Senior General's China visit reboots hope for foreign investment
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Hsu/ Pearl (NSS) - Sep 17
Business owners told The Statesman that they expect suspended businesses to resume operations following the Commander-in-Chief's trip.
During his visit to China, Senior General Min Aung Hlaing, Chairman of the State Security and Peace Commission assured that efforts would be made to ensure that foreign investors and traders operating in Myanmar would not suffer losses.
After the upcoming election, business owners anticipate an increase in foreign investment, a drop in the foreign exchange rate, and an easier process for obtaining import licenses.
A construction entrepreneur told The Statesman, “Investors will definitely come. I am quite certain China will open up a new market. Once investments start flowing in, the U.S. dollar and foreign currency exchange rates will naturally decline. Some even estimate the dollar rate could fall to around 3,000 kyats in the post-election period, even before the investments arrive. With incoming investments, foreign currency will also flow in, likely leading to eased restrictions on import licenses. This could help the economy get back on track.”
During the trip to China, discussions were also held with the Chinese President regarding the implementation of ongoing joint projects between the two countries.
Therefore, it is also understood that business owners are hopeful the Kyaukphyu Special Economic Zone (SEZ) project will be able to initiate preliminary work during the pre-election period and proceed at full speed after the election.
A businessman from Kyaukphyu told The Statesman, “We haven’t seen much activity yet; it seems they are still handling paperwork. On the ground, nothing has started. However, I’m quite certain that things will begin after the election. I believe some initial work will be launched before the end of this year, ahead of the election. We also heard about this during the China trip, which is encouraging. The fact that the leaders of both countries are actively negotiating this matter is good news. I’m confident work will begin soon, with groundwork likely starting before year’s end and, progressing with strong momentum after the election.” –