driving the country's economy, especially amid challenges both domestically and internationally.

Pichai is expected to continue the policies of Phumtham, which include seven key areas:

▪︎ Reducing expenses, increasing income, expanding opportunities.
▪︎ Managing a balance between citizens, consumers, agricultural producers, and business operators, ensuring all parties can live and conduct business while benefiting collectively.
▪︎ Proactive and integrated work between provincial commerce offices and trade ambassadors.
▪︎ Addressing legal limitations.
▪︎ Supporting the implementation of the digital wallet scheme to stimulate the economy.
▪︎ Accelerating export growth, turning negative figures into positive.
▪︎ Promoting the utilisation of FTAs.

As the minister, Pichai faces high expectations to boost trade and investment while restoring confidence in the business sector. Success in this role will not only impact his political future but also play a crucial role in revitalising Thailand’s overall economy.