The Board of Trade (BoT), the Thai Bankers' Association (TBA) and the Federation of Thai Industries (FTI) have yet form a unified front on the current political turmoil. A number of groups - media outlets, non-governmental organisations, state enterprise unions, the middle-class, students, academics, lecturers, physicians and other intellectuals - have already called for Thaksin's resignation to pave the way for the political reform. But big business, which has been a friend of Thaksin, has so far remained silent.

 "So far the three business clubs haven't made any political stance because as the business sector, it's not appropriate for us to express our political opinions," Pramon Suthivong, chairman of the Board of Trade, said yesterday after the three clubs' monthly luncheon.

Yet, on February 3, the three groups joined forces to back up the government a day ahead of the first big anti-Thaksin rally by media mogul Sondhi Limthongkul. At that time they urged the government and anti-government clan to reconcile their differences peacefully. At that time, six private-sector associations, including FTI, BoT and TBA, cited the recent plunge in the stock index as a sign that investors were antsy about the mounting political instability.

However, public pressure on big business groups is growing as representatives from different quarters in society have already made their positions clear: they want to Thaksin step down to pave the way for political reform.

Pasuk Phongpaichit, associate professor in the Faculty of Economics at Chulalongkorn University, said at a Nation Group seminar yesterday that big corporations' stance would be crucial for Thaksin's future because these are the voices that the PM has relied on.

"Whatever they say will have a big impact," she said. "However, these groups have remained silent, even though different groups of people have already made known their views on the issue."

That's why the associations decided yesterday to hold a special meeting on March 14 to discuss the political implications on business and economic sectors.

On Sunday, a club of "neutral businessmen", led by Anusorn Tamajai, head of BT Asset Management, issued a statement urging Thaksin to take a temporary leave from politics in order to make constitutional reform possible. However, the club's voice is not as powerful as the three business associations.

Pramon said from now until the next meeting, the members of three business clubs would sound out opinions as to whether the current political turmoil has had any effect on the economy and the performance of various companies. Then they will decide whether to issue a political statement to the public and the government.

Chaiwat Satha-anan, a senior lecturer at Thammasat University, said at Nation Group seminar that a vote of consent from the big corporations would be decisive in helping solve the current crisis.

"Of course, one person has one vote," he said. "But the weight of consent of each vote is different and the weight of consent from big business is heavier than others."

Thaksin, who has said he would resign only as a last resort, has been showing his indifference to the pro-democracy protestors because he still refers to his support of 19 million votes and to the fact that he is an elected politician. "I have been playing by the rules," he said.

"Normally, big corporate groups will be the last to jump off a sinking ship," said Ammar Siamwalla, honorary advisor to the Thailand Development Research Institute (TDRI). "But once they make a move, they must sense that Thaksin can longer sustain his power."

Chartsiri Sophonpanich, chairman of TBA, said after the luncheon meeting that so far the political situation hadn't affected investor confidence. "In the long run, investors think that we still have potential," he said.

Sompong Tancharoenpol, a Thai Chamber of Commerce executive, said that business confidence would continue to rise as the trend had continued since the middle of last year. However, he noted that the assumption didn't take political turmoil into consideration.

While business leaders are still adamant about the economic impact, marketers have felt the pinch. Lackana Leelayouthayotin, chairman of the Marketing Association of Thailand, said that several companies had delayed their marketing activities for fear of a fall in spending amid political chaos.

"Without violence, the economy should expand 4-4.5 per cent, while the marketing value should also expand at the same rate except in some sectors which should register a double-digit rate," she said.

On April 29, directors of the association will convene to discuss strategies to cope with the situation, a month after the 2006 World Marketing Conference where leading chief executives of multinational companies will present their views on business challenges.

Somruedi Banchongduang,

Jeerawat Na Thalang

The Nation