Bangkok--2 Dec--EXIM BANK
Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), jointly with Ms. Aunada Phruttinarakorn, Chairman of Executive Committees of SCI Electric Plc. (SCI), Mr. Kriangkrai Pheanvitayaskul, SCI Chief Executive Officer, and Mr. Phanuphan Jesrichai, Managing Director of SCI Metal Tech (Myanmar) Co., Ltd. (SCIMTMM), an SCI subsidiary, recently at EXIM Thailand's Head Office signed a financial facility agreement worth 14.10 million US dollars or approximately 500 million baht, committing EXIM Thailand to support SCIMTMM's plant construction for its manufacturing of power transmission and telecommunication towers and rendering of hot-dip galvanizing services in Myanmar's Thilawa Special Economic Zone.
EXIM Thailand President said Myanmar had launched a number of schemes to promote investments, particularly foreign direct investments, since its opening up, thus significantly pushing up its electricity demand. Currently, merely 32% of Myanma population have access to electricity, the lowest in ASEAN. Accessibility to electricity is confined mostly to big cities like Yangon, Mandalay and Naypyidaw yet with frequent power blackouts, while other areas in rural Myanmar have no access to electricity. The government has set universal access to electricity (100% access) as its target by 2030 implying increases in power generating capacity to 54,608 MW from 4,581 MW at present. This could consequently be a good opportunity for Thai entrepreneurs to invest in power plants and other related businesses in Myanmar. This SCIMTMM project represents SCI Electric Group's production base expansion to tap into Myanmar's power and telecommunication market growth, utilizing SCI's over-30-year expertise in manufacturing and distribution of electrical devices, transmission towers and telecommunication towers.
"EXIM Thailand's financial support has been in line with its role and mandate to promote and support high potential Thai investors to expand their businesses and investments outside Thailand, especially in our neighboring countries which have good economic growth prospects and are driving their developments at the same time, particularly in infrastructure, public utilities, energy, and other industrial sectors, for their social and economic advancement," said Mr. Pisit.