BAT to Pull Out of Myanmar

Photo: Taco Tuinstra

British American Tobacco will withdraw from Myanmar by the end of this year, reports The Daily Star.

Responding to a query from Reuters about the status of its operations in the Southeast Asian country, the company said the decision was taken having assessed the long-term viability of its Myanmar business.

“Like any global company, we continuously evaluate our operations around the world,” the company said.

“Having evaluated the long-term operational and commercial viability of our business in Myanmar, we have taken the decision to withdraw from the country and cease all operations.”

BAT did not provide a specific reason for its decision.

Other Western companies have left Myanmar in the wake of February’s coup, which has left the nation in turmoil. The country’s economy is now in dire straits, with the kyat currency losing more than 60 percent of its value last month, pushing up food and fuel costs. The World Bank has forecast an 18 percent contraction in gross domestic product this year.

BAT started operating in Myanmar in 2013, two years after a quasi-civilian government embarked on sweeping reforms to lure investors.