China warns of possible decline in investments in Myanmar

Published on Sunday, 09 December 2012 05:40

Chinese ambassador to Myanmar seen at press conference in Yangon(Phot-EMG)

China’s ambassador in Yangon told the media that their government would not change its policies on Myanmar due to the protest against the Latpadaungtaung copper mine project, but it was concerned that investments of Chinese companies in Myanmar might decline.

The controversial mine project in central Myanmar is being operated by Union of Myanmar Economic Holdings Limited and China’s Wanbao Company.

At a press conference held on December 7, ambassador Li Junhua said that China remains committed to its polices on Myanmar, standing by as a friend of Myanmar.

“Even if the Myanmar government stopped the Latpadaungtaung copper mine project, the policies of our country will not change towards our neighbour. However, the crisis may hit investments by Chinese companies in the country,” said Li Junhua.

He also suggested that Myanmar needs a sound and stable investment landscape to attract international business firms.

Regarding the criticism that Chinese projects in Myanmar are lacking ‘transparency’, the ambassador said that their companies can do their businesses transparently, but it will depend on the Myanmar government.

“Myanmar people should know about foreign investments in their country. In future, our companies will publicise their investments. As the projects were implemented after bilateral agreements, we do not want to keep the information a secret,” he said.

An investigation commission, chaired by Daw Aung San Suu Kyi, was formed on December 1 after protests against the project occurred in the major cities of Yangon and Mandalay.

“We welcome the formation of an investigation commission on the Latpadaungtaung project. We will cooperate with this body. We expect the commission to issue a logical and reasonable report. It would be acceptable to us,” said Li Junhua.

China is the third investor country to operate the Latpadaungtaung copper mine project after Yugoslavia and Canada.

Many prominent persons from various spheres criticised as unacceptable the riot police crackdown on protest camps by using tear bombs and water cannons before daybreak on the holy and sacred day of the Buddhists, the full moon day of Tazaungmone month on November 29.