FTI frets about state policies

Discontinuation could affect confidence

The Federation of Thai Industries (FTI) is concerned many economic policies will be suspended after the upcoming national election next February, affecting investor confidence.

For example, the Pracha Rat (People’s State) initiative, coined by Prime Minister Prayut Chan-o-cha, entails a partnership between the government, private sector and the people to enhance economic development and tackle social and political problems.

The government has 10 months left to implement its projects and policies.

Each ministry has met with business operators to reach a common understanding on the state’s current policies that should be continued, said Suphan Mongkolsuthree, the FTI chairman.

The FTI met with the Science and Technology and Industry ministries yesterday and all parties determined the projects for which they want further collaboration, such as the Industry 4.0 stages and the Eastern Economic Corridor scheme.

He said business operators promised the government continuation of its economic policies even after a new government is elected.

Mr Suphan said many policies have been built up during the four years of the current administration and they need to continue after the government steps down next year.

“The Industry Ministry, for example, wants to focus on improving the agricultural sector as well as small and mediumsized enterprises [SMEs] upgrading their business efficiency through government’s support,” he said.

“As part of the private sector, we agreed keep cooperating on these projects, while the FTI has its own measures to support SMEs with innovation, know-how and technology.”

Mr Suphan said the FTI plans to support government projects such as the industry transformation centre (ITC) to improve the efficiency of local industrial SMEs.

The FTI has SME members in 76 provinces and it will help the ministry to provide and expand further cooperation to strengthen SMEs across the country.

Recently the Industry Ministry vowed to expand 11 ITCs to cover 76 provinces by the end of this year.

The ITC is a collaboration with the Japanese government, aiming to educate SMEs and create experiences dealing with automation and robotics systems.

Separately, Mr Suphan said the FTI is closely monitoring political protesters calling for new elections at Government House.

“We are not worried about this rally as the FTI believes the government can handle the situation,” he said.

“The protests have not affected economic sentiment or investment flows in the country because most investors understand the political situation here.”

But Mr Suphan said business operators do not want political rallies because it could hurt the tourism sector, which has been driving t he l ocal economy recently.

Moreover, it will hurt investor confidence and the country’s reputation, he said.