Thailand sees promising opportunities in BIMSTEC

BANGKOK, March 26 (TNA) - In a seminar on Thailand's investment and trade opportunities in Myanmar, India and Bangladesh under the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), held in Bangkok on Monday, Thai Permanent Secretary for Commerce Yanyong Puangraj said the BIMSTEC market is huge covering over 1.5 billion consumers of seven countries, including Myanmar, India, Bangladesh, Bhutan, Nepal, Sri Lanka and Thailand. Yanyong recommended that the BIMSTEC is suitable for expanding production, sourcing raw materials and exporting products to other countries with trade privileges available in the member countries of the regional grouping, and that Myanmar, in particular, has a bright prospect for regional businesses of public utilities, hotels, hospitals, and television. Yanyong acknowledged that India has opened to regional investment in public utilities, precious stones and ornaments; while Bangladesh is considered suitable for instant food production due to its plentiful raw materials although it needs food production and preservation technologies. Meanwhile, honorary adviser to the Bangkok-based Fiscal Policy Research Institute Foundation Narongchai Akaraseranee, who is also a former Thai commerce minister, acknowledged that the Myanmar government has not yet amended two laws to facilitate international trade, one is an investment law under which foreign investors are prohibited from bringing profits out of Myanmar and the other is a foreign exchange law under which the Myanmar government determines foreign exchange rates that are much different from market rates. Narongchai pointed out that politics in Myanmar has also remained uncertain, as the international community is also waiting to see whether the next election will happen smoothly in the neighbouring country and the Myanmar government. Narongchai said, however, that Thailand has an edge over other countries being interested in investing in Myanmar because Myanmar people favored and are familiar with Thai products for viewing TV programs from Thailand; so, he foresees Thailand's promising business opportunities in Myanmar related to agriculture, construction and consumer products. The Thai Ministry of Commerce has assigned the Fiscal Policy Research Institute Foundation to study Thai investment opportunities in Myanmar, India and Bangladesh. The foundation organized business forums in the three countries and organized the seminar in Thailand on Monday to present the results of its study and gather relevant opinions. The ministry will then use the study and relevant opinions to develop effective strategies for trade and investment in the BIMSTEC countries.(TNA)