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
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Read the article online at: https://www.worldcement.com/asia-pacific-rim/09092024/myanmars-economic-decline-pushes-thai-investments-out/
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