The government's new economic team led by Somkid Jatusripitak has won an early endorsement from the business sector, which wants to see it tackle critical national issues better and more speedily than the previous members.
Business leaders say the priorities are dealing with effects of the global economic slowdown, the red flag over Thailand's aviation safety shortcomings by the International Civil Aviation Organisation, Thailand's Tier 3 status in the US Trafficking in Persons report and problems with illegal, unreported and unregulated fishing.
Tackling economic woes at the grass-roots level also requires immediate attention by the new team, they said Thursday.
- Main story, cabinet list: Somkid takes the economy reins
Even though the previous economic team led by former deputy prime minister MR Pridiyathorn Devakula launched many stimulus measures such as a 1,000 baht-per-rai cash handout to rice and rubber growers, job creation during the dry season and cheap loans to small and medium-sized enterprises, the initiatives failed to restore consumer confidence and jump-start spending.
But business leaders believe the new team is aware of the challenges and high expectations thrust upon it from the business sector and elsewhere.
The appointment of Mr Somkid's team has received the blessing of trade and industry chiefs impressed with the calibre and track records of its members.
Supant Mongkolsuthee, chairman of the Federation of Thai Industries, said businesses were satisfied because most ministers had strong economic knowledge that would help to drive the country's growth.
He expects the new team will issue proactive measures to help the economy, accelerating some of the lacklustre measures put in place by the previous cabinet.
"The economic and social environments have now changed, so the new economic team may come up with better strategies and planning in handling those issues," said Nopporn Thepsithar, chairman of the Thai National Shippers' Council.
Rolf-Dieter Daniel, president of the European Association for Business and Commerce, said the installation of the new economic team bode well for the Thai economy.
"You have Mr Somkid, Mrs Atchaka [Sibunruang] and Mrs Apiradi [Tantraporn], who have high experience and are experts in their fields, so it looks pretty good," he said.
More importantly, Mr Somkid, who has worked for Prime Minister Prayut Chan-o-cha from the outset as an adviser to the National Council for Peace and Order (NCPO), is expected to be able to get down to business immediately after his team was officially appointed.
He urged the new economic team to rush to support those industries such as the automotive sector that are suffering from the economic slowdown.
Leaders from the banking sector stressed that improving the financial liquidity of low-income earners and restoring confidence should be high on the new economic team's agenda.
The new team should also work to speed up the government's budget disbursement to revive the economy.
Former ICT minister Pornchai Rujiprapa wants to see the implementation of the digital economy policy expedited, while the fourth-generation spectrum auctions should be the immediate task for the new minister.
The development of the digital economy and the spectrum auctions will serve as a powerful engine for Thailand's economic growth as well as stimulate technology investment and innovation.
Gen Prayut has said the new cabinet faces tough work because it has a little over a year to get things done under the NCPO's roadmap. It must screen proposals from the National Reform Council and decide which ones should be pursued.
