Dec 13, 2012

20 Thai companies to explore Myanmar

The Thai Chamber of Commerce (TCC) will take 20 leading firms to Myanmar to explore trade and investment opportunities in the neighbouring country.

Pongsak: Myanmar’s low wages a draw

The three-day trip starting Sunday will be joined by executives from industries including sugar, food, banking, property, textiles, hotels and tourism.

TCC chairman Pongsak Assakul said the group will meet Tin Naing Thien, Myanmar's minister for national planning and economic development, to discuss new investment regulations and the country's economic prospects.

Myanmar has rich natural resources and will enjoy tax privileges next year from the Generalised System of Preferences granted by developed countries.

Mr Pongsak said Myanmar's low wages are attractive for investors, with a daily minimum wage of 75-120 baht and monthly salaries of 3,000 to 6,000 baht for workers with a bachelor's degree.

Mr Pongsak, who is a member of the Joint Public Private Consultative Committee, will also represent businessmen on the government's official trip led by Prime Minister Yingluck Shinawatra to meet Myanmar President Thein Sein in Nay Pyi Taw next Monday.

The working group of the two countries will meet to evaluate the progress of the Dawei project in Myanmar.

"The project is one of Thailand's strategic plans to invest in logistics in the East the country," Mr Pongsak said.

However, the project will take at least five years to become operational.

The TCC chairman also admitted Thai exports will expand at a slower pace than the 15% projected by the government early this year.

Economic growth this year will likely be 5.5%, with a forecast of 4.5% next year due to negative factors in the US and Europe.

Source: Bangkok Post