Editor’s note: This story has been updated to remove an incorrect identification of Jonathan Myo Kyaw Thaung in a photograph from Min Aung Hlaing’s visit to India. A correction has been added at the end of the article.
Despite being one of Myanmar’s most prominent businessmen, Aung Ko Win has not been particularly visible in recent years. While it was not uncommon to see the founder of the KBZ Group in the company of senior military leaders before the 2021 coup, he has largely stayed out of the public spotlight since then, even as he maintained close ties with the country’s self-appointed rulers.
But that all changed this week during Min Aung Hlaing’s visit to India, where Aung Ko Win was impossible to miss.
Wearing his trademark black hat, he appeared repeatedly beside the junta chief at official events and business meetings in New Delhi and Mumbai, offering a rare public display of a relationship that has long been discussed behind closed doors in Myanmar’s political and business circles.
Aung Ko Win’s ties to the military have never been a secret—his entire business empire was founded on them—but it is striking to see them pushed to the fore now, after these past five years of relative reticence.
It’s well known that his rise from a schoolteacher to one of the country’s richest tycoons was enabled by close relationships with successive generations of military rulers, including former junta chief Than Shwe and his deputy Maung Aye. Through his KBZ Group, he expanded from banking into aviation, mining, jade, insurance and other sectors, creating a conglomerate whose growth coincided with decades of military rule.
According to a senior official from military-owned conglomerate Myanmar Economic Holdings Limited (MEHL), who spoke to Myanmar Now on condition of anonymity, the relationship between Min Aung Hlaing and Aung Ko Win extends well beyond ordinary business ties.
The official said military-owned Myawaddy Bank repeatedly provided liquidity support to KBZ Bank during periods of financial stress and bank runs without formal loan arrangements. The official also said Min Aung Hlaing frequently made personal visits to Aung Ko Win’s residence in southern Shan State whenever he travelled to the region.
Aung Ko Win joined Min Aung Hlaing at a Myanmar-India Business Dialogue in Mumbai on Wednesday, alongside other prominent cronies including Ayeyar Hinthar Group founder Zaw Win Shein and 24 Hour Group founder Aung Aung Zaw Latt.
The delegation also included senior representatives from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), which has frequently accompanied the junta leader on overseas trips and acts as a bridge between the military administration and the private sector.
The trip marked Min Aung Hlaing’s first overseas visit since assuming the presidency following a widely criticised election held under military rule.
Throughout the visit, the junta chief promoted Myanmar as a destination for trade and investment, telling Indian broadcaster DD India that he hoped to increase bilateral trade from about US$2 billion to $3 billion in the near term and eventually to $5 billion.
He highlighted opportunities in agriculture, timber, minerals, rubber and other raw materials, while also seeking cooperation in information technology and digital infrastructure. Min Aung Hlaing additionally promoted the India-Myanmar-Thailand Trilateral Highway project, arguing that improved connectivity could turn Myanmar into a gateway linking India with Southeast Asia.
Indian Prime Minister Narendra Modi later announced agreements to deepen cooperation in trade, maritime security, cybersecurity and rare-earth minerals.
Despite the business-focused agenda, analysts say the visit is unlikely to generate significant new investment.
Large areas of Myanmar, including parts of the India-Myanmar frontier, remain outside the military’s control, with ethnic armed organisations and resistance groups maintaining strong positions across border regions.
Correction: An earlier version of this story incorrectly identified Jonathan Myo Kyaw Thaung as joining the business delegation to India alongside Myanmar junta leader Min Aung Hlaing. We regret the error. Jonathan Kyaw Thaung informed Myanmar Now that he was not part of the India trip and he disputed a claim in the original version of the story that he is a proxy for Aung Ko Win. Kyaw Thaung further stated that his former United States sanctions listing was for providing financial support to Myanmar’s military, not for procuring arms. As Kyaw Thaung was not part of the India trip, Myanmar Now has removed reference to him in the article.
