In this handout photograph released by Nepal Armed Police force, shows rescuers looking for the survivors after two buses were swept by a landslide off the highway and into a swollen river near Simaltal, about 120 kilometers (75 miles) west of the capital, Kathmandu, Nepal, Friday, July 12, 2024. (Nepal Armed Police Force via AP)
KATHMANDU, Nepal (AP) — A landslide swept two passenger buses carrying at least 60 people into a swollen river in central Nepal early Friday, and continuous rain and more landslides were making rescue efforts difficult.
Three survivors apparently swam to safety, but rescuers by late morning had not found any trace of the buses, which likely were submerged and swept downstream in the Trishuli River. Nepal’s rivers generally are fast-flowing due to the mountainous terrain. Heavy monsoon downpours in the past few days have swollen the waterways and turned their waters murky brown, making it even more difficult to see the wreckage.
The buses were on the key highway connecting the capital to southern parts of Nepal when they were swept away around 3 a.m. near Simaltal, about 120 kilometers (75 miles) west of Kathmandu.
More landslides blocked routes to the area in several places, government administrator Khima Nanada Bhusal said. Additional rescuers and security forces were sent to help with the rescue efforts. Police and army personnel were searching using rubber rafts. Divers with scuba gear were also dispatched, according the Chitwan district police.
Damaged houses knocked by landslides are seen on the outskirts Pokhara, Nepal, Friday, July 12, 2024. (AP Photo/Yunish Gurung)
One bus was carrying at least 24 people, while the other had at least 42, but more could have boarded en route, Bhusal said.
The three survivors were being treated in the hospital, Bhusal said, adding that they reportedly jumped out of the bus and swam to the banks, where locals found them and took them to a nearby hospital.
A third bus was hit by another landslide on Friday morning a short distance away on the same highway. Bhusal said the driver was killed but it was not clear if there were any other casualties.
Nepal’s Prime Minister Pushpa Kamal Dahal said he was saddened by the news and expressed concern over recent flooding and landslides. He added that several government agencies were searching for the missing, in a post on the social media platform X.
On Thursday night, a landslide buried a hut and killed a family of seven near the resort town of Pokhara. The family were asleep when the landslide crushed their hut and damaged three more houses nearby.
Monsoon season brings heavy rains to Nepal from June to September, often triggering landslides in the mountainous Himalayan country.
Police officers arrested Mr. Liu, 39, the leader of a call center scam gang, in front of a restaurant at a mall in Noen Plub Wan Alley of Pattaya City on July 11, 2024.
PATTAYA — Officers from the Investigation Division of the 2nd Sub-Division, Tourist Police Bureau 1, in collaboration with the Chonburi Immigration Office, arrested a Chinese man, Mr. Liu, 39, the leader of a call center scam gang, in front of a restaurant at a mall in Noen Plub Wan Alley of Pattaya City. He was arrested while getting into a luxury white BMW and charged with “being an alien in the country without permission.”
On July 11, 2024, the officers received information that the gang leader of a call center gang, fleeing prosecution in Malaysia after raiding a fellow countryman’s place to collect money, was eventually arrested by Malaysian authorities. Subsequently, the Chinese gang leader was released on bail, before fleeing to Thailand.
He had illegally entered Thailand through the Betong border in Yala Province. He had been hiding in Pattaya, and the officers tracked him down to a mall, where he was arrested.
Initially, he could not show his passport, which had been seized by Malaysian police, and he was charged with illegal entry. The officers will conduct further investigations to dismantle the call center scam network hidden in Thailand.
June 2024: High-end matchmaking company Bangkok Matching conducted a survey titled “When Hearts Beat at Work,” gathering data from over 500 working adults. The survey aimed to explore the development of relationships between coworkers in Thailand, including romantic and life partner connections, to understand how modern working adults experience workplace romances and their perspectives on such relationships in the current era. It also examined whether spending 9-10 hours a day together leads to workplace infidelity and its prevalence.
The survey by Bangkok Matching, Thailand’s leading high-end matchmaking company, included 49% female, 34.4% male, and 16.6% LGBTQA+ respondents. Participants ranged from 21-year-old first-jobbers to adults nearing retirement age of 60, ensuring a broad representation of working generations. The majority, 75.4%, were working adults from Bangkok.
Survey Results Confirm: 47.2% of Employees Have Experienced Romantic Relationships at Work
Preliminary findings show that 80% of the respondents were “company employees,” followed by freelancers and business owners. These participants shared their experiences of dating coworkers or office mates. Nearly half of the respondents indicated they had engaged in or were currently in a romantic relationship with a coworker:
52.8% have never had a romantic relationship with a coworker.
47.2% have had or are currently in a romantic relationship with a coworker.
Additional Survey Findings
The survey also revealed the duration of workplace relationships as follows:
42.1% of relationships lasted more than a year.
36.6% of relationships resulted in marriage or family formation.
9.4% of relationships lasted less than a year.
These results indicate that workplace relationships have the potential to develop into long-term commitments and serious partnerships in the future.
Third-Party Perspectives on Workplace Relationships
Among the working adults surveyed, 92.1% acknowledged having witnessed romantic relationships among coworkers, considering it a fairly common occurrence. Their feelings towards these situations were as follows:
51.9% felt happy for their colleagues.
26.7% were indifferent.
21.4% disapproved.
Infidelity in the Workplace
In addition to single employees forming relationships with other single coworkers, some “non-single” employees also seek extramarital relationships at work.
33.5% of non-single working adults admitted to feeling “tempted to cheat” in the workplace.
While 66% of those already in relationships did not feel the urge to cheat with a coworker, 33.5% admitted to having felt tempted to cheat with a coworker at some point. Some have even acted on these temptations.
The survey found that those who cheat in the workplace often do so with the following individuals:
51.4% with a colleague.
18.6% with a supervisor.
17.1% with a subordinate.
10% with an intern they supervise or assist.
Most infidelity occurs with colleagues due to frequent interaction and ease of developing hidden relationships. Following colleagues, the next most common individuals involved are supervisors, subordinates, and interns. The survey also revealed that 52.9% of those who cheat with coworkers prefer meeting outside the office.
Popular Meeting Places Outside the Office
Restaurants: 38%
Condos or homes: 89%
Shopping malls: 45%
Coffee shops: 96%
Cinemas: 96%
Hotels: 96%
Others (e.g., bars, out-of-town, overseas): 91%
Success Rates of Relationships Originating from Infidelity
The likelihood of workplace affairs developing into serious, long-term relationships is significantly lower compared to relationships between two single individuals. Only 4.3% of relationships that began as infidelity developed into serious partnerships, with most lasting no more than a year.
Conclusion
The survey concludes that romantic relationships among coworkers are common and generally accepted by the majority of working adults in Thailand. However, the success rate of developing long-term relationships from workplace affairs is lower than that of relationships between two single individuals.
BANGKOK — Ms. Traisulee Traisoranakul, Secretary to the Minister of Interior and spokesperson for the Ministry of Interior, announced on July 12, 2024 that the ministry has issued four announcements to update visa measures, aligning them with the global competition to attract foreigners to generate revenue and stimulate the country’s economy.
Ms. Traisulee Traisoranakul, spokesperson for the Ministry of Interior
These four announcements are in line with the Srettha Thavisin government’s policy to boost the tourism economy by taking measures to attract foreign tourists, including making it easier to travel.
The four announcements from the Ministry of Interior are as follows:
1. An announcement setting out the list of countries and territories whose passport or travel document holders enter the Kingdom temporarily for tourism, professional or short-term business purposes and are exempt from the visa requirement, allowing them to stay in the Kingdom for up to 60 days in a special case. The list now includes 93 countries/territories, previously there were 57 countries/territories.
2. An announcement increasing the list of countries eligible for Visa on Arrival (VOA) at immigration checkpoints from the previous 19 to 31 countries/territories.
3. An announcement allowing foreigners to stay in the Kingdom for tourism purposes and remote work as a special case. The main content introduces a new visa category, the Destination Thailand Visa (DTV), for those who wish to stay in Thailand to work and travel (workcation) at the same time.
This includes highly skilled individuals, freelancers, remote workers or those who wish to stay to learn Thai boxing and martial arts, cooking classes, sports training, medical treatments, training courses, seminars and art and music exhibitions. With a DTV visa, you can stay in Thailand for up to 180 days at a time and the visa is valid for 5 years.
4. An announcement that allows foreigners to stay in the Kingdom for study and work purposes as a special case. The main content updates the rights for foreign students who come to the country on a non-immigrant visa, code ED, for study or higher education in order to attract skilled and potential workers for the country’s labor market. It extends the stay in Thailand for 1 year after graduation to seek employment, travel or pursue other activities in Thailand.
Deputy Prime Minister and Home Minister Anutin Charnvirakul has reviewed and signed all four announcements, which have been submitted to the Prime Minister for signature. They will then be published in the Royal Gazette, with all announcements coming into effect simultaneously from July 15, 2024.
Entrepreneurs, local leaders and residents in Pattaya gather at the entrance of Pattaya Walking Street on the evening of July 11 to protest media using words that call Pattaya a "sin city" and the "paradise of prostitutes".
PATTAYA — Entrepreneurs, local leaders and residents in Pattaya gathered at the entrance of Pattaya Walking Street on the evening of July 11 to protest a cable news channel that used headlines suggesting Pattaya is a “sin city” and a “gray paradise” for tourists visiting the “land of prostitutes”.
Among the protesters, there were people holding signs calling for the repeal of anti-prostitution laws and signs demanding the abolition of laws criminalizing sex workers. There was also a trend on social media with #savePattaya, along with demands for the media outlet to take responsibility.
Subsequently, the news station issued an apology, stating their intention to present this issue to help lead to legislation protecting sex workers.
Business representatives don’t deny that Pattaya has a significant number of sex workers, but they believe using such strong language and presenting a negative image of Pattaya ignores the many other attractions that draw tourists from around the world.
Among the protesters, there were people holding signs calling for the repeal of anti-prostitution laws and signs demanding the abolition of laws criminalizing sex workers.
Lisa Hamilton, President of the Pattaya Nightlife Business Association, said that Pattaya isn’t just about nightlife tourism. Presenting Pattaya as a “sin city” makes people in other professions feel undervalued. She doesn’t want the city to be discriminated against with this viewpoint and calls for accountability for news that damages Pattaya’s image.
“Pattaya is an economic city where many people come to find work, earn money to send home, and support their families. We don’t want other tourism-related professions to be looked down upon, noting that nightlife workers contribute significantly to the country’s income,” added Amporn Kaewsaeng, President of the Pattaya Entertainment and Tourism Industry Association.
Boon-anant Pattanasin, President of the Pattaya Business and Tourism Association, urged the media to present more creative news perspectives, portraying Pattaya as a city of opportunity where people come to work legally, follow social rules, and generate income for the country. He asked for understanding, noting that while such issues exist in Pattaya, they’re also present in other tourist cities.
Manoch Nongyai, Deputy Mayor of Pattaya, stated that no one in Pattaya likes this characterization. He emphasized that Pattaya has traditions and culture, beautiful seas, the famous Koh Laan, and hosts many events to stimulate the tourism economy, including world-class sports events like the Pattaya Marathon and various monthly events. He noted that nightlife entertainment exists everywhere, not just in Pattaya.
60-year-old Mr. Yoshiyuki caught and beaten by group, left injured on Wednesday night, July 10, 2024.
PATTAYA — The night at a Pattaya agogo bar was in turmoil for a while when a Japanese man argued with his girlfriend who worked at the bar, causing vast damage, leading to his capture by residents. He tried to escape by car but was eventually caught and beaten by a group of people, leaving him injured. Anyway he apologised for his action.
He sustained injuries to his face and body and was given first aid by rescue personnel before being taken to the hospital.
On July 11, Pattaya police officers took Mr. Yoshiyuki, 60, for a drug test, and he remains in the hospital, unable to provide any information. Meanwhile, the incident’s victims have been filing reports about the damages caused by his actions.
Somporn Srithong, 27, a security guard at the entertainment venue where the incident occurred, said that the Japanese man had a problem with his girlfriend, who was an employee at the bar. He then drove his car into the front of the bar, reversing and ramming it three times, causing property damage. He then fled, hitting cars of passing locals and those parked on the side of the road.
Mr. Yoshiyuki’s car had its windows smashed while the residents at the scene gathered around and captured him on Wednesday night, July 10, 2024.
“My colleagues and I tried to chase after him, but he wouldn’t stop and attempted to hit us with his car repeatedly. Luckily, I managed to jump out of the way, but I still got injured with 6 stitches on my finger and scrapes on my body. My co-workers were also injured,” Somporn said.
He recounted that when the Japanese man’s car was about to lose control and hit the back of a tour bus, rendering it unable to continue, he quickly went to grab the keys and pulled the man out of the car. The Japanese man could only apologize. Somporn thought that this man didn’t seem drunk but might have been under the influence of drugs. He considered it fortunate that no one was seriously injured or killed in this incident.
Ms. Jaruda Thatchanda, 43, an employee at a shop across from where the incident occurred, described the moment the foreigner rammed his car. She said the foreigner turned his car around three times before accelerating towards the bar where his girlfriend worked.
At that time, she was afraid the Japanese man would crash into her shop, so they tried to move cars out of the way but couldn’t in time and had to run for safety. At that moment, they attempted to throw liquor bottles at him to stop him.
60-year-old Mr. Yoshiyuki caught and beaten by group, left injured on Wednesday night, July 10, 2024.
“Before the incident, the Japanese man was arguing with his girlfriend who worked in the agogo bar. The man threatened to ram his car into the bar, which the people in the bar didn’t think he would actually do, so they challenged him to do it if he dared. This provoked him to carry out his threat,” Jaruda said.
Additionally, members of the public recorded the incident. The first clip shows the moment when the Japanese man drove a white sedan into the railing of the agogo bar, then reversed into a songthaew (local public transport), before driving away.
Another clip shows a group of men surrounding the foreigner’s car, throwing rocks and tree branches at it, causing the foreigner to quickly drive away again. The person who recorded the clips has handed them over to the police as evidence.
Prime Minister Srettha Thavisin addresses parliament on key economic issues to answer questions from Move Forward Party MP Sirikanya Tansakul during a parliamentary session on July 11, 2024.
BANGKOK — The Thai Prime Minister addressed parliament on key economic issues and digital wallet initiative while opposition MPs raised concerns about the difficult economic situation, with many businesses gradually closing down.
The highlight of the parliamentary session on July 11, 2024, was the ongoing economic concerns that have attracted public interest. This comes in the wake of numerous reports of business and factory closures, as well as the government’s economic stimulus plan, which includes digital wallets and has been criticized for its lack of clarity.
In Parliament, during a session chaired by Speaker Wan Muhamad Noor Matha, Move Forward Party MP Sirikanya Tansakul thanked Prime Minister Srettha Thavisin for personally answering Parliament’s questions of the biggest opposition party for the first time. She hoped that it would not be the last time and inquired about the progress of the digital wallet project. She pointed out that the Ministry of Finance has repeatedly changed the conditions and criteria for the project.
Move Forward Party MP Sirikanya Tansakul thanked Prime Minister Srettha Thavisin for personally answering the biggest opposition party’s questions in Parliament for the first time.
Ms. Sirikanya gave examples of the original conditions under which each eligible citizen would have received 10,000 baht ($275) to buy cell phones, but now they cannot. Originally, fertilizers were not included in the purchase list, but now they are.
The biggest problem for the public is the reduction of the target group from 50 million to 45 million people and the possible exclusion of loans from the Bank for Agriculture and Agricultural Cooperatives (BAAC), leaving only 450 billion baht ($12.4 billion) for distribution.
Prime Minister Srettha replied that the details of the digital wallet project would be officially announced on July 24. He emphasized that the minor changes to the products that can be purchased show that the government is listening to feedback from the public and taking into account the opinions of all parties, including businesses and the opposition. The government is keen to tailor the project to meet the needs of the public and achieve the main objective of boosting the economy.
Regarding the budget, the Prime Minister explained that the government has allocated about 43 billion baht ($1.18 billion) from the central budget. The reduction of the project budget from 500 billion baht to 450 billion baht is based on historical data from the previous government’s allocations, which showed that not all of them have utilized their entitlement. However, efforts are being made to ensure appropriate budget allocation in compliance with legal and ethical standards.
Prime Minister Srettha Thavisin addresses parliament on key economic issues to answer questions from Move Forward Party MP Sirikanya Tansakul during a parliamentary session on July 11, 2024.
“Digital wallets are a core policy of our government. We provide 10,000 baht per person and restrict the area of use to prevent concentration in major cities. Citizens can use them in their registered districts to boost the local economy, especially in underdeveloped provinces such as Nong Bua Lamphu and Maha Sarakham,” said Prime Minister Srettha.
Ms. Sirikanya continued by addressing the opposition’s view that more urgent than boosting the economy is addressing the cost of living. She pointed to concerns about the rising cost of essential goods and services such as fuel, eggs, fresh chicken, pork and electricity, with no obvious measures to alleviate these burdens.
She also expressed concern about the wave of factory closures and the closure of SMEs. Almost 2,000 factories have closed since 2023, putting around 50,000 jobs at risk.
Prime Minister Srettha acknowledged these problems and explained that the government was using the central budget to manage the cost of fuel, electricity, agriculture and healthcare. He assured that details of how the budget would be used to alleviate public suffering would be announced at the next meeting.
He pointed out that some measures to stimulate the economy do not require budgetary resources, such as the control of illegal goods. The government and the opposition disagree strongly on whether the factory closures constitute a crisis.
“You know that GDP growth has been minimal in the last ten years and no major projects have been undertaken. Economic growth has mainly benefited the wealthy, while the poor have seen minimal progress. Post COVID-19, investments have remained at 1 percent and exports have declined,” Prime Minister Srettha added.
He emphasized that the factory closures underscore the need for the industry to adapt to modern global demands, a process that Thailand has been slow to embrace. Therefore, he is traveling abroad to negotiate with large companies to set up data centers and support new industries to spur economic growth.
Ms. Sirikanya criticized the government’s measures to boost the economy, arguing that they primarily benefit the wealthy or middle class. She cited tax incentives for tourism, the reduction in wine tax and the PGS 11 credit insurance scheme. She also mentioned the controversial proposal to increase the percentage of foreign ownership of real estate, which could drive up property prices and potentially force Thais to rent from foreigners.
Prime Minister Srettha defended the proposal to allow foreigners 99-year land leases, emphasizing that this must encourage significant investment in Thailand and would be carried out with integrity and free from conflicts of interest.
“This government under my leadership will fight for the future and confront the opposition without foresight,” Prime Minister Srettha concluded.
Marriott Bonvoy, Marriott International’s award-winning travel program, is once again poised to offer its members thrilling, once-in-a-lifetime experiences at the highly anticipated race in Singapore. Ahead of Singapore’s marquee sporting event of the year, Marriott Bonvoy and The Ritz-Carlton invite members to experience the thrill of a race weekend through its partnership with the Mercedes-AMG PETRONAS F1 Team.
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BETHESDA, MD – Marriott International, Inc. (Nasdaq: MAR) (“Marriott”) today released its 2024 Serve 360 Report highlighting the company’s global Environmental, Social, and Governance (“ESG”) efforts and progress towards its 2025 Sustainability and Social Impact Goals. The Report reflects data for the calendar year ended December 31, 2023.
This year, the Report features an “Around The World Highlights” addendum, which showcases ESG initiatives spanning each of the company’s regions – Asia Pacific excluding China; Caribbean & Latin America; Europe, Middle East & Africa; Greater China; and United States & Canada – and performance tables and appendices with key supporting information and data.
“At Marriott International, we take great pride in our longstanding focus on the fundamental principles of taking care of people, our communities, and the planet,” said Anthony Capuano, President and CEO, Marriott International. “We believe our efforts to be a force for good around the world in destinations where we operate can help support the long-term success of our business and the wellbeing of associates and guests. We are focused on fostering a more resilient, inclusive, and responsible world for travel.”
In support of the United Nations Sustainable Development Goals, Marriott’s sustainability and social impact platform, Serve 360: Doing Good in Every Direction, guides the company’s ESG efforts through four focus areas, or “coordinates”: Nurture Our World, Sustain Responsible Operations, Empower Through Opportunity, and Welcome All and Advance Human Rights.
The Report outlines, among other topics, data on company efforts related to sustainable operations, diversity and inclusion, volunteerism, and other ESG activities led by Marriott associates and hotels around the world. Global highlights include:
To focus on climate action, the company:
Verified its near- and long-term science-based emissions reduction targets with the Science Based Targets initiative (SBTi) in April 2024.
Launched the Climate Action Program (CAP) to all managed and franchised properties globally, centered around building climate fluency across the organization and developing property-specific carbon reduction goals to support progress toward the company’s science-based targets.
Continued to build on the company’s EV charging infrastructure. At year-end 2023, more than 7,100 EV chargers were installed at more than 1,800 Marriott properties around the world.
The company was also focused on expanding opportunity and delivering on its core value to Serve Our World, and:
Volunteered over 3.1 million hours in local communities worldwide in 2023, with over 12.1 million associate volunteer hours reported since 2016.
Responded to the devastating wildfires in Maui, Hawaii, contributing approximately $5.5 million through the Marriott Disaster Relief Fund, TakeCare Relief Fund, Marriott Bonvoy points donations, and cash and in-kind giving by hotels to support recovery efforts and provide essential items for impacted associates.
Committed to hiring more than 3,000 refugees across the globe by 2026.
Trained more than 1.2 million managed and franchised associates in human trafficking awareness since 2016 in support of Marriott’s goal to train all on-property associates by 2025.
Launched an industry-first initiative in collaboration with the Internet Watch Foundation and Cisco to block websites with child sexual abuse material from guest networks across nearly 5,000 managed and franchised properties in the U.S. & Canada.
Additional regional highlights include:
Raised nearly $970,000 in cash and in-kind donations by Marriott’s United Arab Emirates (UAE) Business Council through annual Road to Awareness (R2A) cycling fundraising events to support organizations focused on the vitality of children.
Supported the release of approximately 110,000 sea turtles through conservation programs at several properties across Mexico aimed at protecting the species and their habitats.
Engaged with Scholars of Sustenance through 66 hotels in Thailand, Indonesia, and the Philippines to rescue over 81,000 kg (178,000 lbs.) of surplus food, resulting in more than 340,000 meals donated to communities in need.
Hired more than 1,200 students with disabilities as full-time associates throughout the Greater China region.
Of total egg spend, increased cage-free egg spend to 56.13% and 47.18% for properties in the U.S. & Canada, respectively.
More details about Marriott International’s ESG efforts and Serve 360 and the initiatives and programs mentioned in this press release can be found at www.Marriott.com/Serve360.
BANGKOK — The ongoing conflict in Myanmar between the military government and opposition forces shows no sign of abating. Fighting continues in several areas and has prompted Thai companies to pull out and divest 7 billion dollars.
In the past, Thai investors ranked third in investment promotion applications with a total value of 11.6 billion dollars or 12.47percent in 155 approved projects. Currently, Thai investment in Myanmar ranks fifth with a value of 4.45 billion dollars or 6.12 percent with 105 projects underway. This represents a loss of 50 projects and an investment value of 7.1 billion dollars.
According to Prachachat Business report, from January to May 2024, trade between Thailand and Myanmar totaled 3 billion dollars, a decrease of 10.46 percent compared to the same period last year.
Thai exports decreased by 11.81 percent to 1.7 billion dollars due to the lengthy import licensing procedures in Myanmar. Thai imports from Myanmar fell 8.52 percent to 1.2 billion dollars, resulting in a trade surplus for Thailand of 499.3 million dollars.
Members of the Ta’ang National Liberation Army, one of the ethnic armed forces in the Brotherhood Alliance, and the Mandalay People’s Defence Force pose for a photograph in front of the captured toll-gate in Nawnghkio township in Shan state, Myanmar, June 26, 2024. (Mandalay People’s Defence Force via AP)
In response, the Myanmar government is trying to reduce its trade deficit. It announced that goods found in ports or airports without import licenses will face legal action under export and import laws from 1 July 2024. Seven categories of goods now require an import license from the FESC: fertilizers, steel, solar products, polypropylene pellets, raw materials for plastic production, commercial vehicles and commercial machinery.
A report from Thailand’s Trade Promotion Office in Yangon, updated on July 5, 2024, projected Myanmar’s economy to grow by 1.5 percent in 2024. Between April and May 2024, international trade totaled 4.5 billion dollars, a 14.50 percent decrease compared to the same period last year.
Exports increased by 10.94 percent to 2.3 billion dollars, while imports fell by 30.82 percent to 2.2 billion dollars, resulting in a trade surplus of 63.53 million dollars for Myanmar.
FILE – Woman arrange flowers at a street market in Yangon, Myanmar, on Feb. 2, 2021. (AP Photo/Thein Zaw, File)
Since May 2024, the Myanmar government has controlled the exchange rate at 2,100 MMK per USD, while the black market rate is 4,500 MMK per USD.
As of June 2024, total foreign investment in Myanmar for the fiscal year 2024-2025 stood at 95.5 billion dollars. Ongoing foreign investment projects were valued at 74.87 billion dollars. The top investing countries were Singapore, China, and Thailand.
In the condominium market, Myanmar buyers rose to second place, overtaking Russians, in the first quarter of 2024. However, this trend was abruptly halted by Myanmar’s policy to prevent capital outflows, causing financial instability. The Myanmar government cracked down on buyers and sellers involved in promotional events in the second quarter of 2024, leading to a sudden drop in market activity.
Myanmar buyers on Thai condominium
Dr. Wichai Wiratphan, inspector of the Government Housing Bank and acting director of the Real Estate Information Center (REIC), noted that the trend of Myanmar customers buying property may be taking a pause. In Q1/2024, Myanmar customers overtook Russians with 392 transferred units worth 2.2 billion baht. The duration of this pause is uncertain due to political factors in Myanmar. However, the demand for Thai condominiums remains due to their investment potential, despite the frequent political changes in Thailand.
“The foreign buyers of our condominiums were consistently dominated by Chinese customers, who make up half of the foreign market. In the first quarter of 2024, Myanmar buyers overtook Russians to become the second largest group of foreign condo buyers. This shift is largely due to a particular demand influenced by political factors within Myanmar. However, the number of purchases and transfers by second-place buyers is still well behind the top buyers,” said Dr. Wichai.
Thai Businesses Retreat Amid Myanmar Conflict
Many Thai companies listed on the Stock Exchange of Thailand have closed their operations in Myanmar. TPBI Public Company Limited announced the dissolution and liquidation of its subsidiary TPBI & Myanmar Star Company Limited on 8 July 2024 due to economic uncertainty and business regulations in Myanmar.
In early July, Christiani & Nielsen (Thai) Public Company Limited announced the dissolution of its subsidiary, Christiani & Nielsen (Myanmar) Company Limited, on 2 July 2024. General Engineering Public Company Limited announced the termination of a 45 percent interest in joint ventures in Myanmar on 29 February 2024 due to continued losses and unfavorable political conditions.
At the end of 2023, Grand Prix International Public Company Limited dissolved its subsidiary, GPI Myanmar Company Limited, due to non-commercial activities.
