Top execs want a new Thai government in office as soon as possible

Their comments came as the eight-party coalition, led by Move Forward, awaits the formal announcement of results by the Election Commission before it moves to form the next government.

All the CEOs unanimously agreed on the critical importance of appointing a cabinet as soon as feasible for the country's benefit.

 

Clear communication critical

Meanwhile, they suggested that Prime Minister-in-waiting Pita Limjaroenrat, the leader of the Move Forward Party, keep open clear channels of communication with the private sector and the public in order to avoid any misunderstandings.

They said that while the new government would be "extremely welcome", the person in charge must be capable of administering the country as well as working tirelessly for the people.

Keeree Kanjanapas, chairman of BTS Group Holdings, stated that he wants the incoming administration to prioritise people's welfare and focus on enhancing their quality of life.

“Set aside thoughts of benefits to the party and politicians. Think of the people first,” he said.

WHA Corporation Pcl chairman and group CEO Jareeporn Jarukornsakul said that all coalition parties must openly communicate with one another in order to have the same mindset and move in the same direction.

Have a uniformity in understanding would aid in clarifying their message so that no policies are confused or misread, she said, adding that international investors are observing the country to see whether it is worthwhile to relocate their operations from China to Thailand.

"Announcing an immediate wage increase will place additional burdens on entrepreneurs, particularly small and medium-sized enterprises [SMEs], in terms of both production costs, wages, and taxes," she noted.

She explained further that the entire economy is still rebounding at this time after Covid. Economic stimulus initiatives should be increased in order to attract investment. Connecting and signing trade treaties, such as the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) and a free trade agreement with the European Union will also be important factors in encouraging investors.

"I hope that the new government will continue to work on the Eastern Economic Corridor [EEC] project. This special economic zone, which would connect land and sea all around, will help attract more investment to Thailand," she said.

 

Minimum wage a sensitive issue

Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said that the business sector wants a clear and defined timeframe on the formation of the next cabinet in order to avoid any delays in government budgetary disbursement or any effects on economic stimulus measures.

Wisit Limluecha, vice chairman of the chamber, said that the minimum wage raise must be handled carefully because the majority of businesses are now suffering from high energy prices and interest rates.

To compensate for the weak exports, the government should focus on improving the country's competitiveness as well as increase domestic consumption and tourism, he said.

Somchai Lertsutiwong, CEO of Advanced Info Service, said he would like a smooth transition of government so that Thailand can move forward with clear and explicit policies.

He offered three suggestions to the new government. First and foremost, he demanded that the new government vigorously promote SMEs. The next one is to stabilise politics, and the final step is to break the vicious cycle of corruption.

'Implement your promises'

Arthid Nanthawithaya, CEO of SCB X, agreed with other executives to establish the new cabinet as soon as possible. He urged the new government to implement the promised programmes. As a result, some policies must be compromised in order to be implemented.

Although the new government cannot achieve everything they have claimed, it is better than nothing, he said, adding that the earlier the policies are implemented, the better the government's abilities will be demonstrated.

He stated that the business sector expects the incoming government to prioritise assisting vulnerable populations while also planning to strengthen the country in the long run.

Payong Srivanich, president of the Thai Bankers' Association and managing director of Krungthai Bank, pointed out that the new policies proposed by the new government are all interesting since they are aimed at guiding the country towards a more prosperous future.

However, he added that it was too early to make any comments, and that he must wait for further details once the new cabinet was created and it began work.

Chadatip Chutrakul, CEO of Siam Piwat Group, which operates some of the country's leading department stores such as Iconsiam, said that many foreign investors are interested in investing in Thailand because they believe in the country's potential. As a result, having a stable and capable government will boost investor confidence in the country.

Thailand, in her opinion, could be the regional hub for investors looking to enter this market. The government will play a key role in making infrastructure, taxation, rules, and regulations more conducive to doing business.

 

Three areas needing attention

Kessara Thanyalakpark, managing director of Sena Development Pcl, one of Thailand's major property developers, encouraged the new administration to address three crucial issues: household debt, education, and logistics infrastructure.

All of these concerns are necessary to improve the country, particularly education, which will strengthen Thais' capacity to cope with global uncertainties, allowing Thailand to diversify its economy beyond tourism, she said.

In terms of real estate policies, she suggested that the next government prioritise structural transformation over mortgage loan restriction and fee reductions in the long run. This will make it easier for future generations to acquire a home.

Dan Pathomvanich, CEO of NR Instant Production Pcl, added that he would want to see a government that is neutral and focused on doing its job rather than seeking to benefit specific parties.

Policies that affect investment must have measures in place to support them in order to minimise any economic impact, he said

He cited the proposed minimum wage hike to 450 baht a day as an example.

He said a minimum wage increase was possible, but there must be mechanisms in place to raise the quality of output in line with the increased wages so that the policy does not harm the country's economy or the private sector.

He also agreed with the incoming government to abolish alcoholic beverage monopolies, which would allow small brewers and distillers to enter the business.

Nathasit Diskul, president and executive director of Bangkok Aviation Fuel Svcs Pcl, said that he would prefer the incoming administration to take action against corruption. This will boost the country's credibility on the global stage.
Focus on new economic engines

Besides, he asked the new government to encourage investment in new economic engines for the country over the next 10-20 years, such as biochemicals, biopharmaceuticals, agricultural technology, and biofuel.

The environment must be regulated, and a genuine goal of creating a zero-carbon civilisation must be set, he noted.

Sakolkorn Sakavee, founder and chairman of Bitkub Capital Group Holdings, believes that the new administration will eventually establish the cabinet in accordance with the timeframe.

What he would want to see from the new government is concrete support for digital assets and digital business.

He pointed out that the country's digital assets act needed to be modified in order to keep up with the global reality and provide the country with an appropriate robust foundation for these future assets.