However, they said that should Somkid become premier, a major challenge would be whether he could resolve the political conflicts that have brought the nation to its current stalemate.

Thaksin said in a television interview on Monday night that he might consider stepping aside from politics and floated the names of possible successors: former interior minister Bhokin Bhalakula, and Somkid.

Pornsilp Patcharintanakul, deputy secretary of the Board of Trade, said the latest move by Thaksin might ease the political pressure.

"We have to see whether the prime minister will call a meeting among several parties to find a way out of the political deadlock," he said. "I personally think that if Thaksin decides to step down and appoints Somkid to become prime minister, it will be an appropriate choice because Somkid has been good in his assignment so far. And he has charisma. He doesn't have any history."

Pornsilp said if Somkid became the next premier, his priority would be to resolve economic problems and speed up constitutional reform to move the country forward. Moreover, Somkid is respected among foreigners.

"Therefore, I believe that he will be able to move the country's economy forward and ease the current political tension," he said.

The political stalemate is likely to continue after many voters chose to abstain from voting in Sunday's general election to register their protest against Thaksin, whose popularity has been declining due to allegations of corruption and abuse of power.

Somsak Paneetatyasai, president of the Thai Shrimp Association, said Somkid was a suitable person because of his non-partisan characteristics. Moreover, he is accepted by the business sector for his straightforward character.

Nonetheless, Somsak said the new government should focus on rebuilding and reconciliation. The Constitution should be reformed by relaxing the qualification requirements for MP candidates, such as mandating that a candidate must be a member of a political party for at least 90 days before contesting an election.

He added that the new government would have to deal with the rising baht because it is starting to affect exports.

Surachai Suthitham, president of Thai Swine Raisers Association, said if Thaksin insisted on hanging on to power, the political problems would not be resolved.

"We have to see who will be the next prime minister," he said. "But I think that if Thaksin names a Thai Rak Thai person to become his successor, the problems won't end. I don't have any personal objection against Somkid, but we have to see whether several parties will accept him."

A source from Government House said Thaksin was testing the waters by floating the names of his successors on Monday night to gauge the public's initial reaction. And the reaction towards Somkid has been fairly positive.

However, Somchai Pornrattanacharoen, chairman of Thai Wholesale and Retail Trade Association, said Somkid was equipped with an economic background and his record so far had not been tainted by scandal.

"But we have to see whether Somkid will be able to solve political problems," he said.

Poj Aramwattananont, president of Thai Frozen Foods Association, said the Thai Rak Thai Party should review its stance.

"Even though Thaksin may claim his party got 16 million votes, there's no democratic country where abstention and disqualified ballots were as high as 10 million," he said.

Somkid is an acceptable choice for the private sector, but what the new government should urgently do is change certain articles in the Constitution to end divisions in society, boost the economy which has been slowing down for the past three or four months, and dissolve the House for the new election, said Poj.