Private business sector in Myanmar takes leading role in country's urban development

PHOTO: Private business sector in Myanmar takes leading role in country's urban development

Sphere Conferences and the Republic of Union of Myanmar Federation of Chambers of Commerce & Industry (UMFCCI) announced on Friday 11 January that they will jointly organise a series of industry-specific investment conferences showcasing investment opportunities in the urban development, banking and finance as well as logistics and supply chain sectors starting from May 2013.

The three conferences are:
- Myanmar Urban Development Conference ( 6 to 8 May 2013) - Myanmar Banking and Finance Conference (27 to 29 May 2013)
- Myanmar Logistics and Supply Chain Conference (16 - 18 September 2013)

UMFCCI has identified the banking, logistics and supply chain as well as urban development as key sectors that require foreign investment as Myanmar seeks to modernise its economy to cope and thrive in the 21st century.

Sphere Conferences is the conference arm of Singapore Press Holdings which publishes newspapers such as The Straits Times, one of the region's oldest and most established newspapers.

UMFCCI is the national level non-governmental organisation representing and safeguarding the interest of the private business sector. With a vast network of affiliated chambers and trade associations, UMFCCI serves as a bridge between the State and the private sector.

It is a member of the Paris-based International Chamber of Commerce (ICC) and the ASEAN Chamber of Commerce and Industry (ASEAN-CCI), Greater Mekong Subregion Business Forum (GMS-BF), and Joint Economic Quadrangle Committee (JEQC). It has also played a key role in the formulation of the recently updated version of the Foreign Investment Law in Myanmar.

This announcement was made during the signing ceremony between Sphere Conferences and UMFCCI held at the Sedona Hotel in Yangon on Jan 11. It was attended by more than 60 people, comprising policy makers from the various ministries and government authorities such as the Ministry of Construction, Ministry of Finance and Revenue, Ministry of Commerce, Central Bank, Ministry of Transport, Ministry of Rail Transportation, Yangon City Development Committee and Mandalay City Development Committee. The venue was sponsored by Keppel Land Hospitality Management as a gesture of support to the development of Myanmar.

Dr. Maung Maung Lay, Vice-President of UMFCCI, said: "Myanmar is transforming into a modern country, and we seek foreign participation in these industrial sectors. We are happy to partner with Sphere Conferences for the upcoming conferences, which will profile the country's key sectors such as, urban planning, banking and logistics. I believe the conferences will foster valuable partnerships between the local authorities and international business partners. With our re-engagement with the international community, we aim to grow and develop Myanmar as a country that is both socially and economically attractive."

Mr. Chua Wee Phong, Chairman of Sphere Conferences, said: "With the Myanmar government projecting an average GDP growth of 7.7% by 2015 - 2016, we are positive of the country's prospects and the investment opportunities it offers to foreign investors. Through our partnership with UMFCCI, we will create dynamic platforms for the public and private sectors in Myanmar to network with the foreign investors. This will be the first step in developing Myanmar's economy by equipping the conference delegates with the knowledge to make smarter and well-informed decisions about investing in Myanmar."