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With Myanmar open, Thai trade may thrive
Firms eyeing Yangon as a distribution hub
YANGON : Thai executives should heed rules and regulations in Myanmar now that the country is opening to the world and embracing investors from around the globe, says the International Trade Promotion Department.
The military-ruled country has become the centre of attention for investors near and far.
Leading a trade mission to Myanmar recently, department director-general Nuntawan Sakuntanaga said that country's economy will likely expand and provide opportunities for Thai entrepreneurs to use Yangon as a centre to distribute goods upcountry.
Myanmar's trade policies benefiting Thai operators include the opening of the Myawaddy checkpoint opposite Tak's Mae Sot district last December, facilitating border trade between the two countries.
Another plan under review is to open more temporary border checkpoints in Kanchanaburi and upgrade immigration services at checkpoints in Mae Hong Son and Prachuap Khiri Khan.
The double taxation treaty between Thailand and Myanmar has been effective since January, allowing for the exemption from the withholding tax of 3.5% on the import of goods and services worth more than US$300.
Thailand now has more trade opportunity after Myanmar lifted its ban on Thai imports for items including drinks, crackers, gum, cakes, wafers, chocolate, canned meat, canned fruit, noodles, spirits, beer, cigarettes and fresh fruit.
Mrs Nuntawan said her department will outline a strategy for promoting expansion in Myanmar, focusing on serving market needs in core cities and second-tier cities.
Thai industries already invested in Myanmar include footwear and household products.
Others with high potential are gems and jewellery, textiles, consumer goods, fishery, tourism, furniture and wood processing.
Phietoon Trivijitkasem, a vice-chairman of the Federation of Thai Industries, will lead another delegation to survey investment opportunities in Myanmar, especially in industries relying on labour and cheaper raw materials.
Thailand exported $2.84 billion worth of items to Myanmar last year, up by 37% from 2010.
Top exports included petrol, machinery, drinks, steel and cars.
