Foreign investors prepared to invest in hardwood business

Asian investors are preparing to enter Myanmar's teak and hardwood business, a source from the Ministry of Environment Conservation and Forestry said.

Delegations from China, Japan, India, South Korea and Thailand met officials from the ministry early this year.

Inspections have been conducted on teak and hardwood products manufacturing factories, paper mills and teak plantations.

Prospective companies include MKTI and HANA from South Korea; Daio Paper, Oji Paper, Mitsui, Kansai and JOPP from Japan; JK Paper and PL Global IMPEX from India; and Thai-based Japanese company Double A.

Myanmar produces about 283,000 cubic metres of teak and 1.98 million cubic metres of hardwood annually. It is also a major exporter of teak, taking up 75 per cent of the global market. It ships teak to China and India, among others.

Myanmar plans to ban timber exports by April 2014 to save its forests.

In 2011-2012, the country exported 371,000 metric tonnes of teak and 1,789,400 metric tonnes of hardwood.

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Article source: http://www.thethailandlinks.com/2012/11/13/foreign-investors-prepared-to-invest-in-hardwood-business/