Business backing for somchai's elevation

Federation of Thai Industries chairman Santi Vilassakdanont called on Somchai to form an acceptable government, with the appointment of respectable ministers to major ministries in order to restore foreign investor confidence.

"If possible, I would like the new prime minister to negotiate with the People's Alliance for Democracy to find a solution to the political chaos.

"It will be hard for the country to encounter both internal and external negative factors at the same time," he said.

Prakit Chinamourphong, president of the Thai Hotels Association, said it was good for the country to have a prime minister who could take charge of easing political impacts on the economy, particularly the tourism industry.

He said this was an urgent task for the new premier before the arrival of the high season, given that the state of emergency - in force in Bangkok from September 2 to 14 - had led to a 50-per-cent drop in hotel bookings.

Poonsak Thiapairat, president of Eternity Grand Logistics, said the election of Somchai was appropriate given the political situation and should lead to an improved political climate.

He expected the new government to continue key policies from the previous administration, especially as regards logistics industry development and infrastructure.

"We want to see the new government implementing anything that supports the logistics industry, as it is a fundamental business for other companies," he said.

Stock Exchange of Thailand chairman Pakorn Malakul Na Ayudhya said Somchai was qualified to be prime minister and his appointment should enable the political situation to unwind to some extent.

He added that as the new Cabinet was likely to keep most of the current line-up, economic policies and those concerning the capital market should stay intact.

Thailand Exhibition Association president Patrapee Chinachote expressed optimism that the new prime minister would make easing the political tension his top priority, something that should be helped by his ability to compromise.

"In the meantime, the private sector must address its own problems. It's difficult to believe that business can continue undisrupted amid the ongoing political instability," he said.