Things seem to be softening a bit? They seem to need some experienced help. Pete
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BANGKOK (AFP) - Thailand's army-installed government has appointed a former deputy to ousted prime minister Thaksin Shinawatra to head up a new economics team to boost sagging business confidence in the country.
Somkid Jatusripitak, 53, was a deputy prime minister under Thaksin charged with heading up economic policy. He was widely seen as a potential successor to the billionaire premier before the military coup in September.
Prime Minister Surayud Chulanont named Somkid to head a new nine-member commission tasked with explaining Thailand's new economic policies, especially to international investors whose confidence has been badly shaken since the coup.
"My work is to support the government in strengthening economic ties with other countries, who really need a better understanding" of the government's policy, Somkid told reporters.
"My duties are unofficial, and I will work where I can compliment the government's work to promote better understanding among foreign investors as well as the media," he said.
Somkid was one of the most prominent members of Thaksin's government, variously holding the top jobs at the finance and commerce ministries.
He resigned from Thaksin's Thai Rak Thai party after the coup and has kept a low profile since then.
His appointment marks a rare embrace of Thaksin's legacy by the coup-makers, who have sought to distance themselves from the fallen premier.
However, a succession of policy blunders has severely damaged confidence in Thailand's economy, both among consumers and investors.
The bungled introduction of currency controls, changes in foreign investment laws and abrupt policy changes have battered the stock market.
Surayud's promotion of the "sufficiency economy" -- a vague philosophy of economic self-reliance and restraint promoted by King Bhumibol Adulyadej -- has also raised questions among foreign businesses about whether the country has weakened its enthusiasm for globalisation and integration.
Surayud said he wanted Somkid to persuade Thailand's trading partners that the sufficiency economy was not a rejection of the market economy.
"Somkid was in the previous government, so he is capable of explaining and building up confidence that sufficiency economy does not contradict capitalism," he said.
The move appeared to be a slight to Finance Minister Pridiyathorn Devakula, a former Bank of Thailand governor, who has given confusing and sometimes contradictory explanations of Thai economic policy.
Pridiyathorn said he had not been consulted about the decision to bring in Somkid, but insisted he was not unhappy about the appointment.
"My work will have nothing to do with Somkid," he said. "There is no reason for me to feel unhappy. He will not have to work with me."