French companies lining up to invest in infrastructure

French companies did not invest in Myanmar in the two decades up to about 2010, following the dramatic civil turbulence in 1988. 

But with the advent a civilian government in 2011, they have put money in two enterprises.

Last month, President Thein Sein made an official visit to Paris, where he and a team of officials met with French President Francois Hollande and discussed matters relating to bilateral cooperation to promote business and trade, development of education, health and the social sector, plus the settlement of outstanding debt. 

Since then, Nicole Bricq, the French Foreign Trade Minister, visited Myanmar at the end of July and signed an agreement to cancel half of a 1.1-billion euro debt that Myanmar must pay to France.

At a press conference at the French embassy in Yangon last week, Nicole Bricq said: “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 French trade commission Ubifrance for the efforts they have made.”

Other businessmen with the Foreign Trade Minister discussed investment in various sectors here.

France-based Total operates in Myanmar’s oil and natural gas sectors and other companies are planning to make investments in basic infrastructure developments, including the Thilawa Special Economic Zone.

French hotel chain Novotel plans to open a hotel in Yangon in early 2014. The group already has a hotel in Mandalay and they aim to construct another in Nay Pyi Taw.

Advisers monitoring the Foreign Investment Law say there are 32 international companies investing in Myanmar and their trade volume totalled US$41 billion up to the end of June this year.

Among international companies, the French firms stand at eighth position in Myanmar’s investment sector.