Thai investors flee Myanmar chaos, pulling out 253 billion baht

[snoop1130]

 

Thai companies are fleeing Myanmar amid escalating conflict and economic instability. The ongoing clash between Myanmar’s military government and opposition forces shows no signs of easing, prompting Thai firms to withdraw a staggering US$7 billion (around 253 billion baht) in investments.

 

Once the third-largest investors in Myanmar, Thai companies are now ranked 5th, with investments plummeting from US$11.6 billion in 155 projects to US$4.45 billion across 105 projects. This exodus represents a loss of 50 projects and a significant blow to Myanmar’s economy.

 

According to Prachachat Business News, trade between Thailand and Myanmar from January to May totalled US$3 billion, a 10.46% drop from the previous year. Thai exports decreased by 11.81% to US$1.7 billion due to protracted import licensing procedures in Myanmar, while Thai imports fell 8.52% to US$1.2 billion. Consequently, Thailand enjoyed a trade surplus of US$499.3 million.

 

In response, the Myanmar government has intensified efforts to reduce its trade deficit, announcing stringent measures against goods found in ports or airports without import licences. As of July 1, seven categories, including fertilisers and steel, require an import licence from the Foreign Exchange Supervisory Committee (FESC).

 

 

A report from Thailand’s Trade Promotion Office in Yangon, updated on July 5, forecasted a meagre 1.5% growth for Myanmar’s economy this year. International trade between April and May reached US$4.5 billion, a 14.5% decline compared to the same period last year. Exports increased by 10.94% to US$2.3 billion, while imports plummeted by 30.82% to US$2.2 billion, resulting in a trade surplus of US$63.53 million for Myanmar.

 

Despite these challenges, the demand for Thai condominiums among Myanmar buyers remains strong due to their investment potential. In Q1 2024, Myanmar buyers surpassed Russians, securing 392 transferred units worth 2.2 billion baht. However, the political turmoil in Myanmar has caused a temporary pause in this trend.

 

Amidst this turmoil, several Thai companies listed on the Stock Exchange of Thailand have shuttered their operations in Myanmar.

 

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 terminated their Myanmar ventures due to ongoing losses and adverse political conditions, reported KhaoSod English.

 

By Puntid Tantivangphaisal

Photo courtesy of KhaoSod English

 

Source: The Thaiger 2024-07-11

 

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[Tropicalevo]

And panic sets in amongst the government.

Well done investors. Still a way to go but the world needs to stop the murder of innocents by this illegal government.

[cncltd1973]

and yet, Thai bank is recently loaning money to the Myanmar gov, to continue to prop it up

[spidermike007]

Excellent news. The elss support the better. These leaders in Burma are 

total bankrupt, morally. The Burmese army is a den of thieves, drug dealers, gem smugglers, human traffickers, serial killers, vote stealers and despot thugs. Billionaires raping the public. 

 

General Min Aung Hlaing is the top pig. He says the military will hold an election and hand over power to the winning party. Right. Can't handle the loss, you wimp?  

 

“Action must be taken according to the law with effective steps against offences which disturb, prevent and destroy the state’s stability, public safety and the rule of law,” said a statement read by an announcer on state-run MRTV. Total nonsense. They are making up this crap as they go. The generals previously justified their takeover on the grounds of election fraud, promising to hold new elections. Now, they lost by huge margins. The people said enough. 

 

“Hundreds of thousands if not millions of people have been protesting about the coup and Min Aung Hlaing’s response astoundingly seemed to blame the democratically elected government of not being appropriately committed to democracy as one cause for the coup,” Lee said. Funny man. Desperate and weak too. 

 

“He then suggested that the economic environment for investment would be good under the military. Well, if you call billionaire generals good for the economy, well it is at least good for a few hundred idiotic, and ridiculously corrupt and morally bankrupt generals, anyway. When the Burmese army says they are uninterested in politics, that is total BS. They are power hungry thugs. Utter animalsand despots. The billionaire generals are thieves, robbing the people of their gems, their timber, their minerals and selling heroin for the sake of amassing wealth. And supported by extremist Buddhist monks against the minorities. Broken men. With their recent overthrow, they have self revoked the right to consume oxygen. May the #myanmaryouth prevail! May the dinosaurs be pushed out. They are a terrorist army.

 

Hooray to the Burmese people, for their ralesistsnce, may they bring utter misery to the junta, and the thieves that are controlling Burma, stealing their treasure, and inflicting misery on their people.

 

Shame on the morally bankrupt officials and Thai military, for granting that foul, horrific, toxic, obnoxious military, permission to fly over Thai airspace to rescue their ill-gotten billions.

[watchcat]

20 hours ago, snoop1130 said:

(around 253 billion baht) in investments.

 

Coming from outside thailand = tax money.

[Chris BKK]

Well said spidermike007, I agree fully

[paul1804]

If Thailand as Myanmars immediate neighbor had any ethics it would vito the illegally imposed BS Junta government in Myanmar who are crooks, thieves and murderer's! They are there to rape, pillage, suppress & murder the Burmese people & deny them of any sort o a normal life. Their crimes are endless and disgraceful yet several countries & their neighbours like Thailand, China & India, as well as Russia & Iran are supporting this atrocity purely for their own financial gain, another disgrace against humanity!!! 

[paul1804]

On 7/12/2024 at 1:05 PM, spidermike007 said:

Excellent news. The elss support the better. These leaders in Burma are 

total bankrupt, morally. The Burmese army is a den of thieves, drug dealers, gem smugglers, human traffickers, serial killers, vote stealers and despot thugs. Billionaires raping the public. 

 

General Min Aung Hlaing is the top pig. He says the military will hold an election and hand over power to the winning party. Right. Can't handle the loss, you wimp?  

 

“Action must be taken according to the law with effective steps against offences which disturb, prevent and destroy the state’s stability, public safety and the rule of law,” said a statement read by an announcer on state-run MRTV. Total nonsense. They are making up this crap as they go. The generals previously justified their takeover on the grounds of election fraud, promising to hold new elections. Now, they lost by huge margins. The people said enough. 

 

“Hundreds of thousands if not millions of people have been protesting about the coup and Min Aung Hlaing’s response astoundingly seemed to blame the democratically elected government of not being appropriately committed to democracy as one cause for the coup,” Lee said. Funny man. Desperate and weak too. 

 

“He then suggested that the economic environment for investment would be good under the military. Well, if you call billionaire generals good for the economy, well it is at least good for a few hundred idiotic, and ridiculously corrupt and morally bankrupt generals, anyway. When the Burmese army says they are uninterested in politics, that is total BS. They are power hungry thugs. Utter animalsand despots. The billionaire generals are thieves, robbing the people of their gems, their timber, their minerals and selling heroin for the sake of amassing wealth. And supported by extremist Buddhist monks against the minorities. Broken men. With their recent overthrow, they have self revoked the right to consume oxygen. May the #myanmaryouth prevail! May the dinosaurs be pushed out. They are a terrorist army.

 

Hooray to the Burmese people, for their ralesistsnce, may they bring utter misery to the junta, and the thieves that are controlling Burma, stealing their treasure, and inflicting misery on their people.

 

Shame on the morally bankrupt officials and Thai military, for granting that foul, horrific, toxic, obnoxious military, permission to fly over Thai airspace to rescue their ill-gotten billions.

I couldn't agree more but the Thai investors are also only interested in the $$$$ and have no thought for the disgrace that is being carried out by the illegally instated junta army, you cannot call them a government because they just are pure crooks & murderess's!!!