UOB takes credit for attracting investment to Myanmar
United Overseas Bank (UOB) says it has helped to attract more than US$600 million (Bt20.5 billion) worth of investment into Myanmar since it opened its Yangon branch in May 2015.
Most of the investment has come from multinational and regional companies based in mainland China, Hong Kong, Malaysia, Singapore or Thailand. UOB has provided corporate loans and other financial solutions such as project financing, cash management and supply-chain financing to companies mainly from the manufacturing, hospitality and commercial real-estate industries.
According to the “UOB Asian Enterprise Survey 2016”, one in three Thai companies said it was planning to expand into Myanmar in the next three to five years. The Bank of Thailand’s data also showed that Myanmar was among the top 10 investment destinations for Thai companies in 2016.
Piyaporn Ratanaprasartporn, head of commercial banking at UOB (Thai), said Thai enterprises saw Myanmar’s long-term potential as an investment destination and were actively contributing to the development of the country through their involvement in Greater Mekong Subregion projects.
“Myanmar’s demand for critical infrastructure is attractive for long-term investors interested in the country’s economic progress. Over the last 24 months, UOB Group has helped hundreds of companies from across the region make investments supporting Myanmar’s continued economic development,” Piyaporn said.
One company contributing to the development of Myanmar’s infrastructure is ES Offshore Marine and Engineering (Thailand) Co, which provides shipbuilding and ship-repair support for the offshore and marine sector. Serm Tantasatien, director of the company, said: “Myanmar’s demand for infrastructure investment, especially in the maritime industry, will continue to increase as the country develops.
“We believe that there are immense opportunities for us to continue supporting the country’s progress. Myanmar is a long-term investment for us and UOB has been instrumental in supporting our expansion there through local financial solutions. We hope to be able to work even more closely with UOB as we continue to expand our business in Myanmar.”