CNI News

22 October 2024

Businessmen and experts within Myanmar are discussing what the military tensions in the Middle East can affect Myanmar.

Because the countries in the Middle East are not Myanmar's trading partners, although they cannot directly affect the economy of Myanmar, they can indirectly in the petroleum and related cases, U Aung Pyae Sone, a businessman, told CNI News.

" They are the countries which produce petroleum. They are mainly supplying petroleum while the global fuel oil consumption is rising. Although Myanmar doesn't buy fuel oil directly from them, it buy fuel oil through Singaporean companies or third parties. National productivity will decline if the battles are going on. Next, it can hurt purchasing weapons and ammunition. But because they are not our main trading partners, they can't hurt economically Myanmar." he said.

While seeing description of the situation of Gaza war

It was necessary to consider possible impacts depending on other countries which could take part in the Mideast wars; if so, a great fuel oil problem could take place in Myanmar, pointed out political analysts. However, it was less likely to happen so because other countries had their own problems as well, they said.

If the military tensions in the Mideast rose any more, it could hurt Myanmar more than other countries because Myanmar had not made preparations, there are lots of instabilities within the country, and there were foreign currency problems, U Htay Aung Kyi, a banking expert, told CNI News.

While seeing a bowser carrying fuel oil

" When we have to solve the economic problem or political one, we need money and so does a family. But we don't have enough money. So, we have to pray that anymore of tensions won't take place. If the tensions take place any more, other countries will suffer by ten percent and our country will by 20 to 40 percent. Importers, exporters and students' parents are facing a very difficult situation. You need to have a financial strength if you want to solve a problem. But we don't have it." he said.

Battles are severely breaking out between Israel and Hamas in Palestine, between Israel and Hezbola in Lebanon, and between Iran and Israel in the Middle East. Israel has demanded the UN Peace-keeping Force to leave Lebanon.

Houthi rebels in Yemen are attacking cargo ships and oil tankers going through the Red Sea in order that they can put pressure on Israel.