National —
On August 14th, 2024, Mr. Kriengkrai Thiennukul, the Chairman of the Federation of Thai Industries (FTI), expressed shock following the Thai Constitutional Court’s decision to remove Prime Minister Srettha Thavisin from office.
Kriengkrai warned that this ruling could dampen both local and foreign investment, as investors might now reassess their strategies.
Thailand is grappling with significant economic challenges, and political stability is crucial for maintaining investor confidence. “Investors, both Thai and foreign, seek political stability and continuity, which has been lacking for some time,” Kriengkrai stated.
He also mentioned that the FTI has been receiving inquiries from foreign investors, particularly from the U.S., Europe, and Japan, about the potential impact on their investments. Japanese investors, who have been in Thailand for decades, may start adapting to the situation.
Mr. Wisit Limluecha, the Vice Chairman of the Thai Chamber of Commerce, also expressed surprise at the ruling and stressed the urgency of restoring political stability.
“We need to select a new Prime Minister swiftly, whether from the current ruling party or the opposition, to prevent further erosion of investor confidence and economic stability,” Wisit emphasized.
Wisit also highlighted the importance of strong leadership to attract foreign investment and tourism, which are vital for Thailand’s current economy.
