Feb 8, 2013

Japan Business Federation Concludes Deal With Myanmar

Japan has come out in a big way in promoting investments in Myanmar (formerly Burma) for which a Memorandum of Understanding (MoU) has been signed with Myanmar's chamber of commerce to help create a business-friendly environment in that country, Japanese media reported.

The document was signed by the Chairman of 'Keidanren,' or the Japan Business Federation, Hiromasa Yonekura, in Myanmar's largest city Yangon on Thursday on the conclusion of a four-day visit of a Japanese business delegation that he led to the resource-rich South-East Asian country.

As per the MoU the two sides will work together to train Myanmar people in business and law. They will also together put pressure on Myanmar's government to speed up the process of issuing visas to foreign business people, Japan's NHK broadcaster reported.

Prior to the signing ceremony, the head of the chamber of commerce sought Japan's cooperation in infrastructure projects in a special economic zone on the outskirts of Yangon, where an industrial park is to be built. Yonekura said his organization would help the project by providing Japan's engineering expertise.

Keidanren says the key to Japanese companies doing business in Myanmar is whether they can hire local people well trained in business, as well as improvements in infrastructure, such as a stable supply of electricity.

The Japanese government has recently promised fresh loans to Myanmar to fund infrastructure projects in the once isolated country which was under decades of military rule before a civilian government came to power in 2011. Western countries have also taken keen interest in investing in Myanmar ever since the government led by President Thein Sein embarked upon a series of democratic reforms.

Source: RTT News