X2 Group Sees Opportunity in Myanmar Industrial Port
The Myanmar Industrial Port is located at the heart of Yangon, along the Yangon River. Its main business is the handling of containers and other port services on an international level.
Recently X2 Group CEO Richard Overton visited Myanmar Industrial Port. He was also able to meet with a number of X2 Members in this rapidly emerging trade gateway. X2 Logistics Networks has several members involved in Myanmar including AGX Logistics, International Forwarding Co. Ltd., The Worldwide Moving Services Co. Ltd., Sea-Road Global Logistics and Claridon Myanmar Co., Ltd.
The International Finance Corporation (IFC), recently provided a $40 million convertible loan to support the expansion of the Myanmar Industrial Port. This installment is part of a broader IFC commitment to inject to $200 million, in the form of debt financing to the port located in central Yangon. The funding will be used to modernise the port and help unlock its potential in global maritime trade.
The port which was previously a shipyard sits on 185 acres and handles 5,000 containers per day. Myanma Annawa A Shin Group Co Ltd, operates the port and promotes it internationally.
Also known as Burma, Myanmar has a wealth of timber, oil and gas and mineral resources.
In addition the country is China’s link to the Indian Ocean. “Because of the nature of its investments, China needs Myanmar,” said David Steinberg, a professor emeritus at Georgetown University. “Myanmar also needs China.”
Myanmar boasts one of the world’s fastest growing economies, expanding at 7-8 per cent in the years since the military relinquished direct control in 2011. With a projected growth in trade volumes, improved port infrastructure and more efficient cargo handling processes now is the time to get to know Myanmar Industrial Port. The opening up of the country and economic growth almost guarantee the location will experience a dramatic increase in container throughput.