Given the mutual and national benefits, these CEOs, who commandeer Thailand’s largest conglomerates, are quite happy to work with the economic team – headed by Dr Somkid Jatusripitak, deputy premier for economic affairs – which recently set up a total of 12 working groups comprising both CEOs and top government officials.

Their mission is to revitalise the economy with multiple strategies ranging from boosting innovation and productivity to attracting private investment and developing new infrastructures, among others.

The short-term goal is to ensure the country’s GDP grows by 3-3.5 per cent this year, up from last year’s 2.8 per cent; while the medium- to long-term objectives are to boost the country’s international competitiveness following last month’s birth of the Asean Economic Community.

Short-term challenges include the ramifications of a Chinese economic slowdown, an oil and commodity price slump, exchange rate fluctuations and Thailand’s drought.

For the long run, one key strategy is to uplift small and medium enterprises (SMEs) and new business start-ups for more sustainable economic growth. At present, the number of SMEs in Thailand is estimated to total 2.7 million, of which 500,000-600,000 are registered as juristic persons,[legal entities recognized by law as the subject of rights and duties], while the rest are individuals.

In short, SMEs are the economy’s backbone and the biggest employers creating more than 10 million jobs. Altogether, SMEs account for 97 per cent of the total number of Thai enterprises, but, in terms of GDP, their share is only 30 per cent. On the other hand, conglomerates and big businesses whose number is just 2 per cent of the total control nearly 70 per cent of total GDP. As a result, it is imperative to boost the SME sector to account for a bigger share of GDP.

For developed nations, SMEs |generally account for 50 per cent or more of GDP, thus creating a more balanced economy and income distribution.

The country also needs a more competitive workforce, a stronger grass-roots economy, more competitive exporters, tourism and related businesses as well as more outbound investment activities and new so-called S-Curve industrial clusters.

All these are among the objectives and strategies outlined by the Somkid economic team to be implemented by the 12 working groups co-chaired by ministers, permanent secretaries, director-generals and CEOs.

The 12 working groups have been holding both weekly and monthly meetings to drive the implementation of these strategies.

Among top CEOs in these working groups are Kan Trakulhoon of Siam Cement Group, Supachai Chearavanont of True Corp, Adirek Sripratak of CPF, Somchai Lertsuthiwong of Advanced Info Service, Asawin Techacharernwikul of Berli Jucker.

Jen Namchaisiri of Asia Fibre, |Tos Chirathiwat of Central Group, Chartsiri Sophonpanich of Bangkok Bank, Boonchai Chokewatana of |Saha Group, Tapana Siriwatanapakdi of Thai Beverage Group, Vikrom Kommadit of Amata Corp, Kiri Kanchanapas of BTS Group.

The economic team’s leadership and political will are obvious – so is the private sector’s enthusiasm – but one CEO said he is not sure if most civil servants would fully co-operate with the public-private sectors’ teams since some budgets need to be shifted to implement new measures or to provide incentives.

Over the past one-year-and-a-half, the military government has faced problems resulting from the civil servant sector’s reluctance to quickly implement policies due to concern over strict scrutiny on budget disbursement