doing business in myanmar – what you need to know as a singaporean
Bilateral economic cooperation between Myanmar and Japan will be strengthened during the post-COVID-19 period. Stronger ties are needed to ease the
impact of the coronavirus on businesses, Japanese officials said during the Myanmar Japan Investment Dialogue held on July 29.
Based on the geography of Myanmar, there is ample room for economic growth and Japan will continue to invest together with local firms to take advantage of these
opportunities, said Parliamentary Vice-Minister of Economy, Trade and Industry Mr Nakano Hiromasa.
Since COVID-19 first struck in Myanmar in March, Japan has signed three MoUs for infrastructure projects worth of 2199 yen (US$20.5million) in the country. The
first is the Rehabilitation of Vessel Traffic Navigation Aid in the Yangon River, followed by the provision of a water treatment facility and equipment to the
Myanmar Police Force under its Economic and Social Development Programme.
The dialogue took place one week after Myanmar issued a Japanese consortium with a Notice to Proceed with a 1250-megawatt liquefied natural gas plant worth
US$2 billion in Thilawa Special Economist Zone.
The Japanese mainly invest in agriculture, livestock and fisheries, production and industry, hotels and tourism as well as power.
The country has so far invested close to US$2 billion in 120 businesses in Myanmar.
Access to trade bloc Separately, Myanmar is also aiming to cooperate in establishing the world’s largest free trading bloc under the Regional Comprehensive Economic Partnership (RCEP), said U Bharat Singh, deputy minister of the Ministry of Investment and Foreign Economic Relations.
The RCEP is a proposed free trade agreement (FTA) in the Indo-Pacific region between the ten member states of the Association of Southeast Asian Nations
(ASEAN), namely Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam as well as Myanmar and five of ASEAN’s FTA
partners—Australia, China, Japan, New Zealand, and South Korea.Discussions to sign the RCEP commenced in 2012 and is expected to be signed at the ASEAN Summit Meeting in November.Through the RCEP, Myanmar has opportunities to gain access to a large and diversified market, both in terms of revenue and investments, U Bharat Singh said.“Moreover, Myanmar can cooperate with developed nations and its other emerging peers to improve its own laws for the development of the country’s economy. It can also raise its economic image on the global scale from being a part of the world’s largest trading bloc,” he said. – Translated
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Source : Myanmar Times
