Business

Tuesday July 10, 2012

Myanmar wants more Malaysian investments


KUALA LUMPUR: Myanmar, possibly the last frontier in Asia for business and investment, invites more participation from Malaysian business community to tap the vast opportunities on the table, after 60 years of isolation, mainly in food commodity and tourism.

Reciprocal moves by the United States and Australia to ease sanctions in Myanmar and rapid transformation taking place within the country has placed it in the international spotlight and opened the platform for foreign parties, including Malaysia, to position themselves to take advantage of the opportunities that are emerging now, said Ye Min Aung, executive committee member of the Union of Myanmar Federation of Chambers of Commerce and Industry.

He said the relationship between Malaysia and Myanmar was weakening and it was important to look at each other’s advantages and weaknesses in investment and business to find a common platform for collaboration and cooperation.

“Myanmar is one of the major rice producers and it is widely consumed in Malaysia. So, we can create a lot investment opportunities in food processing sector in Myanmar and a lot of Malaysian fast-moving consumer products are being imported, which opens room for joint-ventures or 100% foreign investment,” he said — Bernama

“Other important attractive business sectors that can be strengthened and exploited are hotels and tourism, followed by garments and petrochemical.

“With the ongoing transformation in Myanmar, many countries are taking substantial interest and have started investing such as Singapore and Thailand, even Indonesia, but very few Malaysians have come forward,” he told reporters after presenting a talk on “Myanmar: Opening its Links to the Region and the World”, hosted by Institute of Strategic and International Studies Malaysia.

Ye Min, who is also the Secretary General of the Myanmar Rice Industry Association, said former Prime minister Tun Dr Mahathir Mohamad had initiated many business matching arrangements which led Petronas to set foot in Myanmar and at the same time promoted the country’s participation in joining Asean as well as trade and investment relationship.

Thus, when Asean is mentioned in Myanmar, the people see and start talking about Malaysia and Singapore, he added.

He pointed out that Myanmar needs international recognition and support to spur in its current economic transformation. — Bernama

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