The United Kingdom’s Trade and Investment Minister Stephen Green, on his first visit to Myanmar, stressed four key areas Myanmar needs to improve to receive more foreign investments.
Lord Green said the UK recognizes the
attractiveness of Myanmar market but the key hindrances for foreign
investments are the corruption and lack of transparency, physical and
technological infrastructure inhibiting free flow of information,
under-developed banking systems and insufficient qualified labors in the
country.
“I understand Myanmar government is
focusing on these issues to attract highest quality investments. UK
government and businessmen fully support it,” the minister said at
Traders Hotel Yangon on Thursday.
Lord Green visited Myanmar on June 13
and 14 as the last destination of his Southeast Asia Tour to promote UK
businesses. He was accompanied by a trade delegation including
representatives from major British companies Arup, JCB, Standard
Chartered and Crown Agents.
The minister and his group met with the
government bodies and political figures as well as local and
international business communities in Yangon, the commercial city of
Myanmar.
“British business is already developing a
presence in this country and I hope this reinstatement [of EU trade
scheme for Myanmar] and the recent lifting of EU sanctions will act as a
catalyst to further investment. The British government actively and
enthusiastically encourages responsible investment in this country,” he
said.
At least three more UK trade delegations
will visit Myanmar before end of this year to enhance bilateral trade
cooperation, sources in the delegation said.
UK has witnessed a significant increase
in export volume to Myanmar compared to the previous years. Total export
from UK rose 113 percent to ?12.8 million in 2012, and 178 percent in
the first quarter of 2013 compared to the same period of last year,
according to the reports from UK government.
source: Eleven Myanmar
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