17-7-2023 (BANGKOK) The private sector has voiced its backing for the Pheu Thai Party to take the lead in forming a new government, citing its promising economic policies as a catalyst for economic turnaround.
Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, expressed confidence that the economy would receive an immediate boost if Pheu Thai succeeded in forming a government with its candidate as Prime Minister, alongside the seven coalition parties who have endorsed their agreement under the Memorandum of Understanding (MoU) they recently signed.
“Pheu Thai has a proven track record of effectively governing the country, with several successful policy implementations,” stated Mr. Sanan.
He further emphasized that the party possesses the necessary personnel with the expertise and capability to effectively manage the economy.
“The Thai Chamber of Commerce firmly believes that if Pheu Thai assumes the role of leading the new government, their economic policies will drive the nation forward, particularly those aimed at stimulating growth and reducing inequality,” he added.
The Move Forward Party has also indicated its willingness to allow its coalition partner, Pheu Thai, to have a chance at forming the government if their own bid to elect their leader, Pita Limjaroenrat, as Prime Minister fails.
Mr. Sanan further urged the incoming government to address pressing issues that demand immediate attention, particularly those related to people’s daily lives, as well as extending support to small and medium-sized entrepreneurs.
He stressed the importance of reducing the cost of living and increasing personal income to enable people to have more disposable income. Additionally, Mr. Sanan emphasized the need for SMEs to have convenient access to funding sources to aid in their post-Covid-19 business recovery. He also advocated for the government to prioritize digital transformation to enhance public services and ensure transparency.
Furthermore, Mr. Sanan stressed the necessity for the government to develop comprehensive plans to mitigate the potential impact of a drought resulting from the El Niño weather phenomenon, which could significantly affect the agricultural sector.
“Currently, there has been a rise in the price of agricultural produce. Moreover, the global demand for food has increased, presenting an advantageous opportunity for Thailand,” he noted.
To safeguard the agricultural and industrial sectors, Mr. Sanan called for the integration of water management strategies to ensure an adequate supply of water.
He also urged the government to expedite the disbursement of remaining unutilized state funds and implement measures to inject cash into the economy, thereby stimulating growth during the latter half of the year.
Charoen Laothamatas, President of the Thai Rice Exporters Association, highlighted the need for the new government to prioritize the agroindustry by focusing on improving crop strains and planting methods, rather than solely fixating on pricing.
“Several countries have recognized the importance of addressing global warming. We must ensure that our planting methods do not produce methane, which exacerbates the problem,” he warned.
“Thailand must adopt a clear policy on the environment and global warming; otherwise, Thai exports may face trade protectionism from other countries,” he cautioned.
Srettha Thavisin, one of Pheu Thai’s three prime ministerial candidates, assured the public that once Pheu Thai assumes government power, it will effectively address economic challenges that impact people’s daily lives.
“Pheu Thai is committed to tackling these issues head-on, regardless of whether we lead the coalition or are part of it. Alleviating the hardships faced by the people is our foremost priority,” affirmed Mr. Srettha.
One of Pheu Thai’s electoral promises is a 10,000-baht (S$380) “digital money” giveaway, wherein every Thai citizen aged 16 and older would receive a new savings account and a digital wallet linked to their ID.
The aim of this 10,000-baht (S$380) giveaway is to stimulate local spending within the first six months, facilitated by blockchain technology that ensures the money is spent within a 4-kilometre radius of the recipient’s registered address, thus bolstering the local economy.
