Bangkok, Mar 15 (IANS): Thailand's business tycoon Thanathorn Juangroongruangkit and famed law lecturer Piyabutr Saengkanokkul launched on Thursday a political party to contest a nationwide election.

Thanathorn, executive vice president of Thai Summit Group, a major manufacturer of automobile and motorcycle parts, and Piyabutr, a Thammasat University law lecturer, met the media before going to the Election Commission headquarters to set up the Future Forward Party.

Founded by 26 local activists, academic and social campaigners, the party said in a statement that it plans to build "new politics" to lead Thailand out of a decade of political crisis, Xinhua news agency reported.

Thanathorn, 39, a nephew of former Transport Minister Suriya Juangroongruangkit, said his party consisted of members of the young generation from varied walks of life whose viewpoints will be taken as part of his party's policy during an electoral campaign.

Meanwhile, former Democrat Party Secretary General Suthep Thuagsuban, who had orchestrated mass protests in Bangkok which culminated in the 2014 coup to depose former Prime Minister Yingluck Shinwatra, is largely expected to apply to set up a party later this month.

Prime Minister Prayut Chan-o-cha, who concurrently heads the National Council for Peace and Order, earlier commented that the general election would be held February next year.