Roadmap urged to help Myanmar firms navigate investment environment

YANGON: Myanmar's top corporate leaders have called on the government to develop a roadmap to help local businesses navigate the new investment environment.

Currently, many feel the country's investment policies are still ambiguous, and some 500 business leaders have voiced those concerns with President Thein Sein in a forum -- the first of its kind.

The business leaders hope to create awareness of the challenges local firms are facing, as the country opens its doors to foreign investments.

They want the government to develop more local pro-business policies.

Tay Za, chairman of HTOO Group of Companies, said: "We want to know the clearer picture. We need to sit down together with the government body as well as entrepreneurs. "

Aung Zaw Oo, managing director of Aung Naing Thitsar Co, said: "Foreign companies not only have the chance to invest in the country, but also (have access to) favourable taxation. After they've gotten their Myanmar Investment Commission (MIC) permit, they can get five-year free taxation.

"So in the country, as a local company, we also would like to have those same chances."

The Myanmar government said it is trying to create opportunities for local businesses.

Myanmar's President said his administration has worked hard to overcome the Western sanctions imposed on Myanmar.

It has made significant changes to its financial system, such as stabilising the foreign currency exchange rate and giving more autonomy to the central bank.

The President called on local firms to take advantage of the more conducive business environment.

"To enjoy the full benefits of the economic reforms, government and private sector companies need to work together.

"The upcoming implementation of the ASEAN Free Trade Area and the ASEAN Economic Community, coupled with Myanmar's ASEAN Chairmanship, will also bring about additional benefits for local companies," said President Thein Sein.

The President has also instructed the various ministries to gather additional feedback from local private players, which will help them incorporate the needs and concerns of local businesses when drawing up new policies, and also enable local businesses to thrive and to compete head-on with foreign firms in the changing corporate environment.  

Source: http://www.news.myanmaronlinecentre.com/2014/02/26/roadmap-urged-to-help-myanmar-firms-navigate-investment-environment/