BANGKOK, 4 June 2012 – The Federation of Industries (FTI) is calling for a stop to the ongoing unrest brought on by the reconciliation bill, fearing that it will have an impact on the business sector and damage the country’s reputation.
FTI Secretary-General Sommart Khunset has disclosed that the FTI expects the government, the Opposition, the protestors and all relevant sides to come up with a speedy solution to the conflict surrounding the reconciliation bill. Mr. Sommart explained that entrepreneurs are concerned that the problem will escalate and produce impact on the business sector and damage the country’s reputation, causing overseas customers to stop placing orders for Thai products in fear of entrepreneurs’ inability to deliver on time, similar to the case of last year’s flood crisis.
The Secretary-General said that the content of the reconciliation bill must be accepted by all sides, otherwise more conflicts will arise leading to a tremendous impact on the economy.
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), comprising of the STI, the Thai Chamber of Commerce and the Thai Bankers’ Association, will hold a meeting on 5th June, to discuss the country’s political situation, which is becoming more violent. Mr. Sommart stated that the private sector is already facing a difficult time, with last year’s flood, higher initial cost, soaring energy price and the increased 300-baht daily minimum wage hike. If the government fails to contain the situation, the export sector will be the most affected given foreign entrepreneurs’ lack of confidence in Thailand’ ability to manufacture and deliver on time. They will, instead, place their orders with other countries to avoid the risk.
