The Saha Group, a prominent consumer product conglomerate in Thailand, advised the new Thai government to prioritise the promotion of the agricultural sector instead of significantly raising the daily minimum wage. The group’s chairman, Boonsithi Chokwatana, believes this approach would contribute to sustainable economic growth.
Boonsithi also suggested that the government should concentrate on enhancing the economy through educational initiatives for Thai citizens. He expressed concern about the potential impact of a minimum wage increase on the tourism industry, stating, “A high cost of living would deter foreign tourists from visiting the country, leading to a decline in tourism revenue.”
“A wage hike would also result in an influx of foreign labour, as experienced in the US and Mexico,” added Boonsithi.
He mentioned that a minimum wage increase would not adversely affect the group’s operations, as it has the flexibility to adapt to new policies and regulations implemented by the government. Boonsithi said…
“If we can swiftly adjust, a crisis can turn into an opportunity. We already adapted to changing circumstances over the past decade, making us resilient to political uncertainty. The delay in forming a government is nothing dreadful like the Covid-19 outbreaks.
“Regardless of the political situation, Saha will continue to invest in potential businesses. If we keep our money in our pocket, its value will diminish over time.”
Thamarat Chokwatana, president and executive chairman of ICC International Plc, Saha’s marketing arm for the beauty and fashion business, stated that a delay in forming a new government is unlikely to impact the group’s business, as its companies are apolitical.
In related news, the group is set to host the 27th Saha Group Fair from June 29 to July 2 at Bitec Bangna. The fair will feature over 1,000 booths from 100 companies, showcasing innovative products with an environmental, social, and governance theme, as well as joint venture signing ceremonies, seminars, competitions, and fashion shows.
Vathit Chokwatana, president of Saha Pathanapibul Plc, revealed that this year’s event is themed “Shopping Warriors” and will include Thai and international influencers from China, Malaysia, and Vietnam conducting live selling sessions. These sessions are expected to help expand the customer base to new groups.
The group’s Shop Channel also plans to collaborate with various overseas partners, such as Eshoplive, SukeTV, Yowant, Verofax, and WebTVAsia, to further enhance their reach and influence in the market, reported Bangkok Post.
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