Nation's economic development ups demand for partnerships :UMFCCI chief
Myanmar's economic development is enhancing the demand for foreign partnerships with local businesses, said Win Aung, chairman of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
"We are aiming to grow together with the partners. I call upon everyone to work together. I believe this will elevate our businesses to succeed," said Win Aung at a recent seminar on creating positive business partnerships held at the Chatrium Hotel, Yangon.
Myanmar’s market will become more competitive if local businesses partner with appropriate international businesses to establish right-strategy alliances, said Win Aung.
He added that Myanmar needs to establish good institutions and regional infrastructure to attract investors, and to ensure investors’ protection and confidence.
"Positive and progressive business partnerships between local and overseas counterparts can serve as a catalyst to ensure best practices and create a favourable environment, ensuring sharing [and] increasing cross-border investment stimulating financial growth," he said.
His view was echoed by Yasuhide Fujii, KPMG’s managing partner for Myanmar.
"Myanmar companies will benefit a lot from business partnership with foreign partners by having more advanced technology on the development of human resources. Likewise, international companies will be required to have a joint venture with local businesses to make their operations a success," said Fujii.
To him, there are many opportunities for business partnerships between Myanmar companies and international investors, and such international partnerships would be beneficial to both local and foreign firms.
After emphasising the importance of business partnerships, Win Aung said that although Myanmar’s open-door economic policy is only about three years, the reform process is progressing.
"We have progressed quite properly within a short timeframe. But it is, to me, noticed that we continue to face challenges when it comes to deepening regional integration, stimulating economic growth and narrowing the development gap."
The UMFCCI chief insisted that the challenges that the country is facing cannot be addressed only by the government.
To him, the challenges have to be addressed through the active involvement of various stakeholders and regional institutions and multilateral organizations by working hand in hand to transform the new Myanmar to its full potential.
