Myanmar’s economic decline pushes Thai investments out
Published by Alfie Lloyd-Perks,
Editorial Assistant
World Cement,
Myanmar’s economic downturn began with the outbreak of Covid-19 and was further exacerbated by the military coup in 2019, along with the ongoing clashes between the junta and ethnic groups.
According to Thammasak Sethaudom, executive vice president of Siam Cement Group (SCG), the company has ceased operations at two factories in Myanmar and frozen expansion plans over the past two years due to the unstable political situation. He stated that SCG had invested over 8 billion baht in these factories, but that parts of the machinery have already been looted amid the conflict.
In an interview with The Nation, Sethaudom declared that “There is no hope of resuming the operation anytime soon,” adding that, “Myanmar has another cement factory in the north, owned by a Chinese company and guarded by the Chinese military. SCG could not do that and we would not risk our employees’ lives.”
You can read the full story on The Nation here
Click here for free registration to World Cement
Read the article online at: https://www.worldcement.com/asia-pacific-rim/09092024/myanmars-economic-decline-pushes-thai-investments-out/
You might also like
The World Cement Podcast - What's next for US Cement?
In this episode of the World Cement Podcast, we are joined by Mike Ireland, President and CEO of the ACA or American Cement Association. Listen in as Mike and David dive into a range of topics, including the ACA’s recent rebranding efforts, decarbonisation, policy and legislation, and the impact of AI on cement demand.
Tune in to the World Cement Podcast on your favourite podcast app today.
