China to remain influential in Myanmar even as Western firms arrive
Market share of Chinese companies to decline but cash resources will help maintain influence
China, the biggest investor in Myanmar, will lose market share to other countries as they rush to invest there, but Asia's largest economy will remain a major investor in the Southeast Asian nation owing to its huge cash resources, observers say.
"In the past, Chinese companies played a big role inYangon. In the future, all countries will play a big role, because we want all countries to share in the investment," said Toe Aung, deputy head of city planning and land administration at the Yangon city development committee.
"Yes, China used to be the dominant investor, but its relative importance will shrink," said Thurane Aung, director of Dagon International, a Myanmese conglomerate.
At present, China is the No1 investor in the country, followed by Thailand, said Thurane Aung, a speaker at the recent Myanmar Urban Development Conference in Yangon, the former capital.
"With the lifting of sanctions, more foreign investors will come to Myanmar," he said, mentioning Pepsi Cola and Unilever.
"They are moving in fast," he said. "Every week I read news of US investment in Myanmar. I've been seeing German, French and Dutch coming to look for business opportunities in Myanmar."