Federation of Thai Industries vows to help restore foreign business confidence

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FTI vows to help restore foreign business confidence
JINTANA PANYAARVUDH,
KWANCHAI RUNGFAPAISARN


Federation of Thai Industries chairman Supant Mongkolsuthree, fourth from right (back row), leads members of the FTI to meet with executives of the Nation Multimedia Group yesterday.

BANGKOK: -- THE COUNTRY'S leading industrialists yesterday voiced support for the reform initiative of the National Council for Peace and Order (NCPO) and said they were ready to help with the effort to rebuild confidence among foreign business communities.

Supant Mongkolsuthree, chairman of the Federation of Thai Industries (FTI), told The Nation that confidence had started to return to international communities after the NCPO tried to push forward the state budget and payments owed to farmers under the rice-pledging scheme.

Foreign communities are gradually coming to understand the situation, he claimed. "Fortunately, there has been no violence [since the coup]. Things have almost returned to normal, as the curfew hours have been shortened and investors are coming back to invest in the stock market." However, there remain concerns, as there is no exact time frame for completion of the reform road map or when a new election can be held. Supant said that the reform draft should be completed within six months.

"Then the election can follow, depending on the timing and on the interim government's ability to restore confidence."

He said major reforms would be positive for Thailand though the country would have to struggle at the beginning. Corruption should be a major focus, as it is a significant cause of current problems.

Supant said the Thai private sector should take a leading role in restoring the confidence of the foreign business communities, especially in the country's manufacturing capability and on-time delivery of goods.

He said the internal conflict at the FTI was over. The federation had been getting strong support from its members, especially from its provincial network.

FTI vice chairman Vallop Vitanakorn said the public sector should not go it alone in restoring the confidence of foreign governments, investors and business communities, but with the cooperation with private sector.

"We in the private sector will talk to our members and foreign clients in an effort to enhance confidence in Thailand. They will also further promote confidence in their own trade communities, associations, and the public sector," he said.

Vallop said the FTI planned to set up an agricultural-industry institution in partnership with the National Farmers Council to promote the agricultural-goods processing industry. The new institution will help the industry move from concentrating on OEM (original equipment manufacturing) towards value-added processing and brand building.

Supant and other FTI executives met with executives of the Nation Multimedia Group yesterday and both agreed that cooperation was necessary to restore business confidence and to inform foreign communities that Thailand is getting back to normal business life.

FTI urged the NCPO to set up a joint public-private committee for brainstorming ideas on restoring confidence and moving the country forward. The FTI would conduct a seminar and invite foreign traders to show them Thailand is ready to produce and export goods on schedule.


-- The Nation 2014-05-29

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[Somtamnication]

Would love to see some Thai government body try to restore expats with families´s confidence.

[IamNoone88]

Looks like the FTI is soley Thai and not a foreign face among the representive group of 20. Perhaps they might be better placed to comment on the current mindset of foreign investors if they had some representation and insight. Foreign investors have continually been let down with the uncertainty of the political outlook, corruption and general red tape. FDI is well down and hard questions are being asked by investors. This cannot be glossed over and the new administration needs a wake up call and recognise that other countries such as Indonesia now offer an alternative investment opportunity.

[IamNoone88]

Looks like the FTI is soley Thai and not a foreign face among the representive group of 20. Perhaps they might be better placed to comment on the current mindset of foreign investors if they had some representation and insight. Foreign investors have continually been let down with the uncertainty of the political outlook, corruption and general red tape. FDI is well down and hard questions are being asked by investors. This cannot be glossed over and the new administration needs a wake up call and recognise that other countries such as Indonesia now offer an alternative investment opportunity.

[NongKhaiKid]

Only a couple of days ago we were told that Thai diplomatic missions around the world would be telling their hosts that absolutely nothing was wrong.

[MaxLee]

"FTI vows to help restore foreign business confidence"

If they are really serious, would these people mind, first and foremost, to speak English or give out English guidelines, because most foreigners do not know any Thai, nor are they immediately adaptable to the typical cultural aspects of indirect interaction and saving face act...

Appreciation in advance (<-sounds nicey, nicey enough??)

[noitom]

But he claims foreign communities are gradually coming to understand the situation. This is a Thai euphemistic characterization which is code for we told them the everything is safe now and we still want your money. There will be no increases in the amounts that you should put in the bags.

[chainarong]

Perhaps if some of the Fed Thai members remember back far enough to previous Coups, they would know that not much happened then and not much will happen now ,only communications have improved , nothing else has changed in Thailand for the past twenty years, therein lies Thailand's problem.

[northernjohn]

Would love to see some Thai government body try to restore expats with families´s confidence.

Not sure what you mean by that. I have no fear of the new government and I had no fear of the last government or the one before it. I meet all the governments requirements with room to spare. It would not surprise me if at some time in the future this government or a future one raised the requirements for permanent residency under any type of Visa. Prices are going up and as many who moved here when the baht was low found out that it was not as easy to live on the same amount they did when they moved here they will need more money.

Back to the subject of business.

"Supant and other FTI executives met with executives of the Nation Multimedia Group yesterday and both agreed that cooperation was necessary to restore business confidence and to inform foreign communities that Thailand is getting back to normal business life."

I think they are not looking at the whole picture. The new government is trying to raise the bar in the business world with cutting down on the corruption. There by making it an even better place than it was to do business.

Just my opinion.

[northernjohn]

Looks like the FTI is soley Thai and not a foreign face among the representive group of 20. Perhaps they might be better placed to comment on the current mindset of foreign investors if they had some representation and insight. Foreign investors have continually been let down with the uncertainty of the political outlook, corruption and general red tape. FDI is well down and hard questions are being asked by investors. This cannot be glossed over and the new administration needs a wake up call and recognise that other countries such as Indonesia now offer an alternative investment opportunity.

Post it as often as you like (sorry about that sick joke I know how TV occasionally screws it up) but the fact is Rome was not built in a day. They have a government who is awake and is faced with massive problems to work on. They are not sleeping nor are they omnipotent.

[northernjohn]

"FTI vows to help restore foreign business confidence"

If they are really serious, would these people mind, first and foremost, to speak English or give out English guidelines, because most foreigners do not know any Thai, nor are they immediately adaptable to the typical cultural aspects of indirect interaction and saving face act...

Appreciation in advance (<-sounds nicey, nicey enough??)

You are assuming on an English speaking forum that Thai bossiness men can not speak English?

[northernjohn]

Perhaps if some of the Fed Thai members remember back far enough to previous Coups, they would know that not much happened then and not much will happen now ,only communications have improved , nothing else has changed in Thailand for the past twenty years, therein lies Thailand's problem.

well I was not here for other coups but I learned a little about the last coup and it does not seem to me that the army was as proactive as it is in this one.

Maybe they learned a little bit from the last coup and are tired of having them so they are trying to set the government on a course where it will work for the people even if they vote for some one else.

That is my hopes.

[marcusd]

"He said major reforms would be positive for Thailand though the country would have to struggle at the beginning. Corruption should be a major focus, as it is a significant cause of current problems."

I am so concerned about this and it made me hesitant to invest. I am proposing 20 - 30 million baht over a few year.

I was VERY IMPRESSED with the suden turn around in BUSINESS attitudes in the Government only this week and my confidence is growing.

I now am prepared to invest under the guidelines this GENERAL PRAYUTH is restoring and giving people like me confidence as no more am I being asked for ASSISTANCE monies

WELL DONE GENERAL PRAYUTH and may you do the infrastructure as well.

[bigbamboo]

Would love to see some Thai government body try to restore expats with families´s confidence.

If GP managed to pull that one off I'd recommend him for an honorary knighthood.

[h90]

Looks like the FTI is soley Thai and not a foreign face among the representive group of 20. Perhaps they might be better placed to comment on the current mindset of foreign investors if they had some representation and insight. Foreign investors have continually been let down with the uncertainty of the political outlook, corruption and general red tape. FDI is well down and hard questions are being asked by investors. This cannot be glossed over and the new administration needs a wake up call and recognise that other countries such as Indonesia now offer an alternative investment opportunity.

I am sure most are Chinese ethnic