Yangon: The Minister of Foreign Affairs expressed hopes that the upcoming elections in Myanmar will provide opportunities for various parties to participate, emphasizing the desire for lasting peace and strengthened security and economic ties. He highlighted the Thai private sector’s request for the government to coordinate the relaxation of investment restrictions, which have been impacted by the domestic situation for five years.

According to Thai News Agency, Mr. Sihasak Phuangketkeow, the Minister of Foreign Affairs, noted that a recent meeting with the Thai private sector in Myanmar focused on assessing the political and economic environment in the country. The Thai private sector has faced challenges due to instability in Myanmar. Trade between Thailand and Myanmar surpasses 250 billion baht, predominantly through border trade, with Thailand ranking as the third-largest investor in Myanmar. Despite this, the ongoing instability, coupled with natural disasters like earthquakes, has significantly affected operations. The Myanmar government’s restrictions on exchange rates for international remittances and import limitations on essential goods have further complicated matters for the Thai private sector, which depends on these goods for export production.

The Minister conveyed hopes that the forthcoming elections will allow for broader participation among various groups in Myanmar. He stressed the importance of continuing the peace process post-elections to ensure inclusive reconciliation. The Thai private sector anticipates that a peaceful environment post-elections could pave the way for business and investment opportunities in Myanmar. In the short term, there is a call for the Thai government to engage with Myanmar’s military authorities to alleviate certain restrictions. Thai investments contribute to job creation and export production, generating income for Myanmar. The long-term assistance from the Thai government will be contingent on Myanmar’s political landscape.