Business leaders confident in PM’s economic leadership
Business leaders have expressed confidence in Thailand’s economic expansion under the leadership of Prime Minister Srettha Thavisin, who on Monday presented his policy statement to the Parliament.
Boonyasit Chokwatana, chairman of the Sahapat Group, Thailand’s giant consumer product conglomerate, said he is hopeful of economic growth under the new government led by former property tycoon Srettha, whom he praised as “having sharp business acumen”.
“The key policy of the 10,000-baht digital wallet would greatly boost the domestic economy and enable Thais to buy necessary products,” he said.
In a bid to boost domestic spending, the government will provide 10,000 baht of digital money to all Thais aged over 16 years. The money must be spent at local businesses within a 4km radius of the citizen’s registered address within six months.
“However, we need to watch out for careless spending habits as people could view this subsidy as ‘easy money’,” he warned.
Puttipong Prasarttong-Osoth, president of the Thai Airlines Association and vice president of Bangkok Airways, said that the government’s visa-free policy for Chinese tourists would greatly help the airline and tourism industries, provided that it is implemented by October 1 before the high season starts.
He added that the eight airlines in the association hoped to see the visa-free measure extended to Indian tourists as well.
He also urged the new government to resume the policy of capping excise tax for jet fuel for domestic flights to 0.2 baht per litre.
The policy, which had been implemented since the Covid-19 outbreak to help domestic airlines, ended in July this year, resulting in excise tax for jet fuel returning to its original rate of 4.726 baht per litre.
Tritecha Tangmatitham, managing director of property developer Supalai, said the PM has a good understating of the real estate industry as he was a veteran of the business himself.
“The government’s policies will push the country’s economy forward, be they policies that directly support the real estate sector or ones that promote the economy in general,” he said. “Policies for industries like tourism and exports will eventually benefit the real estate sector as they should increase people’s spending and economic expansion.”
Kanit Muangkrachang, managing director of Toshiba Thailand Ltd, said that the electrical appliance sector wishes to see more promotional privileges from the Board of Investment (BOI), especially in reducing tariffs on imported machinery that will further promote Thailand as a manufacturing base.
She added that large corporations should have no trouble complying with the government’s plan to raise the minimum wage to 600 baht per day, but small and medium operators would need government support to keep their employees and the business afloat.
Surachai Pimprapaiporn, executive director of M and R Distributor, an SME, said that he wanted to see the government push for economic growth, while also supporting people’s cost of living and boosting domestic spending.
“Small and medium entrepreneurs can only survive if people have a decent income to spend,” the director of the beverage distribution company said.
“Every business sector is excited and hopeful when a new government takes the helm due to new policies and budget disbursement. However, it remains to be seen how far these policies can push the Thai economy,” he said.
