ASIA NEWS NETWORK
WE KNOW ASIA BETTER
France to extend investments in Myanmar
Publication Date : 06-08-2013
France is preparing to further invest in Myanmar’s infrastructure as well as in other sectors, according to reports following the visit of France's foreign trade minister.
Last month, President Thein Sein visited France where he met with French President Francois Hollande and discussed matters of bilateral cooperation including promoting business and trade, the development of education, and health sectors and the settlement of remaining debts.
France has already invested US$469 million since the current administration came into office. Nicole Bricq, France’s Foreign Trade Minister, visited in Myanmar at the end of July and signed agreement to cancel 550 million euros ($729.5 million) of the 1.1 billion euro loan that Myanmar owes France.
"About 20 representatives from business organisations are here with me.They have the intention to invest in Myanmar and export products from here. Now French companies are starting to invest in Myanmar. We have to thank the France trade commission Ubifrance for the efforts they have made," said Nicole Bricq at a conference held at the French Embassy in Yangon on July 31.
Other businessmen present at the conference also discussed investing in Myanmar.
France-based Total Company is now operating in Myanmar’s oil and natural gas sectors and other companies are planning to invest in basic infrastructure developments including Thilawa Special Economic Zone.
According to the Foreign Investment Law, there are 32 international companies investing in Myanmar and their investment trade volume amounted to $41 billion until the end of June of this year.