MYANMAR – Thai media reports that Thai companies will withdraw investments worth US$7 billion due to the instability after the February 2021 military coup in Myanmar.
Previously, Thailand was the third largest investor in Myanmar’s foreign investment sector, but now it has dropped to fifth place. In Myanmar, 11.6 billion US dollars were invested in 155 projects, while the investments in 105 projects decreased to 4.45 billion US dollars. 50 projects worth 7 billion US dollars have been left. Such a mass departure of Thai investments from Myanmar is a blow to Myanmar’s economy.
According to Prachachat Business News, trade between Thailand and Myanmar totaled US$3 billion from January to May, which was a 10.46 percent decrease compared to previous years.
Thailand’s exports to Myanmar are 1.7 billion US dollars and decreased to 11.81 percent. Thailand’s imports from Myanmar also decreased by 8.52 percent to 1.2 billion US dollars.
Currently, the fighting between the revolutionary forces and the military council has not abated, and many Thai companies have suspended their operations in Myanmar. Thailand’s TPBI Public Company Limited dissolved its subsidiary TPBI & Myanmar Star Company Limited on July 8, while Christiani & Nielsen (Thai) Public Company Limited and General Engineering Public Company Limited also announced the suspension of their Myanmar operations due to the current situation in Myanmar.
