New PM’s focus must be on growing the economy, TCC says
The chairman of the Thai Chamber of Commerce says priority must be given to stabilising the Thai currency and maintaining tourism targets
The new government should prioritise stabilising the baht, boosting tourism and expanding export markets in the short term while also continuing the Srettha administration’s investment and soft power policies, said Sanan Angubolkul, chairman of the Thai Chamber of Commerce.
He underlined the importance of maintaining the stability of the baht at an appropriate level, thus avoiding excessive appreciation, which would benefit exports, particularly agricultural products, and support continuous growth in tourism.
The private sector also wants to see tourism momentum preserved, with an average of 3 million tourists per month, by ensuring their safety and developing tourist attractions and services to meet the target of 36-37 million tourists for the year.
Of utmost importance, in Sanan’s view, will be to accelerate the disbursement of the 2024 budget across all regions to drive a clear economic recovery and complete the 2025 budget promptly to avoid delays from the previous year.
Last but by no means least, the government must address public livelihood issues, including economic stimulus measures and support for Thai businesses affected by the influx of imported goods, especially from China.
Government coalition parties need to work together cohesively to stabilise Thai politics and create an environment conducive to foreign investment while considering input from all sectors, he said.
“The quicker the new cabinet is appointed, the faster the country can regain confidence. The Pheu Thai Party, as the leading party in forming the government, is believed to have capable personnel for the task.”
Furthermore, many measures initiated by former prime minister Srettha, particularly trade opening and attracting foreign investment, should continue under the new government. A dedicated ministry or responsible party should monitor progress closely, and drive forward projects related to soft power, which already gives Thailand an advantage and adds value to the economy.
“The private sector agrees that this should continue. However, attracting new industries related to digital technology remains a challenge due to a lack of skilled personnel, high electricity costs, and outdated regulations,” he said.
