Thailand’s Exim Bank chooses Yangon for first overseas office

State-owned Export-Import Bank of Thailand was due to open its first overseas representative office in Yangon on June 9, media reports said.

The bank has so far provided loans worth up to THB10 billion (about K396 billion) to Thai companies investing in Myanmar, reported Bangkok daily, the Nation.

Exim Bank’s chief representative in Myanmar, Mr Woramin Thavarabha, told the English-language newspaper Thai investments in another 18 projects worth THB700 billion (about K27.77 trillion) were under consideration.

Some of these potential investors had already applied for loans from the bank, he said.

As well as lending to Thai investors, the representative office would also provide loans to Myanmar companies that import raw materials from Thailand or employ Thai staff, Woramin said.

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Advisory services for Thai companies interested in investing in Myanmar would also be provided by the office, he said.

Exim Bank decided to open its first overseas representative office in Yangon because of the interest among Thai companies in investing in Myanmar, the report said.

Woramin said Thai investors were focusing on Myanmar’s energy, electricity, industrial estate, logistics, hotel, construction, sugar and rubber sectors.

Exim Bank was due to sign a memorandum of understanding with state-owned Myanma Foreign Trade Bank on June 9 to share experiences and provide mutual advice about investment between the two countries, the Nation reported.

Thailand was the third biggest foreign investor in Myanmar, show government figures released in April after the end of the fiscal year.

The cumulative figures, for foreign direct investment since the former ruling junta eased restrictions on FDI in 1988, show Thailand had invested US$10.9 billion, after China ($18.5 billion) and Singapore ($16.8 billion).

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