Business sector urges swift government formation for economic stability

The business community in Thailand is urging the formation of a new government and the agreement of policies by coalition parties, as this will significantly impact the nation’s confidence. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, highlighted the importance of a stable government that can govern without interruption. He also noted the high level of public engagement in the recent election, with nearly 40 million people voting, which accounts for over 75% of eligible voters.

Chaichan Chareonsuk, chairman of the Thai National Shippers’ Council, called for the new administration to prioritise national interests and focus on establishing stability and reducing conflicts. He emphasised that government stability would lead to increased confidence among foreign investors and a thriving tourism industry.

The private sector has also called on the new government to address production costs, such as electricity bills and energy expenses, and provide liquidity support for small and medium-sized enterprises. This is crucial, as major export markets, including the US, Europe, and China, are currently experiencing a slowdown.

Choosri Kietkajornkul, chief executive of Ratch Group Plc, Thailand’s second-largest private power producer by capacity, said that while Thailand needs to address its high electricity prices, any government plan to reduce power tariffs must be carefully considered, ensuring fairness to power companies. She suggested that one way to slow down a Thai power tariff surge would be to delay plans to build new power plants, as they increase electricity costs.

Chavinda Hanratanakool, chief executive of Krungthai Asset Management and chairwoman of Asset Investment Management Companies, expressed her desire to hear more about economic policies, particularly those related to the capital market, which is vital to the country’s economic growth. She also called for the new government to prioritise the nation’s interests and allow government agencies to remain independent, reports Bangkok Post.