On 4 November 2016, Ambassador Pisanu Suvanajata led a delegation of      22 Thai businessmen from the Thai Business Association of Myanmar (TBAM) to receive a policy briefing from His Excellency U Khin Maung Cho, Union Minister of Industry,      U Set Aung, Deputy Governor of the Central Bank of Myanmar, and U Htein Lwin, Permanent Secretary of the Ministry of Electricity and Energy, at The Lake Garden        Nay Pyi Taw. The purpose of the meeting was to enable Thai businessmen to (1) become acquainted with Myanmar’s policy makers; (2) to gain insight on Myanmar’s policies,     and related rules and regulations; and (3) to discuss opportunities for Thai investment      and Thai-Myanmar collaboration, as well as the future direction of Myanmar’s economic policies.

During the discussions, the Myanmar side reaffirmed its policy to welcome foreign direct investment, and was prepared to provide information and recommendations. In terms of cooperation in the industrial sector, Ambassador Pisanu reassured the Myanmar side that Thailand stands ready to share knowledge and to collaborate with Myanmar in areas which Myanmar gives importance. This includes the agricultural sector, modernization of technology in the manufacturing sector, Public-Private Partnership (PPP), the development of SMEs, expansion of manufacturing centres, human resource development, and R&D. In addition, the Myanmar side also expressed interest in developing Dawei and Myawaddy into manufacturing centres to create jobs along the border with Thailand, especially in light industry, garments, and food processing.

With regard to Myanmar’s financial policy, the delegation learned of policy continuation since the current government assumed power in April 2016. This includes the policy to promote financial inclusion and the Central Bank of Myanmar’s approval of regulations on mobile banking. Moreover, the Thai and Myanmar side also discussed opportunities for collaboration in financial technology (fintech), the use of foreign currency in Myanmar, and Myanmar’s taxation system.

Regarding electricity and energy, the Myanmar side informed that Myanmar’s current installed capacity is around 4,600 MW, and that the government has a policy to increase the electrification rate to 1.7 million households by 2019, and to achieve 100% electrification for Myanmar by 2030. The government welcomes joint ventures in liquefied natural gas (LNG), and investment in power generation and transmission lines.

The discussions took place in a friendly atmosphere, with the Thai side receiving in-depth knowledge on Myanmar’s policies. The Royal Thai Embassy in Yangon will continue to provide Thai businessmen with opportunities to meet Myanmar agencies to strengthen Thai-Myanmar economic relations and business ties. 

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