Thai businesses urged to timely expand investment into Myanmar

BANGKOK, January 27 (TNA) - Thai business operators have been urged to expand their investment projects into neighboring Myanmar, timely for the establishment of the ASEAN Economic Community (AEC) by 2015. Thai Ambassador to Myanmar Pisanu Suvanajata told TNA on Monday that Myanmar has opened its door to foreign investment for two years, with China becoming its largest foreign investor so far, followed by Thailand and Hong Kong. Pisanu acknowledged that many other rival countries in the Association of Southeast Asian Nations (ASEAN) and Asia, namely South Korea and Japan, are now also eager to invest in Myanmar. Pisanu suggested that Thailand should, therefore, have a clear investment direction toward Myanmar so that the Kingdom will not be slower than other rival countries in benefiting from investment opportunities in the neighboring economy. The top Thai envoy pointed out that Thailand has the edge over many other rival countries, as the Kingdom stands just next to and has positive relations with Myanmar and Thailand is also capable in investment areas that Myanmar needs, including infrastructure, product, construction and service sectors, as well as health, beauty, insurance sectors and other labor-intensive businesses. The top Thai envoy noted that the Myanmar economy has grown by 7-12 per cent annually for two years with stronger purchasing power and the Myanmar government is amending its regulations to protect foreign investment; so, Myanmar's public utilities and computer facilities should be developed efficiently and meet international standards over the next 5-10 years. Besides, Myanmar politics is now stable and the Myanmar government is developing the country to be a center for regional trade and investment. Thailand and Myanmar also plan to soon introduce mutual visa exemption for air passengers and the measure should, thus, increase travels between both countries by 30 per cent this year, on top of 121 per cent last year.(TNA)