BANGKOK/TOKYO — Thailand’s largest industrial estate developer has suspended work on a $1 billion project in Myanmar due to fears that the military coup and possible international sanctions will drive investors away from the country.
Amata had just begun construction on the 2,000-acre industrial complex outside Yangon in December but the development, including a new power plant, will be put on hold, chief marketing officer Viboon Kromadit told reporters on Tuesday.
The announcement is a sign of the impact that the military coup, which began on Monday with the detention of Ang Sang Suu Kyi and other civilian leaders, could have on business activity in the country.
“We and our clients are concerned about a possible trade boycott by Western countries,” Viboon said. “It’s very likely to happen, particularly from the U.S. and the EU. And if that happens, new investment in Myanmar will…
