Energy Absolute CEO runs for top spot in FTI

The race for the top position at the Federation of Thai Industries (FTI) has heated up, as vice-chairman Somphote Ahunai, also the CEO of Energy Absolute, a company specialising in renewable energy and electric vehicles, has thrown his hat into the ring. The FTI, a significant body in Thailand, boasts a membership of over 15,000 nationwide.

The current chairman, Kriengkrai Thiennukul, is nearing the end of his term in April and it is widely believed he wouldn’t mind extending his tenure for a second term. Notably, the FTI’s regulations allow a chairman to hold the position for two terms, each lasting two years, reported Bangkok Post.

In a media briefing, Somphote did not elucidate his decision to run against Kriengkrai instead of waiting for the latter to complete a second term, which is the usual protocol. The election for the chairman’s post at the FTI is slated to take place from March 25 through to the end of April.

“To become the 17th chairman of the FTI would follow my ideology to serve the nation.”

Somphote pointed out that Thailand has been grappling with multiple economic issues over the past six years, necessitating effective solutions through increased cooperation between the public and private sectors.

He highlighted key issues such as soaring household and public debt. Last year, household debt in Thailand surpassed 90% of the country’s GDP, while public debt stood at 61% of GDP. Somphote warned that if these debt issues are not addressed, they could potentially undermine the domestic economy.

He also expressed concerns over the country’s excessive power generation capacity, leading to inflated power bills, and the negative impact of cheap Chinese steel flooding the Thai market, which is detrimental to local steel manufacturers, Somphote said.

“Applying for FTI chairman allows me to propose new ideas that may become more impactful.”

Somphote mentioned in a separate conversation with the Bangkok Post that several FTI members encouraged him to run for the post, but he refrained from revealing their identities.

Somphote emphasised that taking on the role of FTI chairman would not confine him to the renewable energy sector. He would be expected to work with and support various industries across the federation.

“I will coordinate with all groups, seek cooperative solutions and tell the government the FTI’s views.”