When Thaksin Shinawatra, the former Prime Minister who just recently found freedom on parole, took the stage on August 22, you could almost hear the nation’s breath being held. A staggering 1,400 business titans and influencers crowded into the venue, all eager to hear his “vision” for Thailand. Among these high-profile attendees were multibillionaires Dhanin Chearavanont from the CP Group and Sarath Ratanavadi of Gulf Energy Development. (Photo: Reuters) The air was thick with anticipation and curiosity.
During a captivating forum in Bangkok, it was revealed that the economic strategies of the Pheu Thai-led government are skewed toward benefiting large corporations rather than the general populace. An economics lecturer from Thammasat University illuminated the problem, noting that Thailand’s governments have long been cozy with big business. According to him, these big corporations leverage their government connections to rake in benefits. However, monopolies are toxic for the economy as they stifle both innovation and efficiency.
Small and medium-sized enterprises (SMEs) in Thailand are fighting a losing battle. They are gradually being outpaced by international competitors in terms of production capacity and innovation. The lecturer proposed a pinnacle solution: comprehensive political reform that would realign the system to serve the interests of the people.
Witoon Lianchamroon, the president of Biothai, didn’t mince words when he described Thailand’s governance system. It’s overly centralized and inextricably linked with major corporations. Many board members of these significant firms have backgrounds in the government sector, perpetuating a cycle of corporate-government interdependence. Despite numerous government transitions, monopolistic practices persist, effectively shutting out smaller businesses. He pointed out the added stress from the flood of inexpensive Chinese imports swamping the market.
Mr. Witoon also raised red flags over the government’s alcohol policy and their controversial casino-entertainment complex proposal. According to him, these initiatives seem to have been tailor-made to serve the interests of big money investors rather than the general public.
As for the digital wallet stimulus intended to invigorate the economy, Mr. Witoon cautioned that unless the government guarantees this money circulates within small businesses, it will merely end up fattening the accounts of large corporations.
Sattharam Thambuddee, representing employees on the Social Security Board, had his criticisms too. He slammed the investment privileges afforded to big investors, stating bluntly that they were not worth the cost. While these incentives pared down taxes by over 200 billion baht for investors, the economic return was a mere fraction of that amount.
Thambuddee didn’t stop there. He lambasted successive administrations for lacking the political guts to fight for improved welfare benefits for the Thai people. While businesses seemed to thrive, the populace continued to suffer from inadequate social safety nets.
The forum closed out with a passionate call for action, underscoring the urgent need to reform Thailand’s economic and political systems to prioritize its citizens over corporations.
Related: Minister insists B400 minimum wage will go ahead.
Thaksin was terrible as PM and now he’s pushing for reforms? Sounds hypocritical to me!
Maybe he’s learned from past mistakes and really wants to make a difference now?
People can change, but when it comes to politicians, I’m always skeptical.
Exactly, and with his history, I’d be extra cautious about trusting him.
He’s had a lot of time to reflect. Sometimes, a new perspective can lead to positive change.
It’s about time someone addresses the monopolies in Thailand! SMEs need better support.
Totally agree! It’s impossible for small businesses to compete with the giants.
SMEs can’t compete because they lack efficiency and innovation. That’s just the market.
But if the government doesn’t help, we’ll end up with no diversity in the market.
That’s exactly my point. No competition means higher prices and less choice for consumers.
All these investment privileges for the rich do nothing for the average Thai citizen!
Investment incentives are meant to stimulate the economy. It’s a trickle-down effect.
Trickle-down economics hasn’t worked anywhere. Why would it work in Thailand?
The money just stays at the top! Average citizens see no benefits whatsoever.
Thailand definitely needs political and economic reform, but it has to be genuine and not just for show.
If Thaksin’s vision actually helps the people, more power to him. But it has to be more than just talk.
Politicians always promise change but rarely deliver. I’ll believe it when I see it.
I agree. Actions speak louder than words. Let’s wait and watch.
Digital wallet stimulus could really help, but it must be directed towards small businesses.
Agreed, without proper regulation, it’ll just fill the pockets of big corporations.
A digital wallet is a great idea, but how do we ensure small businesses benefit?
Thaksin returning to politics feels like a step backward for Thailand.
Government’s alcohol policy and casino complex just seem to be ploys to benefit big investors.
What’s wrong with more entertainment options? They create jobs too.
But at what cost? It’s not worth it if it only benefits a select few.
Can’t wait to see how Thaksin’s vision unfolds. Really hoping for some positive change!
Monopolies are a global issue, not just Thailand. But any move to break them up is welcome.
The minimum wage increase is a positive step, but only if the small businesses can bear the cost.
Big corporations can absorb the cost, but yeah, smaller shops might struggle.
Exactly, which is why the government needs to support small businesses when they make these changes.
The casino-entertainment complex is just another way to swindle people out of their money!
Political reform sounds nice, but how do we ensure it’s not just lip service?
By holding those in power accountable and pushing for transparency in government actions.