Thailand moves on creating confidence for foreigners

Friday, 04 July 2014 From Issue Vol. XXII No. 27 By  MCOT

Thailand should move to create confidence among foreign countries following the military takeover in the kingdom, ex-commerce minister Narongchai Akrasanee said last week.

Narongchai said that although the United States and the European Union have condemned the May 22 military takeover and opposed the military administration, it is time for the kingdom to reorganize its system, aimed at paving the way for an elected government to be able to create confidence, especially among the foreign business community.

Ex-commerce minister, Narongchai Akrasanee.Ex-commerce minister, Narongchai Akrasanee.

Expressing his support to the National Council for Peace and Order (NCPO), Narongchai said he was not surprised that both the US and the EU continue pressuring Thailand on the military takeover.

Several superpower countries believe Thailand has a high potential for trading and investment and want to see transparency in this country, he said.

However, Thailand was unable to create confidence in the international business community for the past decade due to political problems.

Politics, economics and social issues should improve now since the NCPO stepped in, said Narongchai.

Meanwhile, Thirapat Serirangsan, a former minister attached to the Prime Minister’s Office, urged NCPO to carefully consider the opposition by the EU and experts should be invited to help solve the problem.

The latest report from Washington disclosed that a State Department official told Congress that the US has already cut US$4.7 million in security related aid to Thailand after the seizure of power in Thailand, equivalent to half of this year’s total annual assistance to Thailand.

The US is also considering shifting the Cobra Gold annual military exercise to Australia, according to the report.

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