FTI suggests retention of current policies
text size

FTI suggests retention of current policies

The Federation of Thai Industries (FTI) expects a new government formed after a general election next year to maintain policies that benefit businesses to help them survive in 2023.

Kriengkrai Thiennukul, chairman of the FTI, stressed a need for the continuation of bio-, circular and green (BCG) economic promotion, electric vehicle (EV) industry development and efforts to reduce unnecessary laws that hinder business activities, as he forecast the Thai economy with an eye on the House of Representatives' term expected to expire in March next year.

"We hope a new government will know the business sector is worried about changes in policies as they can affect businesses," he told a forum on the country's economy entitled "A rise or fall amid economic crisis", held yesterday as part of a seminar on "Thailand Economic Outlook 2023".

Last month, the World Bank warned of a global recession next year after central banks raised interest rates, following high inflation.

Mr Kriengkrai said he believes the Thai economy still has the potential to grow amid unpleasant economic conditions globally and the impact of the Russia-Ukraine war if the country pushes ahead with BCG economy projects.

BCG, which is aimed at encouraging manufacturers to adopt techniques that can add value to products and have no or minimal impact on the environment, was announced by the Prayut Chan-o-cha government as a national agenda item.

The EV industry also requires further support, said Mr Kriengkrai. He said EV manufacturing will play a key role in boosting the domestic economy and ensuring its sustainable growth.

A focus on battery-powered cars can level up the Thai industrial sector via high technology for electric mobility, said Mr Kriengkrai. Next-generation cars is among the 12 targeted S-curve sectors under the Eastern Economic Corridor scheme, which is aims to create a high-tech industrial hub.

He also wants the new government to keep working on the plan to guillotine outdated laws. The plan was initiated in 2018, with the Thailand Development Research Institute (TDRI) hired to study the impact of legal hindrances. TDRI found more than 100,000 laws hamstrung several business activities.

Do you like the content of this article?