Thai Chamber of Commerce welcomes clarity on next election after PM's statement on House dissolution
The Thai Chamber of Commerce (TCC) believes the prime minister’s announcement on House dissolution and general election date has helped remove uncertainty in the country’s politics, while estimating that the upcoming election will add around 80-90 billion baht to the economy.
After a Cabinet meeting on Tuesday, General Prayut Chan-o-cha said that he would dissolve the House next month so that the general election could be held on May 7 as scheduled.
Prayut said the Election Commission (EC) requires time to organise the election and that it should have enough time if he dissolves the House early before it completes the four-year term on March 22.
After the announcement, chamber chairman Sanan Angubolkul said having the exact election date would benefit the country as politicians and the business sector can start drafting a plan for the election process.
Government agencies would also know how much time they had to take care of pending issues, he added.
Sanan urged that the winners of the election should form a government as soon as possible to avoid delaying the budget and its disbursement. The new government must also immediately consider rolling out more economic stimulus measures, especially those that would maximise access to funding for small and medium-sized enterprises to reopen or expand their businesses in line with the recovering economy.
The chamber estimated that the economy would gain around 80-90 billion baht as rotating fund during the election, which would further help boost other related sectors such as tourism and foreign investment.
“The sooner Thailand’s government is formed under the democratic principle, the sooner we can restore the confidence of foreign investors in our country’s political stability,” he added.
The vice chairman of the Federation of Thai Industries (FTI), Isares Rattanadilok na Phuket, however, viewed the House dissolution announcement as having only a minimal impact on the business sector, as most operators had already anticipated the PM’s move and set their business plans accordingly.
“The private sector needs to remain vigilant during the transition period of 3-4 months after the House dissolution as the new government has not been formed yet,” he said. “However, I believe the acting government would not make major decisions during this period, therefore most businesses would still be able to function as usual and expect no major obstacles.”
Isares added that the private sector wanted a government that would listen to the voice of the people and understand that economic recovery was Thailand’s top priority. “We also expect the new government to be free of corruption, while the head of government should demonstrate efficiency and leadership.”
