Thai Amata to slow investment in $1-billion Myanmar industrial zone after coup

  • 📰 rapplerdotcom
  • ⏱ Reading Time:
  • 61 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 86%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Amata is among the foreign businesses operating in Myanmar that scrambled to understand the situation after the military seized power.

"We have to slow down," chief marketing officer, Viboon Kromadit, told reporters in a virtual briefing, adding the company was assessing the situation daily.

Amata has so far developed 200 acres of the estate, investing just 140 million baht , he said, adding it took the firm 5 years to obtain the business license.Last year, chief executive Vikrom Kromadit said the industrial zone value would be $1 billion. The first phase of the project is valued at $274.7 million, Myanmar government data shows.

The company has a total land area of 2,000 acres for the industrial estate, which is aimed to attract foreign investors looking for low labor costs and access to a growing market.on Monday, February 1, after the military seized power from the democratically elected government of Aung San Suu Kyi.so the coup was a"double whammy," he said, because it created uncertainty that deterred its customers., which would further limit investment and the possibility of violence.

Myanmar's military intervened to prevent parliament convening and detained leader Suu Kyi, lawmakers, and key figures from the National League for Democracy party, which won 83% of available seats in last year's election. "If the public doesn't accept it, it could lead to violence and everything will be frozen," Viboon said of the coup.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines