Business sector welcomes appointment of new PM
Large Thai corporations are hopeful that new Prime Minister Srettha Thavisin will restore investor confidence and give a boost to the sluggish Thai economy.
The Thai Chamber of Commerce (TCC) and the Federation of Thai Industries (FTI) are confident that Srettha understands what needs to be done and will form a capable economic team to help put Thailand on the right track towards economic prosperity amidst a conducive business and investment climate.
The government formation has progressed steadily since Srettha was appointed Prime Minister last week, He is now in the process of putting together the cabinet and businesses anticipate positive economic management for the country.
Jareeporn Jarukornsakul, chairman and Group CEO of WHA Corporation, believes that having a new Prime Minister will boost businesses and bring investment to Thailand. She emphasised the importance of stimulating the economy and investments.
Auttapol Rerkpiboon, chief executive officer and president of PTT, underlined the need for the new government to drive economic policies, support businesses, and elevate Thailand's industrial sector, especially in technology-related industries but made the point that relying solely on technology imports will be challenging.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce (TCC) hopes to see a clear picture of the new Cabinet members in the next 2-3 days. He anticipates a mix of experienced and new faces in the Cabinet, with experts from various parties working together to achieve the nation's goals.
Kriengkrai Thiennukul, chairman of the FTI, meanwhile is hopeful that suitable individuals will be picked for each position, noting that the private sector expects a capable economic team, and Srettha's appointment aligns with the private sector's timeline.
Economic challenges to address include the global economic slowdown affecting trade partners like the US and Europe. Thailand’s exports are predicted to decline by 2-3% this year. The domestic economy is also sluggish, with growth at 1.8% in the second quarter, prompting the need for short-term economic stimulus measures and underscoring the need for a structural adjustment of the economy towards technology and innovation to enhance value creation in manufacturing and services.
Other challenges include the impacts of the El Niño phenomenon on reduced rainfall and potential water scarcity issues in 2024.
Overall, the business community welcomes the new Prime Minister who comes from a business background and expects him to have a comprehensive understanding of the economy and business dynamics.
