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According to the Thai Auto Parts Manufacturers Association (TAPMA), what Thai and foreign operators are most worried about is the government’s lack of clear policy and slow response to their problems, which they deem to have resulted from political disunity.
Apart from the government’s failure to clarify the investors’ worries, the populist policies, particularly the minimum wage hikes, are also a major obstacle that could cause the industry’s recovery to take a longer time. The investors admit they might look for new investment bases in other countries where the production costs are lower.
TAPMA members have planned to call a meeting to discuss the impacts of the floods and think out the solutions. TAPMA will also propose that the government temporarily approve the tariff exemption for imported auto parts and equipment for at least six months after which time the auto industry should pick up.