Bhumjaithai taps experts for key Finance, Commerce, and Foreign Affairs posts

If no unforeseen events arise, on September 5, 2025, the Thai parliament is expected to vote for the country’s 32nd prime minister, who will have full authority to form a new cabinet.

The new government will aim to guide the country out of its political vacuum and tackle the ongoing economic crisis, which is marked by a decline in consumer purchasing power, falling agricultural prices, and a slowdown in exports and tourism. These challenges call for urgent measures from the new administration.

Sources from the Bhumjaithai Party revealed that under their leadership, Anutin Charnvirakul, the party leader, will head the economic team.

The party plans to recruit external experts, who are well-regarded in their fields, to serve in the country’s two key economic ministries: the Ministry of Finance and the Ministry of Commerce. 

This team will be tasked with driving the economic agenda within a short period before a potential dissolution of the parliament within four months, as per an agreement with the People’s Party.

Additionally, the party is seeking experienced professionals for the position of Foreign Minister. Given the growing importance of foreign relations, especially concerning the Thai-Cambodian border dispute, trade talks with the US, and other multilateral negotiations, an experienced foreign affairs leader will be critical.

Besides foreign affairs, Bhumjaithai is also considering a candidate with expertise in international trade to drive policy discussions, including negotiations on opening new markets with the US and other nations. The Ministry of Commerce aims to close a free trade agreement (FTA) with the EU by the end of this year, which will require extensive negotiations.

The Bhumjaithai Party also boasts several experienced economic figures, both former ministers and party members, who are well-versed in economic policy.

Potential candidates for the economic team include Phiphat Ratchakitprakarn, a former Minister of Tourism and Sports and Minister of Labour; Napintorn Srisanpang, a former Deputy Minister of Commerce and business expert; and Songsak Thongsri, who has experience as both Deputy Minister of the Interior and Deputy Minister of Transport. 

Additionally, talks are ongoing to bring on board Prasong Poonthanet and Areepong Bhoocha-Oom as potential candidates for Finance Minister.

Private Sector Calls for Leadership and Economic Vision 

Kriangkrai Thiennukul, President of the Federation of Thai Industries (FTI), emphasised that Thailand is currently facing numerous economic challenges and requires a prime minister with strong leadership and a clear economic vision. 

The new leader must have the courage to make bold decisions to restore confidence among both investors and the public, which will be crucial for driving the economy forward.

He suggested that the new cabinet should consist of individuals with diverse expertise across various sectors, including finance, investment, domestic and international trade, industry, education, workforce development, technology, and innovation. 

He stressed the importance of proactive economic policies aimed at stimulating the slowing economy, including urgent legal reforms and modernising the tax structure to avoid duplication.

Urgent Call to Address Strengthening Baht

One of the key issues that the private sector urges the new government to address is the strengthening of the Thai baht, which has recently reached a 9-month high of 32 baht to the dollar. Kriangkrai explained that the strong baht negatively impacts Thailand's export competitiveness by making Thai goods more expensive and harder to sell abroad. 

Additionally, it poses a challenge to the tourism sector, as the stronger baht increases costs for foreign visitors, potentially reducing the number of tourists coming to Thailand.

Comparing this to other countries, he noted that more people are travelling to Japan due to the depreciation of the yen, which makes travel and shopping there more affordable. However, the strong baht could benefit some sectors, such as imports, where the cost of goods for consumption or machinery for investment may decrease. 

Despite this, the broader impact of a stronger baht is likely to be negative for Thailand, which heavily depends on exports and tourism as key contributors to its GDP.

Private Sector Urges Swift Government Formation 

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), convened on September 3, 2025, expressed concern that the current political uncertainty is undermining confidence and negatively affecting the economy.

The committee called for the swift formation of a new government to tackle the long-standing economic issues.

One of the most urgent matters is trade negotiations with the United States. While Thailand has secured a 19% tariff reduction on imports, critical details, such as opening markets for agricultural products, still require a fully empowered government for effective negotiations.

The private sector reiterated its readiness to cooperate with any party in power, provided that the government is stable and policies remain consistent. Frequent changes in government, the sector warned, would disrupt the continuity of development and slow down necessary reforms.

Other pressing issues include declining purchasing power, the shadow economy, border problems, and the influx of imported goods, which may harm Thailand's competitiveness. The private sector emphasised that these are long-standing challenges that require serious and sustained efforts to resolve.

Private Sector Calls for Clear, Stable Government 

Poj Aramwattananont, Chairman of the Thai Chamber of Commerce and the Board of Trade, expressed that the private sector is currently seeking political clarity and a stable government. The priority is for the swift formation of a government that can address pressing issues.

One critical issue that needs immediate attention from the new administration is the strengthening of the Thai baht, which is negatively affecting the export sector by making Thai products more expensive compared to competitors.

This is especially impactful for agricultural products that rely heavily on domestic raw materials, with sales significantly declining due to the strong baht.

Call for Skilled Economic Team 

Kritsada Chanjamrassaeng, Vice President of the Thai Construction Industry Association under Royal Patronage, stated that if the Bhumjaithai Party successfully forms the government and is required to dissolve the parliament within four months after policy announcements, it is crucial to assemble a team of economic experts.

These experts should have strong knowledge of macroeconomics and international trade to address challenges such as declining exports, the strong baht, and the impact of US tax measures.

He emphasised that the new economic ministers must have a forward-thinking approach, focusing on opening new markets, reducing costs, and adapting products to global standards, without waiting for international conditions to improve.

A failure to take proactive measures could result in a severe slowdown of both consumption and exports, ultimately harming Thailand's economy.

Regarding tourism, he noted that the sector remains sluggish. The relevant ministers must act swiftly to restore cooperation with China and attract tourists back to Thailand.

As for the construction sector, with the 2025 budget already approved by the parliament, the priority should be on ensuring transparent and timely disbursement of funds to foster confidence.

Strengthening the Economy and Political Stability Amid Crisis

Puttipong Prasathong-Osoth, CEO of Bangkok Airways, suggested that the new economic team should take a comprehensive approach, leveraging Thailand's strengths to overcome political instability and economic fluctuations.

He emphasised the need for the government to align policies with real-world conditions and push forward stalled projects through collaboration from all sectors.

Adith Chairattananon, Secretary-General of the Thai Business Association of Tourism (ATTA), pointed out that although the new government will have only four months in office, it must focus on three main priorities:

1) Restoring confidence in trade, investment, and tourism;

2) Resolving border disputes with neighbouring countries; 

3) Tackling crime and enhancing safety for both Thai citizens and tourists.

He also proposed that the new economic team should have a credible image, with experienced members who can get to work immediately, suggesting the return of former Tourism Minister Phiphat Ratchakitprakarn to his previous role.

Meanwhile, a senior source from a retail operator said the private sector has limited expectations from a short-term government and would have to rely on itself to drive business forward.

Three Key Priorities for the New Government’s Economic Agenda

Visit Limlurcha, Vice Chairman of the Thai Chamber of Commerce, proposed three urgent measures for the new government, led by Anutin, to address in the first four months: 1) Starting the process of constitutional amendment by establishing a constitution drafting assembly (CDA), laying the groundwork for long-term cooperation among coalition parties; 2) Managing the budget efficiently, ensuring existing funds contribute meaningfully to the economy rather than launching new projects; and 3) Enhancing the capabilities of the private sector and farmers, by identifying their weaknesses and supporting them to adapt to global changes.

The most crucial focus, he said, should be stimulating the economy in these four months, particularly enabling small and medium-sized enterprises (SMEs) and smaller businesses, which make up over 80% of the country, to continue operations. The government should not rely on cash handouts but should create a business ecosystem that facilitates access to capital and sustainable recovery. The key issue now is the lack of cash flow, both from consumers and producers.

Public-Private Collaboration for Job Creation 

Chatrchai Tuongratanaphan, Secretary-General of the Asia Pacific Retailers Confederation (FARPA), recommended that the new government focus on boosting the economy by targeting consumers across all income levels through initiatives like Shopping & Wellness Tourism.

These could include reducing import taxes on luxury goods to stimulate spending and capitalising on Thailand's health sector to create demand among higher-income groups.

For the lower-income groups, especially the 12 million workers in the formal sector, he suggested investing in skill development (up-skilling and re-skilling) through training institutions.

Workers should receive certification and government-backed compensation to circulate funds within the system.

Additionally, he proposed a "Government Half, Private Half" employment scheme where the government subsidises 50% of the wages (up to 7,500 baht) for new hires, including the unemployed, new graduates, and marginalised individuals. This initiative aims to boost purchasing power and reduce unemployment.