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AFP-Thai firm to build new hotel in



Subject: AFP-Thai firm to build new hotel in Myanmar

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Friday, December 10 7:09 PM SGT=20
Thai firm to build new hotel in Myanmar
YANGON, Dec 10 (AFP) -=20
A Thai firm has signed an agreement to build a new multi-million dollar =
luxury hotel in military-run Myanmar's eastern Shan state, reports said =
Friday.

The agreement, phase one of which is worth 12 million dollars, was inked =
Thursday between Thailand's Allure Group and the newly reformed Myanmar =
Investment Commission.

The international-standard hotel will be built in the town of Tachilek =
near the Thai border, the state-run New Light of Myanmar newspaper said. =


The 80-room complex will be constructed on a build, operate and transfer =
basis over two years in phase one, with another 140 rooms to be added =
following further investment in phase two.

Observers said Friday that the hotel agreement, signed by Allure Group =
chairman Upakit Pachariyangkun and Myanmar Investment Commission =
secretary Brigadier General Maung Maung, was a sign of a further thaw in =
Thai-Myanmar relations soured by an attack on Yangon's Bangkok embassy =
in October by pro-democracy gunmen.

A freshly reconstituted Myanmar Investment Commisssion, the body tasked =
with luring much-needed foreign funds, began work on Thursday under new =
leadership, officials said.

The commission was overhauled following the surprise resignation earlier =
this month of its influencial secretary Brigadier General Maung Maung, =
who held ministerial rank.

Official sources told AFP that Maung Maung had been replaced as the =
commission's secretary by the deputy minister of electric power, another =
brigadier general of the same name.

News of Maung Maung's retirement on December 1 came as Japan's former =
prime minister Ryutaro Hashimoto held talks with senior members of the =
junta, during a semi-official mission to assess the needs of the =
struggling economy.

The new commission will face a stiff task securing investment for =
Myanmar which faces a range of US and European restrictions imposed to =
punish perceived human rights violations and suppression of political =
opposition.

Foreign Direct Investment (FDI) projects approved by the Myanmar =
government reached 11 million dollars during the first six month of =
1999, according to official statistics.

Official figures show foreign investment fell more than 90 percent last =
year.

Signs of Myanmar's economic morass are obvious in Yangon where inflation =
runs at around 30 percent and the beleagured kyat currency trades on the =
streets at 350 to the dollar, compared to the official rate of around =
five.


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<DIV><FONT face=3DArial size=3D2><B>Friday, December 10</B> 7:09 PM SGT=20
<H2><FONT size=3D4>Thai firm to build new hotel in =
Myanmar</FONT></H2>YANGON, Dec=20
10 (AFP) -=20
<P>A Thai firm has signed an agreement to build a new multi-million =
dollar=20
luxury hotel in military-run Myanmar's eastern Shan state, reports said=20
Friday.</P>
<P>The agreement, phase one of which is worth 12 million dollars, was =
inked=20
Thursday between Thailand's Allure Group and the newly reformed Myanmar=20
Investment Commission.</P>
<P>The international-standard hotel will be built in the town of =
Tachilek near=20
the Thai border, the state-run New Light of Myanmar newspaper said. </P>
<P>The 80-room complex will be constructed on a build, operate and =
transfer=20
basis over two years in phase one, with another 140 rooms to be added =
following=20
further investment in phase two.</P>
<P>Observers said Friday that the hotel agreement, signed by Allure =
Group=20
chairman Upakit Pachariyangkun and Myanmar Investment Commission =
secretary=20
Brigadier General Maung Maung, was a sign of a further thaw in =
Thai-Myanmar=20
relations soured by an attack on Yangon's Bangkok embassy in October by=20
pro-democracy gunmen.</P>
<P>A freshly reconstituted Myanmar Investment Commisssion, the body =
tasked with=20
luring much-needed foreign funds, began work on Thursday under new =
leadership,=20
officials said.</P>
<P>The commission was overhauled following the surprise resignation =
earlier this=20
month of its influencial secretary Brigadier General Maung Maung, who =
held=20
ministerial rank.</P>
<P>Official sources told AFP that Maung Maung had been replaced as the=20
commission's secretary by the deputy minister of electric power, another =

brigadier general of the same name.</P>
<P>News of Maung Maung's retirement on December 1 came as Japan's former =
prime=20
minister Ryutaro Hashimoto held talks with senior members of the junta, =
during a=20
semi-official mission to assess the needs of the struggling economy.</P>
<P>The new commission will face a stiff task securing investment for =
Myanmar=20
which faces a range of US and European restrictions imposed to punish =
perceived=20
human rights violations and suppression of political opposition.</P>
<P>Foreign Direct Investment (FDI) projects approved by the Myanmar =
government=20
reached 11 million dollars during the first six month of 1999, according =
to=20
official statistics.</P>
<P>Official figures show foreign investment fell more than 90 percent =
last=20
year.</P>
<P>Signs of Myanmar's economic morass are obvious in Yangon where =
inflation runs=20
at around 30 percent and the beleagured kyat currency trades on the =
streets at=20
350 to the dollar, compared to the official rate of around=20
five.</P></FONT></DIV></BODY></HTML>

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