Foreign businessmen do not have much problem with the fact the new prime minister of Thailand is a populist. But they do worry that he also may be a protectionist.
Not so, says Thaksin Shinawatra, the computer and mobile-phone multi-millionaire whose Thai Rak Thai Party won a landslide election victory three months ago. Even though his government favours import-substitution policies, this does not mean there will be less room for foreign companies, Mr Thaksin insisted in an interview last week.
'You can come and invest in Thailand, look at the domestic market and then [decide] 'Hey, I can produce this to sell here . . .' [So] why don't you do that? We invite you.'
Doubts about his economic intentions spread after a somewhat confusing speech in April in which he seemed to say that international standards of transparency and good governance were not appropriate for Thailand, and that investment practices which relied on external financing must be revised.
When this was combined with what seemed to be government efforts to protect local retailers from foreign competition, some analysts concluded Mr Thaksin wanted to curtail the country's relatively open market system. In fact, the foreign ministry felt obliged to issue a lengthy clarification.
It said: 'Thailand cannot . . . afford to entertain protectionist policies nor to discard our export-led development strategy', adding the government would continue to 'support and advance free trade'.