Thailand asked to eye investment

 Bangkokpost: March 30, 2012 ... 

The government should make greater efforts to develop infrastructure links between Thailand and Myanmar, says a local business leader.

PTT Exploration and Production Plc (PTTEP) yesterday said this will pave the way for Thai companies investing in Myanmar and help to assure their success in the neighbouring country.

"The Thai government must play a stronger role in the development of the infrastructure projects," said Anon Sirisaengtaksin, the president and chief executive.

"This will help the Myanmar economy develop and strengthen Thailand's position as the centre of Southeast Asia."

PTTEP plans to invest in a gas separation plant to be built near Yangon, with construction et to start this year.

The company, which has operated in Myanmar for 20 years, is committing 10% of its five-year, 600-billion-baht capital expenditure programme to the country.

"We've convinced them we are long-term investors and that we will honour our commitments. There is no problem," said Mr Anon.

PTTEP, Thailand's largest exploration and production company, has been granted concessions for five offshore petroleum fields in Myanmar and was recently awarded two onshore concessions in the country.

Boonkiat Cheewatragoongit, a senior vice-president of the Charoen Pokphand Group, said local partners are important for Thai firms.

"Myanmar's leaders have recently said a lot of positive things, and now it's time for them to do what they have said," he said.

Sopacha Dhumrongpiyawut, the managing director of Gunkul Engineering Plc, said more competition from Malaysian, Japanese, South Korean and Singaporean companies is expected.

Currently, Thailand ranks second among foreign investors in Myanmar.

Syamrath Suthanukul, the marketing director at SCG Cement, said he has concerns about the exchange rate in Myanmar.

But Ang Soe, director of the Myanmar's Trade Ministry's International Trade Promotion Division, said the country will soon come up with a better foreign exchange system.

Myanmar's central bank early this week agreed to establish a managed currency float, he said.

http://www.bangkokpost.com/news/asia/286633/thailand-asked-to-eye-investment