Irrawaddy-July 24
Myanmar’s regime is courting foreign investment in the electricity and energy sector.
Electricity and Energy Development Commission chairman Tin Aung San on Wednesday called for a “one-stop service” to simplify land access for energy projects and to reduce bureaucratic hurdles. The Ministry of Investment and Foreign Economic Relations recently formed a task force to boost regional and international energy cooperation and investment. Electricity minister Nyan Tun and energy minister Ko Ko Lwin attended Wednesday’s meeting in Naypyitaw while regional and state chief ministers joined online. The junta has failed to resolve chronic power shortages and soaring fuel prices, drawing widespread public criticism. Western sanctions, capital flight and economic contraction have led to a dollar shortage, making it difficult to import petrol, diesel, aviation fuel and natural gas. Despite Myanmar’s abundant natural resources, the lack of financial capital has stalled domestic energy production, prompting the regime to seek foreign investment. In his response to Donald Trump’s threat of a 40-percent tariff hike earlier this month, junta leader Min Aung Hlaing appealed for the lifting of economic sanctions. The US has targeted Myanmar’s Foreign Trade Bank, Investment and Commercial Bank and the state-run Myanma Oil and Gas Enterprise, which has put extra pressure on the regime. The junta is working with China, Russia and India to develop its electricity infrastructure. Read more at: https://www.irrawaddy.com/business/myanmar-junta-looks-for-foreign-energy-investment.html
