Thailand will remain a strong economic partner with Myanmar, says ambassador

Thailand will strive to maintain its position as Myanmar’s second largest trade and investment partner, the Thai ambassador has told members of the Union Of Myanmar Federation of Chambers of Commerce and Industry.

“Thailand is the second largest trading partner with Myanmar and as a partner we will work to preserve this relationship and cooperate with Myanmar in providing what is needed for the improvement of our economies,” Mr Pisanu Suvanajata said at the UMFCCI on August 19.

Mr Pisanu gave the assurance at a ceremony to sign a memorandum of understanding between the UFMCCI and the Thailand Convention and Exhibition Bureau.

The MoU is aimed at contributing to the development of the meetings, incentives, conferences and exhibitions (MICE) sector.

TCEB president Mr Nopparat Maythaveekulchai said there was significant potential for increased economic cooperation.

“If we can share our strengths and cooperate we will see a huge development of our countries’ economies,” Mr Nopparat said.

He said the 10-fold increase in tourist arrivals in Myanmar during the past two years gave it much in common with Thailand, where tourism is one of the top foreign exchange earners.

Ministry of Hotels and Tourism figures show 970,000 foreign tourists visited Myanmar in the seven months to the end of July and that more than half entered the country through border crossings with Thailand.

Ministry of Commerce figures put the value of bilateral trade last year at US$7.82 billion (about K7.62 trillion), up 15 percent from 2012.

Myanmar Investment Commission data shows that Thailand is the second biggest investor in Myanmar after China, with the amount invested to the end of June totalling $10.1 million (K9.85 trillion).

Mr Pisanu told a seminar in July that Thai investment in Myanmar would reach $100 billion in the next 15 years.

Source: MIZZIMA Myanmar

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Dagon City", “MOGE”, “yangon stock exchange”,"MECTEL", "hydropower", etc.

To learn about the business opportunities in Myanmar click here

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page "Actual Sample of Client Report”. Click here to go to page.

Do you know that IE Singapore is giving up to SGD 20,000 support for Singapore company to venture into Myanmar? To learn more click here