Thai business leaders express concern over political instability

[webfact]

 

Jitters are escalating among the business community in light of the Constitutional Court’s directive on yesterday calling for the temporary removal of Pita Limjaroenrat, head of the Move Forward Party (MFP), from his role as a member of the House of Representatives.

 

This development marks another detrimental blow for Pita, notwithstanding his party’s extraordinary election accomplishments, spurring fears of an imminent rise of extensive street demonstrations.

 

Central Restaurants Group (CRG) President, Nath Vongpanich, asserted that while politics doesn’t primarily dictate the growth of their restaurant and beverage venture, an expedient installation of a fresh prime minister for efficient national administration is something he contends for. He remains steadfast in his belief that a stable political environment is vital in securing foreign investments.

 

Praphon Potivorakhun, Deputy Managing Director at Mitsubishi Electric Kang Yong Watana, a Thai-Japanese corporate partnership that handles the distribution and marketing of Mitsubishi electrical goods, voiced concerns about the potential for street protests. He is apprehensive that these demonstrations could inadvertently hamper the nation’s stride towards economic recovery. “ Domestic economic slowdown and an unstable political situation will likely deter foreign investment in Thailand,” Praphon expressed.

The Federation of Thai Industries (FTI) Chairman, Kriengkrai Thiennukul, anticipates that the Pheu Thai Party will head the new government and kickstart or renew strategies meant to spur the economy. ” It is very difficult for Mr Pita to secure enough support from parliament to be the new prime minister, following his unsuccessful bid in the first parliamentary voting last week,” he stated.

 

by Alex Morgan

Photo: Supporters of the Move Forward Party gather at Democracy Monument during a protest in Bangkok, Thailand, Wednesday, July 19. (AP Photo/Wason Wanichakorn)

 

Full story: https://thethaiger.com/news/business/thai-business-leaders-express-concern-over-political-instability

 

-- © Copyright Thaiger 2023-07-20

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

[ikke1959]

This political instability will cost Thailand dearly. It will not end in a week but can take a long time, even a new coup will not stop the protests, as the people already have announced that they wil not accept that. Time goes by and other Asian countries will be glad that investors will come to them, as in Thailand even after a coup, the instability always will be and can end as in Myanmar in a kind of Civil War.... Sadly that 250 men are capable to bring Thailand to the edge, only for their own wealth.

[2baht]

Juveniles running the pre school!

[flyingtlger]

6 minutes ago, ikke1959 said:

Sadly that 250 men are capable to bring Thailand to the edge, only for their own wealth.

The "Golden Rule"....Those that hold the Gold, make the Rules.

[Walker88]

Sometimes I feel for those expats who cannot go a day without a drink.

 

They had to abstain from 6pm on 2 successive Saturdays for an election that was going to be ignored anyway?

[bamnutsak]

Even if they limp through this crisis, either with a PTP/MFP coalition, or a PTP/BJT/Senate coalition, there is a looming constitutional crisis next year with the Senate (repeal, or replace).

 

It "feels" like there will be a Prayut-continued (his 8 year ticker still has some time left) care-taker government which will be allowed to appoint another new batch of Senators, and then calling for another election. PTP and MFP will have been disbanded and all members not imprisoned will be banned for at least 10 years.

 

That's my hot-take/over-reaction for today.

 

 

[khunpa]

1 hour ago, webfact said:

Domestic economic slowdown and an unstable political situation will likely deter foreign investment in Thailand,”

Foreign investment will always be deterred when corruption is part of daily life, accounting is in Thai and does not follow international standards, you can’t own 100% of your investment and will have trouble sending any profits out of the country. 

“Unstable political situation”…. It’s always been unstable. Nothing new and not the main reason why foreigners do not invest here.

 

 

 

 

[webfact]

Businesses Raise Concerns as MFP Leader Suspended from Parliament
by Krajangwit Johjit

 

BANGKOK (NNT) - The recent order by the Constitutional Court to suspend Move Forward Party (MFP) leader Pita Limjaroenrat from his duties as a member of the House of Representatives has prompted apprehension within the business sector regarding potential street protests and the impact on the economy.

 

Nath Vongpanich, president of Central Restaurants Group (CRG), acknowledged that while politics does not directly influence the expansion of the restaurant and beverage business, a swift 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 managing director of Mitsubishi Electric Kang Yong Watana, expressed concern over the possibility of street protests and their potential negative impact on the country’s economic recovery. He warned that a domestic economic slowdown, combined with an unstable political situation, could deter foreign investment in Thailand.

 

Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), expects the Pheu Thai Party to lead a new government and initiate economic plans.

 

Despite these political developments, Kriengkrai expressed confidence as long as the process of establishing the new government adheres to the timeline. The FTI anticipates a new prime minister will be appointed during the third parliamentary voting session. Kriengkrai highlighted that any delays caused by political conflicts, including street demonstrations by Pita’s supporters, would raise concerns. Such delays could impact new investment plans and budgeting for the upcoming fiscal year.

 

According to the FTI, many business leaders are awaiting the composition of the new government and its policy direction before making decisions regarding their investment projects. Additionally, Thailand needs to expedite the budget planning process to stimulate economic recovery.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG230720104517099

 

-- © Copyright NNT 2023-07-20

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

[HaoleBoy]

"He is apprehensive that these demonstrations could inadvertently hamper the nation’s stride towards economic recovery."

 

Business leaders should put the blame where it  belongs, not on MFP/Pitha.  Put it on the junta Senators, the military, and the Establishment HI-SOs for all the games they have played to keep MFP / Pitha out.

[carlyai]

2 hours ago, Walker88 said:

Sometimes I feel for those expats who cannot go a day without a drink.

 

They had to abstain from 6pm on 2 successive Saturdays for an election that was going to be ignored anyway?

Not in Isaan. :)

[Nickcage49]

Gee what a surprise!

 

This country is on the verge of some real issues I'm afraid.

 

All created by the elites and powers that be in the country.

[LALes]

Meanwhile, the baht is going up.  Go figure.

[Brian Hull]

Who can understand Thailand? Apparently it's unconstitutial for an MP 

[Almer]

4 hours ago, Walker88 said:

Sometimes I feel for those expats who cannot go a day without a drink.

 

They had to abstain from 6pm on 2 successive Saturdays for an election that was going to be ignored anyway?

No it wasn't ignored, Pita left the door open for those who crave power to walk through

[Bangkok Barry]

4 hours ago, Walker88 said:

Sometimes I feel for those expats who cannot go a day without a drink.

 

They had to abstain from 6pm on 2 successive Saturdays for an election that was going to be ignored anyway?

Do you know any who did?

[Jackbenimble]

Thailand has a knack of shooting itself in the foot - to such a degree we have come to expect it and even make jokes about it. This situation is far from a joking matter though. The army coarried out the Coup on the premise that they would only be in power for 6 months and would address the widespread corruption. here we are almost 10 years later and they're still clinging to power with every last ounce of grip. This despite a rigged election, a doctored constitution and the threat of life to anyone who disagreed with them. 

If Thailands Senate doesn't do the right thing at this juncture and respect the result of the elction - as it promised it would pre-election - it will have far more things to worry about than 250 senate members keeping their jobs and their lavish lifestyles. 

This is a sliding doors moment for Thailand and how it is (and will be) perceived by the rest of the watching world. 

They can show the world that they are serious players or that they are archaic and untrustworthy. The outgoing PM has already tarnished the reputation of Thailand from a global perspective, I genuinely worry that they dont care one iota what the rest of the world thinks. And as history has shown time and time again, that usually ends badly for the regime in power.

I hope someone can talk some sense into them otherwise it could be a case of "last one out turn the lights off". 

[Marley01]

Oh come on. Who didn’t know that this corrupt regime would never allow the will of the people in this election.

Let’s see these morons save face now with the rest of the world reporting this farce. I think everyone knows what the end result will revert back to.

[Almer]

2 hours ago, carlyai said:

Not in Isaan. ????

For those who don't know, Issan is the place North of Bangkok, who farm and supply places like Bangkok with fresh produce, farmed by hard working people who have been forgotten over time but never stop smiling 

[Bangkok Barry]

6 minutes ago, Jackbenimble said:

This is a sliding doors moment for Thailand and how it is (and will be) perceived by the rest of the watching world. 

The rest of the world doesn't give a moment's thought about a SE Asian backwater country, that has no influence in any way or on anyone outside of its borders.

[Srikcir]

5 hours ago, webfact said:

Constitutional Court’s directive on yesterday calling for the temporary removal of Pita Limjaroenrat, head of the Move Forward Party (MFP), from his role as a member of the House of Representatives.

How is it constitutional for the Court to order the removal of Pita as a member of the House when it has not ruled on his quilt or innocence to allegations that he is disqualified as PM/MP? It feels Pita is presumed quilty unless he can argue successfully before the Court his innocence beyond a shadow of doubt. This is not a tenet in the rule of law in a democracy. 

[Lucky Bones]

4 hours ago, Walker88 said:

Sometimes I feel for those expats who cannot go a day without a drink.

 

They had to abstain from 6pm on 2 successive Saturdays for an election that was going to be ignored anyway?

What?

Was Mom & Pop shop closed in your Bangkok city village?????????

[hotchilli]

5 hours ago, webfact said:

He is apprehensive that these demonstrations could inadvertently hamper the nation’s stride towards economic recovery.

Street protests are the only way to get economic recovery.

[Skeptic7]

5 hours ago, Walker88 said:

Sometimes I feel for those expats who cannot go a day without a drink.

 

They had to abstain from 6pm on 2 successive Saturdays for an election that was going to be ignored anyway?

I'm one of those so thx for your concern❗And for being spot on. The election is just another Thai sham & scam. Means less than zero. ????

[Srikcir]

7 minutes ago, Bangkok Barry said:

The rest of the world doesn't give a moment's thought about a SE Asian backwater country, that has no influence in any way or on anyone outside of its borders.

Out of ten ASEAN countries (2022/2023) Thailand ranks #4 in terms of Nominal GDP per capita compared to Singapore #1, Brunei #2 and Malaysia #3.

Thailand may be in "backwater" but it has a high tide. 

China, India and Japan have been surfing its economy with increasingly higher FDI inflows from 2000-2021.

[Muzzique]

Sham democracy is revealed. Let´s see how the people react now the truth is out. 

 

It is now well and truly in the light that Thailand is no more than a dictatorship.

 

There is no democracy and the people have no control over their future. 

 

"A customer can have a car painted any color he wants as long as it’s black"     Henry Ford 1909

[malibukid]

1 hour ago, LALes said:

Meanwhile, the baht is going up.  Go figure.

its going up because of business as usual is returning

[geisha]

1 hour ago, Bangkok Barry said:

The rest of the world doesn't give a moment's thought about a SE Asian backwater country, that has no influence in any way or on anyone outside of its borders.

A few international highly regarded newspapers and TV Chanel’s  could help . I think they all should be egged on to help the world know what is going on here. General strike will be news worldwide , start with the airports, it’s been done before. 

[Walker88]

2 hours ago, Bangkok Barry said:

The rest of the world doesn't give a moment's thought about a SE Asian backwater country, that has no influence in any way or on anyone outside of its borders.

Sad, but true.

 

I was a bit surprised recently, however, to see that the US is supplying aid to the people of Myanmar. There are some who want to arm the resistance, believing that a few general-carrying helicopters shot down and a few coup leader family members taken out might 'encourage' the fake govt to take their ill gotten gains and go to Singapore.

[vivananahuahin]

I think to cancel my trip in september, may be in 2 or 3 years.

[G Rex]

i live close to the army base just out of Kanchanaburi. 

The sound of gunshots from their shooting range(s) has been much louder & frequent over the last 2 days. Maybe getting a bit of last minute practice in - before we get a bit of crowd control action?