Dec 26, 2012

Myanmar sees more foreign firms bidding for projects

More international companies are submitting tenders for state projects on infrastructure, a business man said.

“Foreign firms [are filing] bid tenders for airports, sea ports, hotels and industrial zone projects. The trend may continue as other tenders are still in process,” he said,

A source from a Japanese corporation said it all depended on the policy of the Myanmar Investment Commission. Japan has the most number of corporations joining bids in the country.

“We are prepared to make investments in infrastructure and natural resources like what China and Thailand had done. In addition to manufacturing and industrial factories, we will prepare ourselves to be involved in telecommunications, industrial zoning, port construction, transportation, energy, hydropower, and information technology,” he added.

Local firms are confident that they will have more chances in winning project bids as the involvement of international companies requires a more fair, transparent and systematic bidding process.

After decades of isolation, Myanmar opened up this year and is striving for economy development. The country is attracting more foreign investments with the passage of the foreign investment law in November.

Foreign firms are entering Myanmar through joint ventures with local firms. They are investing in agriculture, manufacturing, garment factories, hotel and tourism, transportation, sales distribution, advertising, technology, and banking.

Analysts, however, said the main hindrance for investments, which is the lack of efficient and effective infrastructure in the country, remains.

Source: Eleven Media Group