22-8-2023 (BANGKOK) Srettha Thavisin, formerly the head of one of Thailand’s largest real estate development companies, has been elected as the Prime Minister, leading a surprising coalition of populist and pro-military parties after a prolonged period of post-election political gridlock.
Srettha, aged 61, secured the parliamentary vote for the position just hours after the return of Thaksin Shinawatra, the founder of his populist Pheu Thai Party, who ended 15 years of self-exile with a dramatic comeback to Thailand.
“My only enemy is poverty and inequality,” declared Srettha last week. “My goal is to improve the lives of all Thais.”
This pivotal vote was achieved with the backing of pro-military members of parliament who had previously obstructed the progressive Move Forward Party, winners of the May election, from taking power. Instead, the conservative establishment perceives Srettha and his Pheu Thai party, which came second in the election, as a more acceptable option. The party has entered into a coalition with former adversaries, now members of pro-military parties, to form a government in Southeast Asia’s second-largest economy.
When the suave businessman, lacking administrative experience, was nominated as the Pheu Thai prime ministerial candidate, the party underscored his business acumen and, by extension, his capability to manage an economy in the early stages of recovery from the COVID-19 pandemic.
Hailing from a family with deep ties to the business elite, Srettha commenced his career at the Thailand division of Procter & Gamble after completing economics and management degrees in the United States. In 1990, alongside some relatives, he established a company that eventually evolved into the property development giant Sansiri, one of Thailand’s largest real estate firms.
In 2022, Sansiri, listed on the Bangkok stock exchange, reported revenues of 34.9 billion baht (US$1.01 billion) and a net profit of 4.2 billion baht. Following Srettha’s election, shares in the company surged more than 8 percent in Bangkok, marking their most robust performance in nearly seven months.
Earlier this month, political commentator Chuwit Kamolvisit alleged that, during his tenure at Sansiri, Srettha was embroiled in improprieties related to two land deals. Both Srettha and Sansiri vehemently denied these claims.
A devoted fan of the English football club Liverpool, frequently sharing images of dogs on his social media accounts, Srettha towers over his party colleagues, standing at an impressive height of 1.92 meters.
Srettha’s journey from the business world to the Prime Minister’s office mirrors that of Thaksin, who amassed wealth in telecommunications before assuming the role he referred to as the “CEO prime minister.”
Thaksin faced a military coup in 2006, and his sister, Yingluck Shinawatra, led a government until her ousting in 2014.
Srettha’s status as a political novice has both advantages and potential drawbacks, according to analysts and acquaintances.
Described as a candid individual who isn’t afraid to speak his mind, Srettha, by remaining true to his straightforward demeanor, has won respect from those who know him.
“He hasn’t really adapted to become a politician,” one of Srettha’s business associates commented. “So many politicians don’t feel comfortable around him; they’re apprehensive that they can’t control or influence him.”
While this lack of political baggage may free him from past obligations, it also means he lacks a solid political support base within his party and among the wider public. This has raised questions about the extent to which Srettha can assert his independence, especially with the prominent return of Thaksin, who is back from self-exile and, to some extent, back on the political stage.
“Srettha is a political outsider,” stated Titipol Phakdeewanich, the dean of the faculty of political science at Ubon Ratchathani University. “His business connections and experience may aid his management style and bolster economic policies, but there is a question regarding whether he is entirely independent of Thaksin.”
