Tuesday, October 15, 2019

Index Creative Village’s ICVeX unit plans Myanmar expos

Jul 24. 2019
Taking part in a panel discussion in Yangon on Wednesday are, from left, Sarah Wai, Nay Lin, Thurein Nyein, Chinakit Viphavakit and Nay Lynn Tun. Chinakit, general manager of ICVeX, is optimistic on the Myanmar market.
Taking part in a panel discussion in Yangon on Wednesday are, from left, Sarah Wai, Nay Lin, Thurein Nyein, Chinakit Viphavakit and Nay Lynn Tun. Chinakit, general manager of ICVeX, is optimistic on the Myanmar market.
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By KHINE KYAW
THE NATION
YANGON

1,109 Viewed

With a bright outlook for the food and beverage sector and the broader retail scene in Myanmar, ICVeX Co, a subsidiary of Index Creative Village Pcl, on Wednesday announced two upcoming trade fairs - the 6th Myanmar FoodBev and the 4th Myanmar Retail Sourcing Expo.

Chinakit Viphavakit, general manager of ICVeX, told The Nation that the events would play a critical role in the expansion of its business in Myanmar, as the firm is seeking opportunities to widen its reach. With free admission, both events will be held all day from August 15 to 17 at Tatmadaw Hall in Yangon.

“We see high growth in Myanmar as we have new exhibitors joining our shows every year,” he said. “The increasing number can be more stable with the clear policy from the government.”

According to Chinakit, ICVeX is working to provide a one-stop service platform for organising fairs and trade exhibitions in Myanmar, with the support of its parent company. The firm plans to hold Myanmar Build & Décor in October.

“Currently, we are having three shows, and plan to have more profiles by organising events in other cities including Mandalay,” Chinakit said.

Chinakit Viphavakit, general manager of ICVeX, tells a press conference on Wednesday that the company is seeking to broaden its reach in Myanmar.

Last year, the fairs received around 4,000 visitors each. Chinakit hopes to welcome more visitors this year.

“We hope to get as many visitors as we can. Through these fairs, we create a platform for the food, beverage, restaurants and retail industries in Myanmar to meet with international suppliers,” he said.

“Both events will ensure benefits to visitors, as they can see new products and have a chance to attend a seminar and activities to catch up with the current trends in food and retail industries.”

This year the expos will stress the importance of connecting global manufacturers and retail technology with local businesses to open doors for new business opportunities, strengthen the competitive advantages for the existing businesses as well as create a networking platform for international and local players.

“Exhibitors from Thailand, Korea and Saudi Arabia will also showcase their latest products there so the exhibitions offer the latest of food and beverage supplies as well as fittings, decorations, retail solutions, technologies and retail sourcing products,” Chinakit said.

“We hope our exhibitions will serve the local businesses in terms of providing more product varieties and creating a competitive advantage by offering new F&B products and international standard retail technology and a platform to network with global partners amid the new retail law.”

With the rising middle-class population, Chinakit foresees a stronger growth in Myanmar’s food and beverage and retail industries in the next few years.

Myanmar’s middle class will reach 19 million by 2030, from 2.5 million in 2010. Consumer spending could triple from US$35 billion to $100 billion by 2030, which will generate soaring demand for high-quality groceries, including imported premium meat, seafood, dairy products, alcoholic beverages, even organic items, according to an analysis from Kasikornbank.

“Consumers seem to be looking for new varieties of food. The food and beverage and retail industries need to grow fast by offering new products and services to their clients,” Chinakit said.

“In the next few years, we will see healthy products in this market more and more, as consumer demand for quality food is on the rise and they are all looking for new choices.”

Nay Lin, chairman of the Myanmar Restaurants Association, shares this view.

“Now is the time for entrepreneurs to prepare for the future. By attending these expos, entrepreneurs can benefit from their discussions with international companies, and are able to find more partners and opportunities for their future plans,” he said.

Highlights of the exhibition include new product launches and a special seminar on waste management in the restaurant business by the Myanmar Restaurant Association and a panel discussion on franchising by the Myanmar Retailers Association (MMRA).

Thurein Nyein, secretary general of the MMRA, said Myanmar needs to educate the public on franchising.

“We have chosen this topic because franchising is a new business opportunity in this market. We hope the public will gain more awareness on franchising, as those who are interested can learn from experts about extensive opportunities,” he said.

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