Bangkok: "Wanwichit" points out that the government needs to change the way CEO discussions are conducted to produce concrete results. The government's opening of talks with major CEOs is a signal to "restore confidence" and encourage private sector investment to overcome the global economic crisis.
According to Thai News Agency, Mr. Wanwichit Boonproong, a lecturer at the Faculty of Political Science, Rangsit University, commented on the government's meeting at Government House with senior executives from the business sector and leading companies in the country. He stated that such a forum should not be viewed solely from a political perspective or as a sign of close ties between the government and capital groups. Instead, it should be viewed from the perspective of "economic confidence" that the government is trying to build, so that the private sector will dare to invest and continue driving the Thai economy forward.
Mr. Wanwichit stated that the current global economy is full of uncertainty, including geopolitical conflicts, energy price crises, rising production costs, and intense competition to attract international investment. As a result, many businesses are slowing down investments or becoming more cautious in expanding their operations.
In this situation, what the government needs to do is not just implement economic stimulus measures, but also to build confidence in the private sector, demonstrating that the country still has direction, stability, and a government that is willing to listen to problems and work together to overcome economic obstacles. "When the global economy is volatile, investors don't just look at GDP figures, but also at whether the government is stable, has a clear direction, and is ready to work with the business sector. Ultimately, confidence is a key factor in investment decisions," said Mr. Wanwichit.
Mr. Wanwichit stated that the government's invitation of CEOs from various industries for direct discussions reflects an effort to bridge the gap between the government and the real economy. This is because the business sector is the group that sees the real problems on the ground, including costs, competition, purchasing power, employment, and obstacles to investment. Sometimes, this information cannot be reflected solely in government reports.
Therefore, forums like this are important as a "channel for listening" that allows the government to understand the economic situation from those actually working in it, and enables them to design policies that better address the problems.
Mr. Wanwichit also believes that large businesses play a crucial role in the Thai economy because they are linked to the entire supply chain, employment, investment, and numerous small businesses. If large companies continue to invest, it will help maintain employment levels and keep the economy moving.
"If the private sector lacks confidence and doesn't invest, the economy will slow down immediately because the government cannot bear the entire national economy alone. Today, the government must create an environment that encourages businesses to make decisions and feel that investment in Thailand still has a future," said Mr. Wanwichit.
Mr. Wanwichit believes that the key going forward is for the government to shift the focus of discussions towards tangible results. This includes reducing regulatory obstacles, facilitating investment, accelerating infrastructure development, and providing measures to assist businesses affected by rising costs. He argues that if the discussions are merely for show without subsequent policy implementation, genuine confidence may not be built.
Furthermore, he believes the government must maintain a balance in driving the economy, ensuring that supporting large businesses is not perceived as neglecting medium-sized and small enterprises (SMEs) or the general public. He argues that for the Thai economy to progress steadily, it requires the simultaneous growth of large capital, SMEs, the labor force, and the grassroots economy. "If the government can assure the private sector of its stability, maintain consistent policies, and genuinely support investment, it will attract new investment into the economic system, ultimately leading to increased employment, income, and national economic growth," Mr. Wanwichit said.