Myanmar cronies shadow regime investment push

Photo courtesy of The Irrawaddy

Myanmar junta leader Min Aung Hlaing has travelled abroad with a growing group of business figures whose companies sit close to the military administration, according to an investigation by The Irrawaddy.

His trips since May to India, China, Laos, Thailand, Russia and Belarus have included business forums where investment proposals have been promoted across energy, agriculture, ports and technology.

Business figures close to power

The report identifies several tycoons who have appeared repeatedly beside Min Aung Hlaing. They include Maung Maung Naing of Sky One Construction and Yetagon Energy, who has travelled with him to Russia while discussions have continued over oil refining, hydrocarbons and liquefied natural gas.

Naing Phyo Kyaw, linked to the leader's daughter through N.P.K Motors and other ventures, has joined China visits focused on electric-vehicle production. Aung Aung Zaw of 24 Hour Group, whose interests include mining and aviation, has also accompanied overseas trips.

Energy, telecoms and transport

The investigation also highlights Mya Han, associated with telecoms interests including Mytel, and a wider circle of business leaders with holdings in mining, aviation, banking, hotels, oil and gas.

Some companies and individuals named have previously been sanctioned by the United States, United Kingdom, Canada or the European Union because of links to Myanmar's military authorities. Activists have also alleged that certain aviation and financial businesses have supported military operations or surveillance.

What it means for foreigners in Myanmar

For foreign businesses and investors, the report underlines the importance of due diligence when considering projects connected to energy, infrastructure, transport or telecommunications. International sanctions and reputational risks can affect financing, partnerships and compliance decisions, even where projects are presented as commercial opportunities.

For residents and visitors, major investment announcements may not translate quickly into broader economic improvement while conflict

28 August 2026, sanctions and political uncertainty continue to shape the operating environment.

28 August 2026