Feb 15, 2012

IE Singapore, SBF lead business mission to Myanmar

A business mission to Myanmar jointly led by International Enterprise Singapore (IE Singapore) and the Singapore Business Federation (SBF) has been received by President Thein Sein on Wednesday.

During the visit, the delegation met with top government officials and ministers where they outlined immediate and long-term plans for Myanmar's growth and development.

"There is much potential for Myanmar to achieve balanced, inclusive and sustainable growth, and these useful insights on the market, with its untapped potential, have provided us with many prospects for business collaboration," said Tony Chew, Mission Leader and SBF chairman.

"Our delegation is encouraged by the Myanmar ministers and business community to establish operations in Myanmar to tap on the competitive advantages offered."

In a statement, SBF said the ministers also "shared steps taken to create a more business friendly environment in Myanmar, through the revision of foreign investment laws and introduction of tax incentives, amongst others".

On Monday, the delegation had also called on U Myint Swe, Chief Minister of Yangon Region, and U Hla Myint, Mayor of Yangon City.

The Chief Minister touched on investment opportunities for Singapore companies in Myanmar, highlighting areas such as hospitality, power supply, utilities, municipal waste management sectors and industrial infrastructure.

"Myanmar officials and businessmen are very receptive of Singapore's participation in the development of their economy," said Tan Soon Kim, Deputy Mission Leader and Group Director for Southeast Asia Group, IE Singapore.

"A key factor that differentiates Singapore companies from others is our ability to provide a comprehensive set of solutions, as we offer a whole value chain of services. An example would be our industrial parks, where we have different companies that can build, manage the park, provide the power and utilities, process and manage the waste and also the logistics services."

Taking place from February 12 to 18, the IE-SBF Myanmar Business Mission includes 115 participants representing 74 Singapore-based companies.

They will be involved in networking and business matching sessions, as well as seminars and site visits to find out more about the business opportunities in Myanmar.

Myanmar has been earning international praise for its fast pace of economic and political reforms since its first civilian President, ex-military man Thein Sein assumed office last March. This has also raised the possibility of the lifting of US and EU sanctions on the country.

In a widely anticipated by-election on April 1, pro-democracy leader Aung San Suu Kyi and her National League for Democracy (NLD) party will contest more than 40 parliamentary seats.

Source: Chennel News Asia