British Chamber off to a sterling start in Myanmar

The first-ever British Chamber of Commerce was launched with an event at the Strand Hotel in Yangon. The chamber will provide regular networking opportunities for the business community, up to date and relevant information on doing business in here, and a platform for members to engage with the government on business-related issues, according to the British Embassy.

“The British government recognises that chambers of commerce are an important way of supporting our businesses overseas, which is why we are seed funding this chamber through our Overseas Business Networks Initiative,” said Lord Livingston, British Minister for Trade and Investment.

Livingston added that Myanmar offers many exciting opportunities for British companies, and the Chamber of Commerce alongside the UK Trade and Investment (UKTI) team will support them in accessing those opportunities.

Antony Picon, president of the British Chamber of Commerce Myanmar, said on Wednesday that it is an exceptional time for the chamber to set up in Myanmar as the country begins its journey towards sustained economic and social development.

Picon encouraged Myanmar companies to get involved in the chamber to make connections with international businesses and to help keep informed of business trends worldwide.

“We are now very honoured to say that we have 86 founding members. It is pretty amazing within a short time. I am really excited, too,” he said at the launch.

“It comes at a good time for the country. Since the past three years, there has been a lot of interest in the country.”

The chamber’s country head added that it would provide market entrants with analysis on Myanmar’s economy and details about British firms with a presence here. He said that many British firms have a keen interest to invest in the country’s oil and gas, industrial, banking and finance, telecom and hospitality sectors, as well as special economic zones.

Picon said that while working closely with Union of Myanmar Federation of Chambers of Commerce and Industry, the chamber is now trying to connect with other chambers of commerce in Southeast Asia, especially Thailand and Singapore. Membership benefits to the chamber include access to a diverse network of businesses across a broad range of industry sectors, relevant and informative events and communications, access to quarterly political and economic briefings and direct linkage to the British Embassy and UKTI.

John Longworth, director general of the British Chambers of Commerce, said in a statement that Myanmar is the fastest growing economy in Southeast Asia, with goods exports surging 244 per cent last year. 

“Opportunities are available to UK firms in Myanmar, and we would urge more companies to explore this market with the help of the new chamber,” Longworth said.

He said the chamber would expand more overseas business networks in more countries across the world to help the UK achieve its target of increasing exports to 1 trillion pounds by 2020.

“We still need more companies that haven’t exported before to have a go, and start saying yes to the opportunities in new markets across the globe,” Longworth said.

Stephanie Ashmore, executive director of the chamber in Myanmar, said that it would support existing businesses in Myanmar and help new market entrants identify opportunities and navigate the challenges of establishing a business here.

During the press conference for the launch, British Ambassador Andrew Patrick said that British business could play a central role in supporting economic growth in the country, creating jobs and raising skill levels.

“I’m pleased by the partnerships that have already been formed, and I’m confident that the British Chamber will ensure many more are formed in the future. It will provide a top-quality service to its members and the local business community,” Patrick said.

The ambassador added that part of the fundamental changes happening in this country was economic transformation. Strong investors can bring capital, knowledge, technology transfer, more jobs, and new skills to the newly-opened country, he said.

Myanmar officials responsible for business promotion and members of the private sector welcomed the launch.

Win Aung, chairman of UMFCCI, called the establishment of the British Chamber in Myanmar a very positive step to promote and develop commercial relationship between Myanmar and British companies.

“The reforms have been implemented in the economic sector by ways of trade facilitation, liberalisation, and promotion. A new era of economic development is evolving. To achieve rapid progress, and to enable our people to enjoy great prosperity and a better life, this is very important for the business sector to actively participate in all these reform processes, especially in the economic sector,” he said.

The UMFCCI chief pointed out that international businesses that want success in Myanmar need reliable partners. He said the two chambers could learn from each other to enhance economic cooperation for mutual benefits.

“The British Chamber can serve as a representative of the shortcomings and challenges to the government, and enhance bilateral economic cooperation. It is already engaged with Myanmar Business Forum which we are going to organise very soon,” he said.

Aung Naing Oo, director general at the Directorate of Investment and Company Registration, said that the British Chamber would play an important role in the expansion of British businesses and promotion of British investment in Myanmar.

“I do believe that the establishment of the British Chamber will not only strengthen existing friendship between us but also will promote for bridging between our government, our people, our business community and the British companies in Myanmar,” he said.

Among the 24 chambers of commerce that work closely with DICA, three, including the British Chamber, have applied to open offices in Myanmar, said Aung Naing Oo, also the secretary general of the newly-reformed Myanmar Investment Commission. The other two will be approved very soon, he said.

The MIC official also shared an important note at the launch.

“Thanks to the guidelines of our president, my office has been moved from Nay Pyi Taw to Yangon. We have opened our office so that in the future you [business people] don’t need to go to Nay Pyi Taw for business purposes,” he said.