Business leaders are optimistic that the re-election of US President Barack Obama will benefit Thailand's economy, with a possible increase in exports to the US.
Obama is scheduled to visit Thailand later this month as part of a Southeast Asian trip from November 17 to 20 that will also take in Cambodia and Myanmar.
Pornsilp Patcharintanakul, vice chairman of the Thai Chamber of Commerce, said Obama's policies to reduce the income gap and promote the middle-class would help stimulate the US economy. This should be positive for Thai exports because the middle class is the largest segment of the US population, and would have more purchasing power if the efforts succeed.
"If the policy is successful, the US will see stronger economic growth. Rising demand from consumption among the middle class would increase production in the domestic arena as well as demand for imported goods and services. Thai exports to the US should benefit from the policy and enjoy higher growth," he said.
Pornsilp noted that Obama's policies would take some time to take effect, but the impact should be seen within the four years of his second administration.
He suggested Thai exporters incorporate production systems that serve the "green economy" and demands of the American people, as they were concerned more with products that are environmentally friendly. Thai manufacturers and exporters should shift to "green production" and produce goods that create fewer carbon emissions, he said.
Paiboon Polsuwanna, head of the Thai National Shippers Council, said that with Obama's policies favouring the middle class, he expected more consumption and higher imports to the US. Thailand would benefit in this regard, particularly involving exports of garments, food, furniture and automobiles, he said.
While he did not expect a sudden jump in exports, at least the uncertainties over US demand for Thai consumer products would be alleviated, he said. "If a Republican [had become] US president, there would be more protection of the US domestic industries and more protectionist trade measures."
Tanit Sorat, deputy chairman of the Federation of Thai Industries, expected the Obama administration to reach a deal with the US Congress to find ways to reduce the cost of living for Americans and boost domestic consumption. That would benefit Thailand's exports to the US, which is the Kingdom's major market, Tanit said.
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Article source: http://www.thethailandlinks.com/2012/11/11/private-sector-upbeat-on-obama-policies-expect-exports-to-increase-over-his-term/
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