Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Myanmar, Thailand incinerate illicit drugs worth $800 million

Published 26/06/2017, 09:20
© Reuters. A police officer from the Narcotics Control Board stands guard in front of bags of confiscated drugs during the 47th Destruction of Confiscated Narcotics ceremony in Ayutthaya province

BANGKOK/YANGON (Reuters) - Officials in Myanmar and Thailand burned illegal narcotics worth more than $800 million (628 million pounds) on Monday to mark the UN day against drug abuse and trafficking.

The move came even as authorities struggle to stem the flood of illicit drugs in the region, with Thailand's justice minister last year saying the country's war on drugs was failing.

In Thailand's Ayutthaya province, more than 9 tonnes of drugs with a street value of over 20 billion baht ($590 million) went up in smoke including methamphetamines, known locally as "yaba" or "crazy drug", according to police.

"Currently, we are able to take down a lot of networks, including ... transnational networks bringing drugs into Thailand ... to be shipped to Malaysia and other countries," Sirinya Sitthichai, Secretary-General of the Office of Narcotics Control Board, told reporters in Ayutthaya.

In neighbouring Myanmar, the police said they destroyed confiscated drugs worth around $217 million.

Myanmar remains one of the world's largest producers of illicit drugs, including opium, heroin and methamphetamines. Those narcotics are often smuggled into China.

Last year, law makers in Myanmar voiced disappointment over the country's lacklustre efforts to tackle the drug problem.

The market for methamphetamines has been growing in Southeast Asia, the United Nations has said. It estimates that Southeast Asia's trade in heroin and methamphetamine was worth $31 billion in 2013.

© Reuters. A police officer from the Narcotics Control Board stands guard in front of bags of confiscated drugs during the 47th Destruction of Confiscated Narcotics ceremony in Ayutthaya province

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.