UK minister urges govt to remove investment
The United Kingdom's Trade and Investment Minister Stephen Green, on his first visit to Myanmar, stressed four key areas Myanmar needed to improve to receive more foreign investment.
Green said UK recognises the attractiveness of the Myanmar market but the key hindrances to foreign investments are corruption and lack of transparency, physical and technological infrastructure inhibiting free flow of information, under-developed banking systems, and insufficient qualified labour in the country.
“I understand the Myanmar government is focusing on these issues to attract the highest quality investments. The UK government and businessmen fully support it,” the minister said at Traders Hotel Yangon on Thursday.
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 that included 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 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 the end of this year to enhance bilateral trade cooperation, sources in the delegation said.
UK has witnessed a significant increase in export volumes to Myanmar compared to the previous years. Total exports from UK rose 113 per cent to 12.8 million pounds in 2012, and 178 per cent in the first quarter of 2013 compared to the same period of last year, according to reports from UK government.
