The New Prime Minister of Thailand Is a Rich Developer

After winning a vote on Tuesday in parliament, Srettha Thavisin was named prime minister of Thailand. He is the affluent head of one of the most well-known real estate firms in Thailand. Only nine months after joining Pheu Thai, a political party renowned for aiding the underprivileged, he was elected prime minister. After May elections, there had been months of political unrest until Parliament approved the 61-year-old Srettha. He will spearhead the Pheu Thai party’s efforts to reduce inequality and boost the economy. In the May elections, Pheu Thai came in second place behind the Move Forward Party. However, the party managed to put together an alliance of eleven parties, two of which were pro-military, in order to ratify Srettha.

 

“I’ll do my all in carrying out my responsibilities. Speaking to media at Pheu Thai’s headquarters, Srettha declared, “I will work tirelessly to improve the livelihood of all Thais.” Former prime minister and Pheu Thai founder Thaksin Shinawatra returned to Thailand after a 15-year exile just hours before Tuesday’s legislative vote. After accepting his eight-year prison sentence for corruption, supporters greeted Thaksin. After being overthrown by the military in 2006, Thaksin denied any political impact on the accusations. The choice of Srettha, according to observers, was influenced by Thaksin’s return and may have shortened his prison sentence.

 

Srettha resigned from his position as CEO of his family business, Sansiri, earlier this year. Sansiri is a prominent developer in Thailand, possessing real estate valued at more than $2.9 billion. Srettha was raised in an affluent household. Additionally, others believed he would not be able to win over Pheu Thai’s core supporters in the northern, less developed regions of the nation. However, he attended numerous working-class-focused campaign rallies after joining the party.

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