July 30, 2012
Charoen Pokphand invests US$550 million in Myanmar
Charoen Pokphand Foods (CPF) is set to invest US$550 million in Myanmar to develop its local agriculture and livestock projects.
This was announced during a visit of CPF's CEO Adirek Sripatak to Myanmar's president Thein Sein this week. Thein Sein held private one-on-one meetings with energy giant PTT and the Siam Cement Group as well.
The project would include corn seed and cattle farms, aquatic animal farms, rice farms and rice mills, plus livestock processing plants, starting this year and running through 2015. The investments would commence once a 'clearer' law on foreign investment will be implemented.
First investments included the set-up of both feed plants and farms as from 1996, with a total investment so far of about US$150 million.
"Myanmar's economy is growing since the government opened the door for foreign investment; we believe it will create business opportunities for us," Adirek told the Bangkok Post.
"Thein Sien has a positive perspective on the Thai business community. It is a very good signal that he understood our intention to increase investment in Myanmar," he said.
"Insufficient infrastructure such as power supply is a concern. Myanmar will need to invest more in this area. In any case, we will manage to operate with our power generators in the event of a power supply shortage," he said.