In mid-2019, Adani, a well-known Indian company, announced that it had established Adani Yangon International Terminal Co.,ltd after obtaining approval from the National Investment Commission of Myanmar. And invested 290 million US dollars to build a container port on the Yangon River. After the completion of this terminal, it means that the throughput of Myanmar ports will nearly double. Recently, Adani of India announced that it would suspend container port construction and divest US$290 million in capital. Indian port management company Adani Ports said that it is expected to complete the divestment of the project by March or June 2022. On October 27, Reuters reported in a statement quoted in the report that Adani of India made this decision in response to the sanctions imposed by the U.S. and British governments on companies under the Myanmar military. He also stated that the company decided to withdraw from its investment plan in Myanmar after being reviewed by the Risk Management Committee. According to Indian news media reports, Myanmar and India’s Adani are building ports under a construction, operation and transfer (BOT) agreement. The contract was signed in May 2019, and as of September 30, 2021, the project has invested 151 million US dollars. In recent months, due to the epidemic and other factors, many foreign-funded companies have suspended their projects in Myanmar. Among them, some investors said that they would reassess the business environment in Myanmar and will continue to carry out projects in Myanmar after stability is restored. In addition, some investment companies have made it clear that they will not withdraw their capital from Myanmar and have sufficient confidence in the future situation of Myanmar.
Post time: Nov-09-2021