Starbucks Coffee informs MIC of investment put on hold

Writer: 
Nilar

American coffee franchise Starbucks informed Myanmar Investment Commission (MIC) that they have decided to suspend their investments in Myanmar, according to Director-General Aung Naing Oo of Directorate of Investment and Company Administration (DICA).

On May 12, the Myanmar Investment Commission (MIC) endorsed Coffee Concepts Myanmar Ltd (CCM), a wholly foreign-owned food and beverage services provider. CCM is the operator of Starbucks in Myanmar, according to the MIC. CCM was registered with the Directorate of Investment and Company Administration in December 2017, a DICA document reveals.

Starbucks, which was founded in 1971, has opened 27000 stores around the world, including locations in Asia in Brunei, Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. It had planned to open up at least 20 stores across Myanmar.

According to 2017 data, there are 300 stores in the Philippines, 264 stores in Thailand, 249 stores in Indonesia, 220 stores in Malaysia, 125 stores in Singapore, 28 stores in Vietnam, 7 stores in Cambodia and 4 stores in Brunei.

Coffee Concepts Ltd is based in Hong Kong and is partners with Starbucks. Coffee Concept (Myanmar) was established in December 2017.