The Burmese tycoon Tay Za, head of the Htoo Trading Company, accompanied the junta’s number two, Vice Snr-Gen Maung Aye, on his recent three-day visit to Bangladesh, according to business sources in Rangoon.
The sources, close to the Htoo Trading Company, said Tay Za led a Burmese business team, which had talks with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on improving trade between the two countries, included launching direct shipping lines between Bangladesh and Rangoon.
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| Burmese tycoon Tay Za (Photo: AFP) |
The delegation reportedly travelled to Bangladesh aboard an aircraft of Tay Za’s company Air Bagan.
Tay Za, who enjoys close business ties with the military regime, plans to transfer control of Htoo Trading Company to his elder son, Phyo Tay Za, according to one source.
The Burmese delegation also discussed with their Bangladesh hosts the purchase of 100,000 tons of rice from Burma, besides energy cooperation, the construction of a trans-border road and the delimitation of maritime boundaries.
A report by the Reuters news agency, quoting a Bangladesh energy official, said the Burmese delegation agreed to supply natural gas to Bangladesh to help it produce fertilizer for use in both countries.
Reuters said Bangladesh will establish a urea-manufacturing factory in its Chittagong region, near the Burma border, with an annual production capacity of 600,000 tonnes, using up to 200 million cubic feet of gas daily.
Tay Za is among a number of Burmese military officials and businessmen on a US sanctions list that freezes any of their US assets.
The sanctions have reportedly hit Tay Za’s businesses, including those with Singapore links—Pavo Trading Pte Ltd, Air Bagan Holdings Pte Ltd and Htoo Wood Products Pte Ltd. Pavo Trading is a sister company of the Htoo group of companies run by Tay Za.
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