Thai businesses welcome new PM

BANGKOK – Thai business leaders and investors yesterday welcomed their new premier amid hopes the military-backed leader will shore up confidence in an economy rocked by months of political crisis.

The generals who ousted Thaksin Shinawatra in a September 19 coup on Sunday appointed General Surayud Chulanont, a 63-year-old former army chief, as the new prime minister until elections promised for October 2007. “His appointment was good news for the Thai economy,” said Santi Vilassakdanont, chairman of the Federation of Thai Industries, the country’s largest business group.”After months of political turmoil, we see Surayud as someone who can unite Thailand.He is clean and transparent, and we hope that his appointment will boost investors’ confidence.”Santi was one of 60 experts tapped by the military to guide them on economic, foreign, governance and reconciliation policies following the coup against Thaksin whose rule had led to increasingly bitter divisions.Sukhbir Khanijoh, an economist at Kasikorn Securities, said investors would see Surayud, a widely respected career soldier, as “a stabilising force for Thai politics.”The bloodless coup capped months of political protests demanding Thaksin’s resignation over alleged abuse of power and corruption.”After welcoming Surayud, the market is waiting to see his cabinet ministers,” Sukhbir said.”But overall, investors were happy to have Surayud as the new prime minister because right now the nation needs reconciliation and he is the most suitable leader to do so.”But the junta’s pick of Surayud failed to boost Thai share prices yesterday as after an initially firm start, investors sold stocks instead to raise capital ahead of the initial public offering (IPO) of China’s largest bank.Nampa-AFP”His appointment was good news for the Thai economy,” said Santi Vilassakdanont, chairman of the Federation of Thai Industries, the country’s largest business group.”After months of political turmoil, we see Surayud as someone who can unite Thailand.He is clean and transparent, and we hope that his appointment will boost investors’ confidence.”Santi was one of 60 experts tapped by the military to guide them on economic, foreign, governance and reconciliation policies following the coup against Thaksin whose rule had led to increasingly bitter divisions.Sukhbir Khanijoh, an economist at Kasikorn Securities, said investors would see Surayud, a widely respected career soldier, as “a stabilising force for Thai politics.”The bloodless coup capped months of political protests demanding Thaksin’s resignation over alleged abuse of power and corruption.”After welcoming Surayud, the market is waiting to see his cabinet ministers,” Sukhbir said.”But overall, investors were happy to have Surayud as the new prime minister because right now the nation needs reconciliation and he is the most suitable leader to do so.”But the junta’s pick of Surayud failed to boost Thai share prices yesterday as after an initially firm start, investors sold stocks instead to raise capital ahead of the initial public offering (IPO) of China’s largest bank.Nampa-AFP