German investors air concerns over FDI law changes
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A German business delegation have expressed eagerness to invest in Myanmar despite concerns regarding the current foreign direct investment (FDI) laws.
More than 160 German business delegates met with private sector representatives from Myanmar during a business matching event at the Myanmar Chambers of Commerce and Industry (UMFCCI) on Tuesday.
German President Joachim Gauck attended the meeting remarked:
“During our visit to Myanmar we discussed cultural exchange and encouraged German businesses to start investing here by building confidence and trust. Our business enterprises want to support opportunities to develop the Myanmar economy and aim at to promote investment between the two countries.”
Some German business representatives voiced their concerns regarding possible changes in the foreign investment law (FDI).
“They have some worries on the possible change of FDI law even though they are interested,” said Myo Thet, vice president of UMFCCI.
According to the Myanmar Investment Commission, there is no plan to change the FDI law but only to combine two existing laws which deal separately with foreign and local investors.
“We have no plan to change FDI law. If it were happen, it would be good for foreign investors. However, we do plan to combine them in the near future. The reason is to give a level playing field which does not mean we give more opportunities to local investors,” said U Set Aung from the Ministry of National Planning and Economic Development.
The German President also visited an office opening ceremony for the German Chamber of Commerce and Industry held later on Tuesday evening at the UMFCCI in Yangon.
The ceremony hosted a business matching event for Myanmar and German businesses attended by some 160 German delegates led by Professor Ludwig Georg Braum, president of the German Chambers of Commerce.
Minister of the President’s Office, Soe Thein, Vice Minister of National Planning and Economic Development, Khin San Yi, and UMFCCI President Win Aung also attended the ceremony along with 200 business representatives from Myanmar.
According to a joint statement the Association of German Chambers of Commerce and Industry have starting connecting with Myanmar businesses to increase trade and investment.
