Move Forward’s dissolution impacts western investor confidence: FTI

The Federation of Thai Industries’ president said on Thursday that the dissolution of the Move Forward Party will affect the confidence of investors from the West.

FTI chief Kriangkrai Thiennukul said the Constitutional Court’s decision on Wednesday to dissolve the party most certainly affected the confidence of investors, especially those from the West, as Europe and North America attach importance to political liberty.

The European Union said on Wednesday that the court’s decision to dissolve Thailand’s main opposition party harmed the country’s democratic openness.

"The decision by the Constitutional Court of Thailand to dissolve another major political party, the Move Forward Party, is a setback for political pluralism in Thailand," an EU spokesperson said in a statement.

Also on Wednesday, the US State Department said the Constitutional Court’s decision also jeopardised Thailand’s democratic progress and ran counter to the aspirations of the Thai people for a strong and democratic future.

However, Kriangkrai said, Japanese investors would understand Thailand’s political situation far better than western nations.
Separately, Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said he does not think Move Forward’s dissolution will affect the economy.

He said he believes the political tension will ease soon and the country’s economy will continue on its path to revival, which will be clearly seen in the fourth quarter of this year.

Sanan said other political cases will still have to be monitored closely as they could affect investors’ confidence.

The Constitutional Court is scheduled to deliver a verdict on a case against Prime Minister Srettha Thavisin on August 14. In the case, Srettha is accused by a group of 40 former senators of violating the charter and ethical standards by appointing a once-jailed person as a member of his Cabinet.