Key business groups welcome the Move Forward Party's campaign promises to tackle economic inequality, but wonder if it can solve a problem that has long plagued the country.
Eight political parties signed a memorandum of understanding on May 22, outlining 23 points they intend to focus on when governing Thailand, including a unified mission to reduce inequality and ensure fair economic growth.
The Move Forward Party is known for its anti-monopoly stance, with the aim of supporting small and medium-sized enterprises (SMEs).
"The party has some good policies, but the question is whether it can translate them into action," said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI).
He said the Move Forward Party and its allies face a difficult task on the issue, which has been embedded in the country's economy for ages.
"It won't be easy for the new administration to deal with monopolies, not to mention obstacles it will encounter in the country's bureaucratic system," said Mr Kriengkrai.
Despite such difficulties, the stance has the support of the Federation of Thai SMEs, which approves of government amendment of laws or new drafts that prevent companies from dominating the market in an unfair way.
This stance can pave the way for SME growth, as they currently have limited access to fundraising and loans, said Sangchai Theerakulwanich, president of the Federation of Thai SMEs.
"We look forward to better revenue distribution among entrepreneurs, including SMEs," he said.
"We hope we can operate our business at its full potential."
However, like Mr Kriengkrai, Mr Sangchai said enforcing policies to achieve fair economic growth for all stakeholders is an uphill task.
If the new government wants to enact new laws, they require parliamentary approval, which is usually a time-consuming process, he said.
Mr Kriengkrai said the new government should work towards reforming monopoly rules because it would represent a first step that can eventually lead to the birth of new businesses and entrepreneurs.
