Business sector urges swift government formation for economic stability

Mr Sanan Angubolkul, Image courtesy of Bangkok Post

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.

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

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