Who’s Who of Myanmar Cronies Joins Min Aung Hlaing on India Trip

Myanmar’s top business cronies traveled with Min Aung Hlaing to India this week as the putschist president courted investors despite international sanctions, a legitimacy crisis, and a nationwide armed uprising against his regime.

The Irrawaddy has learned that Aung Ko Win of KBZ Group, Aung Aung Zaw of Myanmar Airways International (MAI), Zaw Win Shein of Ayeyar Hinthar Group, and Aye Win, president of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) are among a delegation packed with military-friendly tycoons.

Min Aung Hlaing has been in India since Saturday—his first ever overseas state visit since installing himself as president through rigged elections in December and January. India’s Prime Minister Narendra Modi announced on Facebook after meeting with Min Aung Hlaing on Monday that “We in India are honored that he [Min Aung Hlaing] has chosen India for his first foreign visit as President.”

A highlight of the trip was Sunday’s India-Myanmar Business Conclave in New Delhi, where business chiefs from both countries discussed expanding bilateral trade and commercial opportunities.

Aung Ko Win of KBZ attended the conclave as patron of the UMFCCI, which represents Myanmar’s private sector. One of Myanmar’s most powerful tycoons with close links to its military leadership, Aung Ko Win heads Kanbawza (KBZ) Group, a sprawling conglomerate spanning the aviation, mining, insurance, construction, tourism and banking sectors. His KBZ bank is one of the largest financial institutions in Myanmar. On Tuesday, he joined Min Aung Hlaing’s meeting with the governor of the Reserve Bank of India, along with regime ministers and the Central Bank of Myanmar governor.

Observers noted his involvement may help the cash-strapped regime bypass dollar transactions with direct rupee-kyat trade payments or digital currency.

Another crony at the conclave was Aung Aung Zaw, founder of the 24 Hour Group. His conglomerate operates lucrative coal, gold, tin and tungsten mines. The 24 Hour Group expanded into aviation in 2019, taking over Myanmar Airways International (MAI) and Air KBZ, now rebranded as Mingalar Aviation Services. The MAI shares aircraft with the Myanmar Air Force, and the regime chief used one of the commercial carrier’s jetliners for his trip to India.

Aung Aung Zaw was among two dozen cronies who accompanied Min Aung Hlaing to Russia in March 2025, when the junta chief met with Vladimir Putin. Min Aung Hlaing led the delegation to Moscow for the Russia-Myanmar Business Forum in a bid to deepen economic ties between the two autocratic states.

Another crony on the India trip is Zaw Win Shein, the CEO of Ayeyar Hinthar Group and A Bank. His group expanded into tourism after the sector was decimated by the 2021 coup, hoovering up five of the country’s top hotels in Bagan and Yangon.

The civilian National Unity Government (NUG) has blacklisted 64 of the UMFCCI’s senior members— including its president Aye Win—for actively collaborating with the regime.

Observers said the inclusion of top tycoons in Min Aung Hlaing’s delegation signals that both countries are keen to expand cooperation in banking, hotel and tourism, trade, and other investment sectors.

Wooing Indian Investment

Min Aung Hlaing also wooed Indian investors at the India-Myanmar Trade and Investment Conclave, held at New Delhi’s Taj Mahal Hotel on Sunday.

The regime chief highlighted the Yadanabon Cyber City Project in Mandalay Region, operated by his son Aung Pyae Sone, who faces international sanctions for directly benefiting from his father’s position and malign influence. Min Aung Hlaing said the project offered excellent opportunities for India’s vaunted IT entrepreneurs, emphasizing Myanmar’s need for tech development.

He also told Indian business chiefs his regime would provide priority support and special incentives if they invest in the country’s core sectors – including the production of fertilizer, cement, steel, electric vehicles, agricultural products, pharmaceuticals, medical devices, and edible oil.

The invitation came with a promise of stable conditions in Myanmar, with the regime chief assuring business leaders they had “no reason to worry about any political problems.”

“I will make our economy strong and stable, so please come and invest with confidence,” he added.

Despite his assurance, intense fighting and bombings continue across most of the country as his troops launch offensives in territory controlled by resistance groups and ethnic armed organizations.

Foreign investors pulled out of the country en masse following the military takeover in 2021. In April, the junta transitioned to a pseudo-civilian regime led by the same Western-sanctioned generals, but it failed to secure legitimacy from the international community, including ASEAN.

A veteran political analyst argued that despite the regime’s promises of economic stability, its severe restrictions on banking, money transfers, and the import-export sector make foreign investment impractical.

“Without basic freedoms in the banking system, market economy, and import and export sectors, no one is going to come and invest,” he said.

On Monday, Modi also pressed Min Aung Hlaing to accelerate the long‑delayed Kaladan Multi‑Modal Transit Transport Project and the India‑Myanmar‑Thailand Trilateral Highway, routed through Rakhine State and central Myanmar to Thailand.

The Kaladan Project aims to link Kolkata to Mizoram in Northeast India via Myanmar. However, much of the project area lies in Rakhine territory held by the Arakan Army (AA), which currently controls 14 of the state’s 17 Rakhine townships.

Meanwhile, the trilateral highway route passes through vast swaths of territory either controlled or actively contested by anti-regime forces.

Monday’s meeting also saw Modi and Min Aung Hlaing discuss bilateral trade and economic cooperation, defense and security ties, border management, and rupee-kyat direct payment, according to the regime’s Foreign Ministry.