Starbucks Suspends Move to Myanmar

Starbuck was plaining to open their first coffee shop in Myanmar, they have temporary suspended the operation with DICA, they plan to inform DICA about their future plans to open the store.

“They filed the suspension a week ago which is only a temporarily suspension considering the situation of the world economy,’’ U Than Aung Kyaw, Deputy Director of DICA, said.

MIC approved Starbucks proposal, in May of this year, they planned to open 20 coffee shops under the company name “Coffee Concepts Myanmar” with an initial investment of $6 million.

The proposal included serving food and beverages and selling Starbucks branded goods in the coffee shops.

“They did not mention if it was due to the political situation. But news said they suspended because of the local political situation. But that is not true,’’ he added.

He believes this suspension wouldn’t harm the interest of other investors in Myanmar, which in recent years have received investments from other U.S. giants such as Coca-Cola and KFC.

Source: Myanmar Business Today

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