Sanctions Threat Already Having Chilling Effect on Business Activity in Myanmar
Sanctions Threat Already Having Chilling Effect on Business Activity in Myanmar
Military trucks and armored personnel carriers are seen in Mandalay, the commercial hub of central Myanmar, on Feb. 3. / Zaw Zaw / The Irrawaddy
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By Nan Lwin 3 February 2021
YANGON Many firms, especially foreign-owned businesses, in Myanmar have reacted with shock to Monday’s military coup and declaration of a yearlong state of emergency, which has put billions of dollars’ worth of foreign investment at risk due to possible sanctions from Western countries. Some foreign firms have already put investment commitments on hold.
Myanmar to Start Joint Projects With Three Asian Countries
An artist’s rendering of housing and residential structures within the KMIC project. / KMIC
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By Nan Lwin 21 December 2020
YANGON Amid efforts to secure foreign investment to mitigate the impact of the COVID-19 pandemic on Myanmar’s economy, the government expects implementation of three major infrastructure projects planned for Yangon Region with the participation of South Korea, Singapore and Thailand to begin soon.
Speaking at the annual meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Sunday, U Thaung Tun, who heads the Union Ministry of Investment and Foreign Economic Relations (MIFER), said that while the global economy has faced many challenges due to the COVID-19 pandemic, Myanmar’s agriculture, electricity and industrial sectors have potential to attract investment from both domestic and foreign investors.