Finance Minister Apisak Tantivorawong, right, and Jukr Boon-Long, the Thai ambassador to Myanmar, in discussions while on a visit to Exim Bank's representative office in Yangon yesterday. The office will open today.
Finance Minister Apisak Tantivorawong, right, and Jukr Boon-Long, the Thai ambassador to Myanmar, in discussions while on a visit to Exim Bank's representative office in Yangon yesterday. The office will open today.

Exim Bank opens first overseas rep office in Yangon

Corporate June 09, 2017 01:00

By SOMLUCK SRIMALEE
THE NATION
YANGON

3,351 Viewed

THE Export-Import Bank of Thailand is opening its first overseas representative office today to support Thai companies investing in 18 infrastructure projects in Myanmar worth more than Bt700 billion.



The new office is in Yangon, the country’s commercial capital.

Woramin Thavarabha, Exim Bank’s chief representative in Myanmar, said in an interview yesterday that Thai investors in the neighbouring country were focusing on the energy, electricity, industrial-estate, logistics, hotel, construction, sugar and rubber sectors. As a result, the bank decided to open its first overseas representative office in Yangon.

So far, the bank has provided loans worth up to Bt10 billion to Thai investors in Myanmar, while further Thai investments in 18 projects worth more than Bt700 billion are under study. Some of these potential investors have already applied for loans from the bank, he said.

Woramin said that besides lending to Thai investors in Myanmar, the new representative office would provide loans to Myanmar companies that import raw materials from Thailand or employ Thai staff.

The office will also provide advisory services for Thai companies interested in investing in Myanmar.

Also today, Exim Bank will sign a memorandum of understanding with Myanmar Foreign Trade Bank on sharing their experiences and providing mutual advice about investment between the two countries, Woramin said.

Export-Import Bank of Thailand (Exim Bank) opens the first representative in Yangon, Myanmar today to support with Thai investors to expand the investment in 18 infrastructure projects worth over than Bt700 billion in Myanmar.

Woramin Thavarabha, chief representative of Yangon Representative officer of Exim bank said at interview yesterday that Thai investors expand their investment in Myanmar by focus on to develop the country’s infrastructure such as energy, electricity, industry estates, logistics, hotel, construction, sugar, and rubber. As a result, the bank decided to open its representative in Myanmar, which is the first overseas of representative office of Exim bank that is following the bank policy to support Thai investors who expand the investment in Myanmar.

At present, the bank provides loan worth up to Bt10 billion for Thai investors who expand their investment in Myanmar, while, Thai investors have studying to expand the investment in Myanmar up to 18 projects worth over than Bt700 billion. They are going on studying process, as some of them already apply to get the loan from the bank that is under considering process, he said.

He added that the representative branch in Yangon will provide loan for Thai investors who expand the investment in Myanmar, and also will provide loan for Myanmar’s firms who import Thailand raw material or employ Thai staff to work at their projects.

The representative also will be advisor for Thai investors who interest to expand their investment in Myanmar.

“We believed this will help Thai investors to expand their investment in Myanmar, which is one of Asean country who have high gross domestic products growth in the regional,” he said.

Meanwhile, today the bank will sign memorandum of understanding to collaborate with Myanmar Foreign Trade Bank to share their experience and also advise about the investment between the both counties, he said.