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The Thai private sector is being urged to set up industrial estates or special economic zones (SEZs) in Myanmar as the neighbouring country emerges as a magnet for foreign investment.
Deputy Prime Minister Somkid Jatusripitak said yesterday at a seminar on Thailand-Myanmar cooperation in Yangon that Thai investors should pay more attention to Myanmar as a destination for investment, as the country is making large strides on its labour competitiveness and rich raw materials.
He said Thai investors should think about establishing industrial estates in Myanmar in order to further Thai investments or investments from other countries which are expected to flood into Myanmar after the establishment of the new government.
“Myanmar under the new government is more open to foreign investment, while the government itself is committed to improving and upgrading its domestic regulations and investment laws to facilitate private investment,” Mr Somkid said during his four-day visit to Myanmar that began Thursday.
“It is a good time for Thai investors to invest in Myanmar, and government units such as the Industrial Estate Authority of Thailand should team up with private firms to develop SEZs in Myanmar.”
According to Mr Somkid, the Thai government is ready to negotiate with its Myanmar counterparts to upgrade industrial estates to SEZs if any Thai investors agree to establish the industrial estates there.
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