Since the removal of sanctions imposed by the USA, more American companies are keen to invest in Myanmar. This was confirmed by the US Ambassador to Myanmar, Mr Scot Marciel, when he recently attended a meeting with The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
He said the changes in Myanmar and the improving financial sector were all factors which are encouraging US firms to focus on Myanmar, adding that “the removal of US financial and trade sanctions on Myanmar could give the country’s various industries a boost, with American buyers expected to return to the investment landscape following a period of sluggish trading. Banking sector reform and liberalisations in the insurance sector will provide a significant boost to bilateral economic relations between Myanmar and the United States.”
You may have seen our earlier blogs on reforms in the Insurance sector. Now, state-owned Myanma Insurance have stated that changes will be announced by the end of August. A further positive sign also for foreign insurance companies seeking to operate in Myanmar.
When meeting the UMFCCI Mr Marciel added that he was keen to encourage further activity between Myanmar and the financial sector from the USA. He also confirmed his support for the Myanmar Government to accelerate further reforms and introduce an improved range of payments and currency transfer services.
The aims of the UMFCCI are many, notably they seek to accelerate the pace of economic development and act as a bridge between the State and the private sector. They are tasked with the objectives of leading the Myanmar business community into being a “globalized economy”.
We in FocusCore have already reported in our blogs on the spectacular and ongoing growth in the expanding Myanmar economy. Indeed, we are helping more and more companies establish their presence in Myanmar, providing our local knowledge and contacts, completing all the required steps for their company incorporation, and providing recruitment, compliance and bookkeeping services.
The UMFCCI continues to provide their valuable participation in trade fairs, exhibitions, EXPOs and shows for local and international companies. We in FocusCore look forward to seeing your company name on attendee lists. Contact us now and take the first step to participating in this vibrant economy.