Apr 22, 2011

Billionaire U Tay Za: "There are a lot of opportunties here these days"

In a rare interview published in "The Future" magazine in Yangon, Myanmar business tycoon Tay Za said he had taken his father’s advice and invested in Myanmar in order to create jobs for the people. He encouraged young Myanmar people living abroad to ‘come back home and work here’, noting, ‘There are lots of opportunities here t these days’.

He told The Future that he started out in business in 1984 with less than US $12 and in 1995, he achieved millionaire status. He is now regarded as the richest man in Myanmar.

His business ventures include gems and jade, an airline, hotels and tourism, agriculture, construction and timber exports. His major company, Htoo Trading, is also Myanmar’s leading teak exporter.

On the subject of Western sanctions he said it was unfair the US and EU sanctions to remain in place against Myanmar, ‘No action has been taken against Chevron company of the US and Total company of France, which are reaping billions of US dollars in profits annually from their natural gas projects in Myanmar’.The Western sanctions on the gems business and on the hotel and tourist industries shows an ‘immoral’ attitude on the part of the US and European countries towards the people of Myanmar.

At the same time he also downplayed the Western sanctions and pushed the role of Myanmar's connection with Asian countries. ‘We are making use of more and more Asian products’, Tay Za said.

Source: The Future