Industry leaders are urging the government to move faster on infrastructure investment, tax reform, tourism promotion and revising laws and regulations to reduce business obstacles.
Siam Piwat chief executive Chadatip Chutrakul (left) and Thiraphong Chansiri, president of Thai Union Frozen Products, discuss next year's business outlook at the Forbes Thailand Forum yesterday. PORNPROM SATRABHAYA
They agreed that speedy work to keep what the government promised would restore investor confidence and drive the economy.
Thiraphong Chansiri, president of Thai Union Frozen Products Plc, said the government should prioritise the many economic problems.
"Big issues that will have a big effect on the public should come first," he told the Forbes Thailand Forum yesterday.
Moreover, the government should take this opportunity to revise many laws and regulations and reduce work duplication at five major ministries.
Supalai chief executive Prateep Tangmatitham said he was optimistic about the economic outlook next year. The global economy will be better, so a recovery will be seen for exports and tourism, while prices of farm products will be higher.
Government investment and growing investor confidence will improve consumption, he said.
However, Mr Prateep is worried the introduction of more property developments in 2015 will lead to an oversupply.
The launch of the Asean Economic Community (AEC) late next year will benefit the property sector by creating greater demand to buy properties across the region, he said.
The inheritance and gift tax, if it is introduced, will encourage those who have many plots to sell some, lowering land prices.
Siam Piwat chief executive Chadatip Chutrakul said quick decisions on infrastructure investments, particularly in Bangkok, would create retail development opportunities.
"2015 will be a year of fierce retail competition," she said.
Grade-A retail space is short in central Bangkok, with 300-400 tenants on a waiting list for premium slots.
"Thailand is a most desirable destination for leading brands globally. We can become a retail hub in Asia if the government considers reducing import tax on luxury products," Mrs Chadatip said.
Mr Thiraphong said the weak economies of Europe and China would affect the global economy next year.
"But there are always opportunities amid crisis," he said.
"We expect to grow our business by 15% next year, while mergers and acquisitions will be our main strategy for business expansion."
Innovation will be another strategy to enhance competitiveness, with the AEC providing huge opportunities but more intense competition, Mr Thiraphong said.