Bangkok’s Democracy Monument was erected to commemorate the 1932 coup that ended Thailand’s seven-century reign of kings, and became a rallying point last year for protesters seeking to oust the government. Now, the landmark’s builder is going abroad for the first time in its 84-year history as political instability saps demand at home.
“Because of the uncertainty, government projects are on hold and some have been canceled,” said Khushroo Wadia, managing director at Christiani & Nielsen Thai. “We are looking for opportunities in neighboring countries like Myanmar, Laos and Cambodia as a way to diversify our risk.”
Thai companies have endured eight straight years of political tension marked by violent street clashes, making them increasingly desperate as orders decline and capacity is idled.
With no end in sight to the unrest that began late-October to unseat Prime Minister Yingluck Shinawatra, the danger is more firms may follow Christiani & Nielsen in search of new markets as the monetary authority and the World Bank cut growth forecasts and ratings companies warn of potential downgrades.