the recent order of the Constitutional Court to suspend the leader of the Movement Forward Party (MFP), Pita Limjaroenrat, from his functions as a member of the House of Representatives, has raised suspicions in the business sector due to possible street protests and the impact on the economy.
Nath Vongpanich, Chairman of Central Restaurants Group (CRG), acknowledged that although politics does not directly influence the expansion of the restaurant and beverage business, a speedy appointment of a new prime minister is desired to effectively manage the country. He stressed that political stability is a crucial factor in attracting foreign investment.
Praphon Potivorakhun, deputy general manager of Mitsubishi Electric Kang Yong Watana, expressed concern about the possibility of street protests and their potential negative impact on the country’s economic recovery. He warned that a slowdown in the national economy, combined with an unstable political situation, could deter foreign investment in Thailand.
The Week of Vietnamese Products in Thailand 2023 will show the products of the South
Kriengkrai Thiennukul, president of the Federation of Thai Industries (FTI), hopes that the Pheu Thai party will lead a new government and initiate economic plans.
He warned that a slowdown in the national economy, combined with an unstable political situation, could deter foreign investment in Thailand.
Despite these political developments, Kriengkrai expressed his confidence as long as the process of establishing the new government stays on schedule. The FTI expects a new prime minister to be appointed during the third session of parliamentary voting. Kriengkrai stressed that any delay caused by political conflicts, including street demonstrations by Pita supporters, would raise concerns. Such delays could affect new investment plans and budgeting for the next fiscal year.
According to the FTI, many businessmen are awaiting the composition of the new government and its political orientation before making decisions on their investment projects. In addition, Thailand needs to speed up the budget planning process to stimulate economic recovery.