Myanmar Civilian Govt Warns Foreign Firms Investing Under Junta
By The Irrawaddy 1 August 2022
Myanmar’s civilian National Unity Government (NUG) has threatened seven Singaporean firms and a Chinese company for investing in the junta.
The NUG’s ministry of planning, finance and investment said it will enforce severe sanctions and penalties for foreign investments which failed to comply with the shadow government’s instructions.
The NUG’s warning came three days later after a people’s defense force raided an electric power plant operated by a private firm and the regime in Magwe Region.
Six Singaporean solar power firms – Myanmar Satoketayar, Myanmar Kyeeonkyeewa, Myanmar Kindar, Myanmar Sedawgyi, Myanmar Shwekyin and Yangon Thermal Power – have been approved by the junta-controlled Myanmar Investment Commission to produce and sell electricity in Yangon, Magwe, Mandalay and Bago regions.
Another Singaporean firm, SIM Co Ltd is permitted to develop ports and stores to provide services for the offshore drilling industries, according to the NUG.
Meanwhile, a Chinese firm Best Garment Myanmar was approved to build factories in Yangon.
The shadow ministry said its cabinet has demanded all investment permits and endorsements issued since last year’s coup be suspended.
In July and August last year, the NUG warned that it will not recognize any new investments approved by the junta and will take action against those investing under the regime.
“This is the last warning for investors not to seek a permit to invest and to unconditionally suspend their operations,” said the shadow ministry’s statement said.
Last Thursday, many staff and a chief engineer were detained by a resistance force during the raid on an electric power plant which is a joint venture between a private company and the regime in Kyaw, Gangaw District in Magwe region.
Yaw Defense Force claimed responsibility for the raid and arrests.