China: Regime warns firms over over “vulnerable” overseas projects after Myanmar military junta cancels tenders, blacklists

Source: South China Morning Post [Hong Kong]

“Chinese firms investing in potentially ‘vulnerable’ overseas opportunities have been urged to proceed with caution after reports Myanmar’s military junta cancelled tenders and blacklisted companies related to over 25 solar power projects. Beijing has maintained a relationship with Naypyidaw after last year’s coup, highlighted by Foreign Minister Wang Yi meeting counterpart U Wunna Maung Lwin in April. But The Irrawaddy, an independent news website operated by exiles living in Thailand, reported last week that Myanmar’s military regime had cancelled tenders relating to 26 solar power projects which were invited under the now-ousted National League for Democracy government in 2020 and blacklisted the companies for ‘breaching tender regulations.’ … Official information released on the Myanmar National Portal in January showed that China was the top source of foreign direct investment, primarily in the manufacturing sector, followed by Singapore, India, South Korea, France, Hong Kong and Taiwan.” (05/12/22)