Thailand’s new cabinet, made up of many Pheu Thai Party members, has focused on economic recovery and pledged to reduce energy costs to ease the fiscal burden.
Thailand’s Prime minister, Serita, has reached out to various business sectors.
Federation of Thai Industries (FTI) President Kriengkrai Thiennukul expressed optimism about the new cabinet, especially the economy minister. He believes the new government offers hope for a full recovery of the Thai economy and may also make the economy strong.
The Federation of Thai Industries is particularly keen on the new government implementing a 10,000 baht digital wallet plan to boost the purchasing power of Thai individuals.
Bryn Adurwatana, managing director and chief economist of Katerai Bank Research Center, believes that this initiative can help stimulate economic activity and boost GDP growth.
The new government is not only concerned about the real estate industry, tourism, but also pays special attention to the development of electronic atomization industry. Teerachai Attanawanich, deputy Minister of Finance and chairman of the National Tobacco Authority of Thailand, said that Thailand needs to consider a moderate tax on electronic vaping to reduce the problem caused by illegal electronic vaping products.
Although Thailand has banned the circulation of electronic atomization, manufacturing and other links, but the number of counterfeit electronic atomization products in the market has accounted for an important share of the market, accounting for about 25%. And because current electronic atomization is an illegal product, it is impossible to collect taxes.
Teerachai Attanawanich said, “We should legalize electronic fogging products and include them in the legal tax system to generate revenue for the country, while regulating imports and the health of citizens.” We need to take these factors into account when weighing national revenue against the health of our citizens.”
The new government said it hopes to restore investor confidence and look for new trade opportunities, sign more trade agreements, resolve tariff barriers, and support the trade flow of import and export enterprises to ensure the development of the Thai economy.