70% of Japanese firms prefer to stay in Myanmar

A Japan External Trade Organization (JETRO) report showed that about 70% of Japanese companies investing in Myanmar will either maintain or expand their operations in the country despite the severe hit to its economy from the ongoing fallout from last year’s military coup and the coronavirus pandemic. A JETRO survey showed that 52.3% will maintain their current levels of operations in Myanmar and 13.5% will expand them. About 27.5% will scale back their business in the country and 6.7% will withdraw from the country or move their operations to another country. About 180 companies responded to the survey conducted by the Japanese government-backed organisation in August and September. As of late June, a total of 433 Japanese companies had invested in Myanmar.