Saha Group, the country's leading consumer product conglomerate, suggests the new government emphasise promoting the agricultural sector rather than a sharp increase in the daily minimum wage, as this approach would help sustainably develop the country's economy.
Boonsithi Chokwatana, the group's chairman, said the new administration should also focus on developing the economy through educational initiatives for Thais.
He expressed concerns regarding the potential impact of increasing the minimum wage in the tourism industry.
"A high cost of living would deter foreign tourists from visiting the country, leading to a decline in tourism revenue," said Mr Boonsithi.
"A wage hike would also result in an influx of foreign labour, as experienced in the US and Mexico."
He said a minimum wage hike would not negatively affect the group's operations because it has the flexibility to adapt in terms of new policies and regulations implemented by the government.
"If we can swiftly adjust, a crisis can turn into an opportunity. We already adapted to changing circumstances over the past decade, making us resilient to political uncertainty. The delay in forming a government is nothing dreadful like the Covid-19 outbreaks," said Mr Boonsithi.
"Regardless of the political situation, Saha will continue to invest in potential businesses. If we keep our money in our pocket, its value will diminish over time."
Thamarat Chokwatana, president and executive chairman of I.C.C. International Plc, Saha's marketing arm for the beauty and fashion business, said a delay in the formation of a new government is unlikely to affect the group's business because its companies are apolitical.
In a related development, the group is scheduled to host the 27th Saha Group Fair from June 29 to July 2 at Bitec Bangna.
More than 1,000 booths staffed by participants from 100 companies are scheduled to sell discounted products at the fair.
The fair showcase innovative products, including those featuring an environmental, social and governance theme, as well as joint venture signing ceremonies, seminars, competitions and fashion shows.
Vathit Chokwatana, president of Saha Pathanapibul Plc, said this year's event has the theme "Shopping Warriors".
The highlight of the event is the participation of both Thai and international influencers, including those from China, Malaysia and Vietnam, who will conduct live selling sessions.
Viewers can make immediate purchases, which should help expand the customer base to new groups, according to the company.
In collaboration with various overseas partners, the group's Shop Channel plans to work with Eshoplive, the top live commerce firm in Malaysia; SukeTV, a leading influencer marketing platform, and key opinion leaders from Malaysia; Yowant, a multichannel network, and influencers from China; Verofax, a tech firm from the United Arab Emirates; and WebTVAsia, an influencer network firm from Malaysia that works in partnership with the channel.
