Mawlamyine, September (13)

The military council of Mon State claimed that more investment entered Mon State amid times of general crisis, when most enterprises had to close, and when investment left the nation following the military takeover.

The Mon state council said that 27 businesses were approved in Mon State when the country was facing deterioration in the sectors of politics, economy, education and health.

At the Mon State Investment Committee meeting on September 7, Mon State Council Chairman U Zaw Lin Tun stated that more than 65,000 million kyats from 19 Myanmar companies and 13.169 million US dollars from eight foreign investment companies, respectively.

A businessman said that there are challenges in starting a new business in the current situation, and existing businesses cannot operate well.

The Mon State Military Council announced on September 10 that it was able to create job opportunities for 27 businesses for more than 3,200 local workers and 160 foreign workers in total for nearly 3,500 employees.

Despite claims by the military council that investments are flowing in, businessmen claim that Mon State’s current state in the tourism-related restaurant, transportation, hotel, and lodging industry sectors will not recover.

In addition, the junta-controlled central bank has continued to restrict and control foreign exchange, causing a dilemma for the import sector, as well as causing inflation in Myanmar’s currency, according to businessmen.

Additionally, because most businesses must run on fuel because of the power outage, they are unable to cover their expenses, are forced to close their doors, and lay off employees.

Foreign investments totaled more than 3.4 billion dollars in the first seven months of 2021, but only more than 1.6 billion dollars flowed during the same period in 2022, according to ISP-Myanmar, a research group.

News – Than Lwin Times

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