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close up of UMS Moattama. Also, what is that ship Inside?
Link to video https://tvzvezda.ru/news/forces/content/20191121417-fYUqJ.html
Link to video https://tvzvezda.ru/news/forces/content/20191121417-fYUqJ.html
tarpitz
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It carries 2 LCUs.
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Inside the ship
DSA
Is it also built in south korea
DSA
tarpitz
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Yes. Those 23 metre LCU are also part of the deal.
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Nilgiri
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Aung Zaya
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9 September 2019Myo Pa Pa San
Business
Korea-Myanmar Industrial Complex to Begin Construction This Year
Korean President Moon Jae-in (right) walks alongside Yangon Region U Phyo Min Thein while visiting Myanmar in the first week of September 2019. / Htet Wai / The Irrawaddy
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YANGON—The Korea-Myanmar joint industrial complex, the first of its kind in economic cooperation between the Korean and Myanmar governments, will begin construction this year in Hlegu Township, Yangon Region, according to Myanmar Investment Commission (MIC) Director U Thant Sin Lwin.
“This is the first cooperation between the Korean and Myanmar governments,” he said during a press conference at the Directorate of Investment and Company Administration in Yangon on Thursday.
The industrial zone will be implemented in two phases with the first running from 2019 to 2021 and the second from 2022 to 2024.
The Korea-Myanmar Industrial Complex Development Co, a 40-40-20 joint venture between Myanmar’s Ministry of Construction, the Korea Land and Housing Corporation and Global Sae-A Co Ltd, will implement the project.
The project is valued at US$110 million (167.9 billion kyats), with the first phase alone worth $48.5 million, according to a proposal submitted to the MIC.
“The MIC approved phase one in February,” said U Thant Sin Lwin, adding that the MIC has not yet received a proposal for the second phase.
Korean President Moon Jae-in during his recent visit to Myanmar said the industrial complex will include garment, textile, construction, telecommunications and other manufacturing factories.
Aside from local companies, around 200 Korean companies are expected to invest in the complex, which will focus on the production of export goods.
The idea for the complex came about after the Joint Committee on Economic Cooperation of Myanmar and South Korea agreed to boost trade between the two countries in June 2013.
Korea has made $3.9 billion worth of investments in 177 businesses in the manufacturing, infrastructure, service and construction sectors in Myanmar.
“Korea is a crucial investment and trading partner for us. It is the sixth largest investor out of 50 countries that have invested in Myanmar,” said President of the Union of Myanmar Federation of Chambers of Commerce and Industry U Zaw Min Win.
“The bilateral trade value is $1 billion, so we support Korean projects, including the Yangon-Dala Bridge project and the industrial complex project,” he said.
MINN
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https://www.mmtimes.com/news/no-withdrawal-south-korean-investors-says-mic.html
South Korean businesses in Myanmar will not be moving their operations to Bangladesh, U Thant Sin Lwin, secretary of the Myanmar Investment Commission (MIC), said on Wednesday.
Based on statements by the Bangladesh Economic Zone Authority (BEZA) and Korea Industrial Complex Co Ltd (KIC), Bangladeshi news dailies recently reported that South Korean businesses invested in Myanmar wanted to move to Bangladesh.
“There are no cases at all of South Korean investors returning MIC permits and moving out of Myanmar. In fact, interest among South Korean investors in Myanmar has been mounting,” U Thant Sin Lwin said.
According to Bangladeshi papers, about 100 South Korean businesses in Myanmar wanted to move to Bangladesh due to shortcomings in industrial zones in the country. The newspapers appeared to be quoting a news source from the Bangladesh Economic Zone Authority (BEZA). The Bangladeshi news reports stated that Korea Industrial Complex Co Ltd (KIC), which is working on industrial zones of Myanmar, will establish such zones in Bangladesh.
Although KIC is registered in Myanmar, it has not started operations yet, said U Thant Sin Lwin. “We met with KIC officials in July. They came to Myanmar to inquire about establishing industrial zones in Myanmar. We haven’t done any work with them yet,” said U Thant Sin Lwin.
When the Commercial Attache’ of the Embassy of the Republic of Korea in Myanmar was asked about the news reports November 6 from Bangladesh, the attache’ replied that the reports were “just a rumour”, U Thant Sin Lwin said.
At present there are already two industrial zones with South Korean participation in Myanmar: the Korea-Myanmar Industrial Zone established by Myanmar and South Korean governments, and another set up by a private company, said U Thant Zin Lwin.
South Korea is Myanmar’s sixth-largest foreign investor and it has to-date invested US$3.9 billion in 179 businesses in Myanmar, according to the Directorate of Investment and Company Administration (DICA).
South Korea has invested mainly in the oil & gas sector and production businesses in Myanmar. – Translated
South Korean businesses in Myanmar will not be moving their operations to Bangladesh, U Thant Sin Lwin, secretary of the Myanmar Investment Commission (MIC), said on Wednesday.
Based on statements by the Bangladesh Economic Zone Authority (BEZA) and Korea Industrial Complex Co Ltd (KIC), Bangladeshi news dailies recently reported that South Korean businesses invested in Myanmar wanted to move to Bangladesh.
“There are no cases at all of South Korean investors returning MIC permits and moving out of Myanmar. In fact, interest among South Korean investors in Myanmar has been mounting,” U Thant Sin Lwin said.
According to Bangladeshi papers, about 100 South Korean businesses in Myanmar wanted to move to Bangladesh due to shortcomings in industrial zones in the country. The newspapers appeared to be quoting a news source from the Bangladesh Economic Zone Authority (BEZA). The Bangladeshi news reports stated that Korea Industrial Complex Co Ltd (KIC), which is working on industrial zones of Myanmar, will establish such zones in Bangladesh.
Although KIC is registered in Myanmar, it has not started operations yet, said U Thant Sin Lwin. “We met with KIC officials in July. They came to Myanmar to inquire about establishing industrial zones in Myanmar. We haven’t done any work with them yet,” said U Thant Sin Lwin.
When the Commercial Attache’ of the Embassy of the Republic of Korea in Myanmar was asked about the news reports November 6 from Bangladesh, the attache’ replied that the reports were “just a rumour”, U Thant Sin Lwin said.
At present there are already two industrial zones with South Korean participation in Myanmar: the Korea-Myanmar Industrial Zone established by Myanmar and South Korean governments, and another set up by a private company, said U Thant Zin Lwin.
South Korea is Myanmar’s sixth-largest foreign investor and it has to-date invested US$3.9 billion in 179 businesses in Myanmar, according to the Directorate of Investment and Company Administration (DICA).
South Korea has invested mainly in the oil & gas sector and production businesses in Myanmar. – Translated
Nilgiri
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Loved the heartburn and triggering this caused in certain subforum when you posted it there haha. Good job buddy.
Aung Zaya
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Indonesia to strengthen ties, raise investments and trade with Myanmar
John Liu 29 Oct 2019
Indonesian artists perform traditional music and dance during the Indonesian Food Festival. Ko Ko Htay/The Myanmar Times
Indonesia is keen to strengthen bilateral relations with Myanmar and channel more investments into the country, to Indonesian Ambassador Iza Fadri told The Myanmar Times at the sidelines of a diplomatic reception on Myanmar-Indonesia relations, trade development and future outlook in Yangon last week.
To celebrate the 70th anniversary of Indonesia-Myanmar diplomatic relations, the Indonesian embassy in Myanmar organised a series of events including cultural and food festivals, to broaden people’s understandings of Indonesian culture last week. As emerging economies, the two countries have shared a long history of mutual assistance, said Ambassador Fadri.
He cited the goodwill gesture of Myanmar sending rice to Indonesia in the 1960s when Indonesia suffered from a shortage of food supplies, and again in 1997, when Indonesia welcomed Myanmar into the Association of Southeast Asian Nations (ASEAN).
Click here
Bilateral exchanges have further extended to the grassroots level, with the Indonesian government now offering Myanmar students official scholarships to pursue their studies in the archipelago. Last year, 11 students from Myanmar secured the opportunity.
Seeing potential opportunities for growth in the country, Indonesia also wants to channel more investments into Myanmar. Pharmaceutical firm Kalbe Myanmar Co will begin operations in a few months time in Thilawa Speical Economic Zone, for example. The firm has been characterised as “an example for the future development” of Indonesia companies in Myanmar.
Meanwhile, the embassy has received over 30 inquiries regarding investment possibilities in Asia’s last frontier economy, the ambassador said.
In fact, investments from the archipelago are actually much higher than official statistics, as several companies directed capital into Myanmar via a third country. This includes Singapore-listed poultry and poultry feed manufacture Jafpa Ltd, which opened a subsidiary, Japfa Comfeed Myanmar, in the country five years ago.
Currently Myanmar’s 14th largest trading partner, Indonesia also wants raise trade volumes between the two countries. Projections of future growth in terms of trade are looking hopeful, especially with Indonesia investments in Myanmar set to growth further, said Ambassador Fadri.
In a business matching event last month, the ambassador also noted that bilateral trade between the two countries hit US$1 billion last year, citing it as a “milestone and new chapter for Indonesia-Myanmar economic cooperation”.
However, Ambassador Fadri also raised certain obstacles faced by foreign businesses when exploring opportunities to expand into Myanmar.
“The companies are concerned about regulations here,” he said, adding that the volatility brought about by uncertainties in regulations and complexity in procedures could pose hindrances to foreign investments on top of the basic infrastructure needs.
Mr Rudi Santosa Irawan, director of Kalbe, told The Myanmar Times last month that the problem of the mismatch between new regulations and implementation has to be addressed by the Myanmar government.
Exports of wearables faltering despite trade war as investment shifts to Myanmar
October 10, 2019 | 10:16 pm
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FIL-PACIFIC APPAREL CORPORATION
THE Philippines’ failure to take advantage of opportunities from the US-China trade war is reflected in the decline of exports in wearable products, the Confederation of Wearable Exporters of the Philippines (ConWEP) said.
ConWEP Executive Director Marites Jocson-Agoncillo told reporters at an investment forum on Tuesday that the expected growth did not come and that she was taking the decline as a warning.
“I’m not enjoying the trade war. That’s a very big sign — how come we don’t have growth? There’s a trade war — but (orders) are not coming in for apparel,” Ms. Jocson-Agoncillo said in English and Filipino.
ConWEP initially forecast 15-20% export revenue growth in 2019, but assumed that the Philippines captures some of the market from China.
Instead, ConWEP saw a 15% decline in textiles in the first seven months of 2019. Apparel exports fell 4%, while footwear rose 27%, and travel goods up 5%.
She said investments are shifting to Myanmar due to the country’s lower labor costs. In her presentation, she estimated Myanmar’s monthly wage at about $85-95, compared with the Philippines’ $190-274.
Ms. Agoncillo added that the reduced fiscal incentives proposed in the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill add “fuel to the fire.”
She estimates that CITIRA could cause job displacement in the apparel sector of 40% in the first 12-18 months.
“The cost of doing business is already very, very tough on us. And then there’s this added threat,” she said. — Jenina P. Ibañez
US Businesses Eye Expanded Myanmar Investment
The US-Asean Business Council meets on Monday in Yangon. / UMFCCI
By Nan Lwin 1 October 2019
YANGON – As Myanmar’s government is making efforts to revive the economy through foreign investment, US companies say they are keen to expand their involvement, according to a leading trade body.
The US-Asean Business Council in Yangon met on Monday and included representatives of 12 US companies and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The US delegation, led by US Ambassador Scot Marciel, included representatives from Amazon, Google, Coca-Cola, Chevron, Chubb, Diageo, Ford, Jhpiego, MasterCard, Visa, Abbott and BowerGroupAsia.
Ford and Coca-Cola already have taken a significant market share in Myanmar. Chevron has been investing in the energy sector for many years.
The UMFCCI vice president, Dr. Maung Maung Lay, told The Irrawaddy that the US companies said they wanted to expand investment after seeing positive results in Myanmar.
“I think we are starting to see the results of economic reform. However, we still need more changes to create a favorable investment environment for other investors,” he said.
The UMFCCI said US companies were looking at investment in digital technology and vehicle production, and small and medium-sized enterprises (SMEs).
By July, the US was the 13th-largest source of foreign direct investment (FDI) in Myanmar with US$440 million (675.75 billion kyats) invested in 20 enterprises, according to the Directorate of Investment and Company Administration (DICA), the government’s investment agency.
In late August, Japan and the US said in a joint statement that they would promote responsible, ethical investment for economic development. They were marking the opening of the Myanmar-Japan-US forum in Yangon on fostering responsible investment.
The president of the US-Asean Business Council, Alexander Feldman, said more investment from the US was needed to boost bilateral trade.
US representatives reportedly focused on promoting investment, job opportunities, infrastructure and industrial development.
The UMFCCI is inviting US investment in the telecoms, insurance, wholesale and retail sectors.
The US Embassy said it was discussing how the private sector could support economic reform through the sharing of best practices and technology. The delegation is due to meet government and business leaders in Naypyitaw and Mandalay this week.
Under the National League for Democracy, FDI has declined significantly as Myanmar’s image has been tarnished by the Rohingya crisis since 2017.
Since last year, the government has stepped up efforts to secure FDI to end a significant economic slowdown.
The government has also introduced economic reforms, including the new companies law, to boost confidence among foreign investors. The Myanmar Sustainable Development Plan (MSDP) is a road map to promote equal development in social and economic sectors. The Myanmar Investment Promotion Plan (MIPP) aims to attract more than US$200 billion in investment from businesses over the next 20 years.
John Liu 29 Oct 2019
Indonesian artists perform traditional music and dance during the Indonesian Food Festival. Ko Ko Htay/The Myanmar Times
Indonesia is keen to strengthen bilateral relations with Myanmar and channel more investments into the country, to Indonesian Ambassador Iza Fadri told The Myanmar Times at the sidelines of a diplomatic reception on Myanmar-Indonesia relations, trade development and future outlook in Yangon last week.
To celebrate the 70th anniversary of Indonesia-Myanmar diplomatic relations, the Indonesian embassy in Myanmar organised a series of events including cultural and food festivals, to broaden people’s understandings of Indonesian culture last week. As emerging economies, the two countries have shared a long history of mutual assistance, said Ambassador Fadri.
He cited the goodwill gesture of Myanmar sending rice to Indonesia in the 1960s when Indonesia suffered from a shortage of food supplies, and again in 1997, when Indonesia welcomed Myanmar into the Association of Southeast Asian Nations (ASEAN).
Click here
Bilateral exchanges have further extended to the grassroots level, with the Indonesian government now offering Myanmar students official scholarships to pursue their studies in the archipelago. Last year, 11 students from Myanmar secured the opportunity.
Seeing potential opportunities for growth in the country, Indonesia also wants to channel more investments into Myanmar. Pharmaceutical firm Kalbe Myanmar Co will begin operations in a few months time in Thilawa Speical Economic Zone, for example. The firm has been characterised as “an example for the future development” of Indonesia companies in Myanmar.
Meanwhile, the embassy has received over 30 inquiries regarding investment possibilities in Asia’s last frontier economy, the ambassador said.
In fact, investments from the archipelago are actually much higher than official statistics, as several companies directed capital into Myanmar via a third country. This includes Singapore-listed poultry and poultry feed manufacture Jafpa Ltd, which opened a subsidiary, Japfa Comfeed Myanmar, in the country five years ago.
Currently Myanmar’s 14th largest trading partner, Indonesia also wants raise trade volumes between the two countries. Projections of future growth in terms of trade are looking hopeful, especially with Indonesia investments in Myanmar set to growth further, said Ambassador Fadri.
In a business matching event last month, the ambassador also noted that bilateral trade between the two countries hit US$1 billion last year, citing it as a “milestone and new chapter for Indonesia-Myanmar economic cooperation”.
However, Ambassador Fadri also raised certain obstacles faced by foreign businesses when exploring opportunities to expand into Myanmar.
“The companies are concerned about regulations here,” he said, adding that the volatility brought about by uncertainties in regulations and complexity in procedures could pose hindrances to foreign investments on top of the basic infrastructure needs.
Mr Rudi Santosa Irawan, director of Kalbe, told The Myanmar Times last month that the problem of the mismatch between new regulations and implementation has to be addressed by the Myanmar government.
Exports of wearables faltering despite trade war as investment shifts to Myanmar
October 10, 2019 | 10:16 pm
FacebookTwitter
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FIL-PACIFIC APPAREL CORPORATION
THE Philippines’ failure to take advantage of opportunities from the US-China trade war is reflected in the decline of exports in wearable products, the Confederation of Wearable Exporters of the Philippines (ConWEP) said.
ConWEP Executive Director Marites Jocson-Agoncillo told reporters at an investment forum on Tuesday that the expected growth did not come and that she was taking the decline as a warning.
“I’m not enjoying the trade war. That’s a very big sign — how come we don’t have growth? There’s a trade war — but (orders) are not coming in for apparel,” Ms. Jocson-Agoncillo said in English and Filipino.
ConWEP initially forecast 15-20% export revenue growth in 2019, but assumed that the Philippines captures some of the market from China.
Instead, ConWEP saw a 15% decline in textiles in the first seven months of 2019. Apparel exports fell 4%, while footwear rose 27%, and travel goods up 5%.
She said investments are shifting to Myanmar due to the country’s lower labor costs. In her presentation, she estimated Myanmar’s monthly wage at about $85-95, compared with the Philippines’ $190-274.
Ms. Agoncillo added that the reduced fiscal incentives proposed in the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill add “fuel to the fire.”
She estimates that CITIRA could cause job displacement in the apparel sector of 40% in the first 12-18 months.
“The cost of doing business is already very, very tough on us. And then there’s this added threat,” she said. — Jenina P. Ibañez
US Businesses Eye Expanded Myanmar Investment
The US-Asean Business Council meets on Monday in Yangon. / UMFCCI
By Nan Lwin 1 October 2019
YANGON – As Myanmar’s government is making efforts to revive the economy through foreign investment, US companies say they are keen to expand their involvement, according to a leading trade body.
The US-Asean Business Council in Yangon met on Monday and included representatives of 12 US companies and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The US delegation, led by US Ambassador Scot Marciel, included representatives from Amazon, Google, Coca-Cola, Chevron, Chubb, Diageo, Ford, Jhpiego, MasterCard, Visa, Abbott and BowerGroupAsia.
Ford and Coca-Cola already have taken a significant market share in Myanmar. Chevron has been investing in the energy sector for many years.
The UMFCCI vice president, Dr. Maung Maung Lay, told The Irrawaddy that the US companies said they wanted to expand investment after seeing positive results in Myanmar.
“I think we are starting to see the results of economic reform. However, we still need more changes to create a favorable investment environment for other investors,” he said.
The UMFCCI said US companies were looking at investment in digital technology and vehicle production, and small and medium-sized enterprises (SMEs).
By July, the US was the 13th-largest source of foreign direct investment (FDI) in Myanmar with US$440 million (675.75 billion kyats) invested in 20 enterprises, according to the Directorate of Investment and Company Administration (DICA), the government’s investment agency.
In late August, Japan and the US said in a joint statement that they would promote responsible, ethical investment for economic development. They were marking the opening of the Myanmar-Japan-US forum in Yangon on fostering responsible investment.
The president of the US-Asean Business Council, Alexander Feldman, said more investment from the US was needed to boost bilateral trade.
US representatives reportedly focused on promoting investment, job opportunities, infrastructure and industrial development.
The UMFCCI is inviting US investment in the telecoms, insurance, wholesale and retail sectors.
The US Embassy said it was discussing how the private sector could support economic reform through the sharing of best practices and technology. The delegation is due to meet government and business leaders in Naypyitaw and Mandalay this week.
Under the National League for Democracy, FDI has declined significantly as Myanmar’s image has been tarnished by the Rohingya crisis since 2017.
Since last year, the government has stepped up efforts to secure FDI to end a significant economic slowdown.
The government has also introduced economic reforms, including the new companies law, to boost confidence among foreign investors. The Myanmar Sustainable Development Plan (MSDP) is a road map to promote equal development in social and economic sectors. The Myanmar Investment Promotion Plan (MIPP) aims to attract more than US$200 billion in investment from businesses over the next 20 years.
Aung Zaya
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ha ha.
A high level delegation led by Lieutenant General Htun Htun Naung,
#Commander No (1), Bureau of Special Operations, #MyanmarArmy, visited the #OfficersTrainingAcademy #Gaya. Visit boosts rich historical cultural ties and strengthen bilateral military relations. https://t.co/Yhu8Ax147p
Buddhistforlife
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That's strange. Indonesia protested against Myanmar's mistreatment of the rohingya but now they took a u turn?Indonesia to strengthen ties, raise investments and trade with Myanmar
John Liu 29 Oct 2019
Indonesian artists perform traditional music and dance during the Indonesian Food Festival. Ko Ko Htay/The Myanmar Times
Indonesia is keen to strengthen bilateral relations with Myanmar and channel more investments into the country, to Indonesian Ambassador Iza Fadri told The Myanmar Times at the sidelines of a diplomatic reception on Myanmar-Indonesia relations, trade development and future outlook in Yangon last week.
To celebrate the 70th anniversary of Indonesia-Myanmar diplomatic relations, the Indonesian embassy in Myanmar organised a series of events including cultural and food festivals, to broaden people’s understandings of Indonesian culture last week. As emerging economies, the two countries have shared a long history of mutual assistance, said Ambassador Fadri.
He cited the goodwill gesture of Myanmar sending rice to Indonesia in the 1960s when Indonesia suffered from a shortage of food supplies, and again in 1997, when Indonesia welcomed Myanmar into the Association of Southeast Asian Nations (ASEAN).
Click here
Bilateral exchanges have further extended to the grassroots level, with the Indonesian government now offering Myanmar students official scholarships to pursue their studies in the archipelago. Last year, 11 students from Myanmar secured the opportunity.
Seeing potential opportunities for growth in the country, Indonesia also wants to channel more investments into Myanmar. Pharmaceutical firm Kalbe Myanmar Co will begin operations in a few months time in Thilawa Speical Economic Zone, for example. The firm has been characterised as “an example for the future development” of Indonesia companies in Myanmar.
Meanwhile, the embassy has received over 30 inquiries regarding investment possibilities in Asia’s last frontier economy, the ambassador said.
In fact, investments from the archipelago are actually much higher than official statistics, as several companies directed capital into Myanmar via a third country. This includes Singapore-listed poultry and poultry feed manufacture Jafpa Ltd, which opened a subsidiary, Japfa Comfeed Myanmar, in the country five years ago.
Currently Myanmar’s 14th largest trading partner, Indonesia also wants raise trade volumes between the two countries. Projections of future growth in terms of trade are looking hopeful, especially with Indonesia investments in Myanmar set to growth further, said Ambassador Fadri.
In a business matching event last month, the ambassador also noted that bilateral trade between the two countries hit US$1 billion last year, citing it as a “milestone and new chapter for Indonesia-Myanmar economic cooperation”.
However, Ambassador Fadri also raised certain obstacles faced by foreign businesses when exploring opportunities to expand into Myanmar.
“The companies are concerned about regulations here,” he said, adding that the volatility brought about by uncertainties in regulations and complexity in procedures could pose hindrances to foreign investments on top of the basic infrastructure needs.
Mr Rudi Santosa Irawan, director of Kalbe, told The Myanmar Times last month that the problem of the mismatch between new regulations and implementation has to be addressed by the Myanmar government.
Exports of wearables faltering despite trade war as investment shifts to Myanmar
October 10, 2019 | 10:16 pm
FacebookTwitter
Font Size
- A A A
FIL-PACIFIC APPAREL CORPORATION
THE Philippines’ failure to take advantage of opportunities from the US-China trade war is reflected in the decline of exports in wearable products, the Confederation of Wearable Exporters of the Philippines (ConWEP) said.
ConWEP Executive Director Marites Jocson-Agoncillo told reporters at an investment forum on Tuesday that the expected growth did not come and that she was taking the decline as a warning.
“I’m not enjoying the trade war. That’s a very big sign — how come we don’t have growth? There’s a trade war — but (orders) are not coming in for apparel,” Ms. Jocson-Agoncillo said in English and Filipino.
ConWEP initially forecast 15-20% export revenue growth in 2019, but assumed that the Philippines captures some of the market from China.
Instead, ConWEP saw a 15% decline in textiles in the first seven months of 2019. Apparel exports fell 4%, while footwear rose 27%, and travel goods up 5%.
She said investments are shifting to Myanmar due to the country’s lower labor costs. In her presentation, she estimated Myanmar’s monthly wage at about $85-95, compared with the Philippines’ $190-274.
Ms. Agoncillo added that the reduced fiscal incentives proposed in the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill add “fuel to the fire.”
She estimates that CITIRA could cause job displacement in the apparel sector of 40% in the first 12-18 months.
“The cost of doing business is already very, very tough on us. And then there’s this added threat,” she said. — Jenina P. Ibañez
US Businesses Eye Expanded Myanmar Investment
The US-Asean Business Council meets on Monday in Yangon. / UMFCCI
By Nan Lwin 1 October 2019
YANGON – As Myanmar’s government is making efforts to revive the economy through foreign investment, US companies say they are keen to expand their involvement, according to a leading trade body.
The US-Asean Business Council in Yangon met on Monday and included representatives of 12 US companies and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The US delegation, led by US Ambassador Scot Marciel, included representatives from Amazon, Google, Coca-Cola, Chevron, Chubb, Diageo, Ford, Jhpiego, MasterCard, Visa, Abbott and BowerGroupAsia.
Ford and Coca-Cola already have taken a significant market share in Myanmar. Chevron has been investing in the energy sector for many years.
The UMFCCI vice president, Dr. Maung Maung Lay, told The Irrawaddy that the US companies said they wanted to expand investment after seeing positive results in Myanmar.
“I think we are starting to see the results of economic reform. However, we still need more changes to create a favorable investment environment for other investors,” he said.
The UMFCCI said US companies were looking at investment in digital technology and vehicle production, and small and medium-sized enterprises (SMEs).
By July, the US was the 13th-largest source of foreign direct investment (FDI) in Myanmar with US$440 million (675.75 billion kyats) invested in 20 enterprises, according to the Directorate of Investment and Company Administration (DICA), the government’s investment agency.
In late August, Japan and the US said in a joint statement that they would promote responsible, ethical investment for economic development. They were marking the opening of the Myanmar-Japan-US forum in Yangon on fostering responsible investment.
The president of the US-Asean Business Council, Alexander Feldman, said more investment from the US was needed to boost bilateral trade.
US representatives reportedly focused on promoting investment, job opportunities, infrastructure and industrial development.
The UMFCCI is inviting US investment in the telecoms, insurance, wholesale and retail sectors.
The US Embassy said it was discussing how the private sector could support economic reform through the sharing of best practices and technology. The delegation is due to meet government and business leaders in Naypyitaw and Mandalay this week.
Under the National League for Democracy, FDI has declined significantly as Myanmar’s image has been tarnished by the Rohingya crisis since 2017.
Since last year, the government has stepped up efforts to secure FDI to end a significant economic slowdown.
The government has also introduced economic reforms, including the new companies law, to boost confidence among foreign investors. The Myanmar Sustainable Development Plan (MSDP) is a road map to promote equal development in social and economic sectors. The Myanmar Investment Promotion Plan (MIPP) aims to attract more than US$200 billion in investment from businesses over the next 20 years.
But who would not want to invest in Myanmar. It is now a perfect location for investing especially after it opened to the outside world. Even Europeans and Americans now want to invest, overlooking the rohingya crisis.
Myanmar armed forces can use those funds to modernize the armed forces.
Aung Zaya
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should not mix with politic when u are doing business. except Malaysia, Asean members states always back Myanmar since the crisis started.
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