Thai entrepreneurs urged to move fast in Myanmar
Thai entrepreneurs should tap Myanmar’s high growth potential, say Thai business leaders. However, competition has grown intense as Myanmar welcomes other foreign investors, forcing some Thai businesses to seek local partners in order to make it easier to do business there.
“Although Myanmar is open to foreign investors, laws and regulations are still not stable and can be changed any time. So investors should find local partners in order to help understand the changing business and political circumstances in Myanmar,” said Panitarn Pavarolavidya, chairman of the Thai-Myanmar Business Council.
SET-listed Millcon Steel Plc was one of the first Thai businesses to seek a local partner before investing in factories to serve rising demand due to huge infrastructure projects in Myanmar. in the coming years,” Mr Panitarn
Millcon set up a US$15-million added. joint venture in Thilawa’s special Kriangkrai Kanjanapokin, economic zone and has developed co-chief executive of major events all infrastructure to be ready for provider Index Creative Village Plc, investment, president and chief said competition in Myanmar was executive Sittichai Leesawadtrakul fierce. said. Many foreign investors are now
The joint venture is 45% owned tapping the growing demand, he by Millcon, with Thai General En-said. gineering Construction Plc holding With rising competition, Thai45% and local partners 10%. land ranks as Myanmar’s sixth-larg
Mr Panitarn said steel conest investor, falling from second sumption in Myanmar remained place in recent years. low at 2-3 million tonnes annually. “Thai investors have spent too
However, there is plenty of much time dithering, and that’s room to grow with the governmade us lose our first-mover adment accelerating investment in vantage,” Mr Kriangkrai said. construction and infrastructure “Now there are many investors projects, signalling demand for including Japanese, Chinese and construction steel will rise sharply, Singaporeans whom we have to he said. compete with.”
“We have prepared land for factory expansion in the Thilawa SEZ, as we expect demand will increase