Singapore group to organise conference to aid JVs in Myanmar
Singapore's Centre for Management Technology will soon hold its 10th conference in Yangon since March with the focus on boosting joint ventures under Myanmar's newly revised Foreign Investment Law.
From January 28-29, the New Myanmar Investment Summit 2013 will unravel the complexities of the new law as well as profit-repatriation mechanisms, land leasing and technical-staff availability.
Cited as Asia's rising star amid the global slowdown, Myanmar continues to conjure up mixed feelings among international investors. Several institutional and financial structures are still being put in place. Besides the resource-rich prospects of the country's oil, gas, mining and agricultural industries, enterprising investors are creating opportunities in the chemical and plastics, retail and consumer services, and restaurant and food ingredients businesses.
Authorities such as Cho Cho Win, deputy director-general of Myanmar's Directorate of Investment and Company Administration (DICA), will lead the first session to decode the new Foreign Investment Law and its application for businesses in the oil, gas and power industry.
Cheah Swee Gim, a director and foreign-consulting lawyer of Kelvin Chia Partnership, will share her extensive experience in and insights on key significant clauses and how the law can be interpreted in practice along with panellist Mae Thi Lynn, director of the Union of Myanmar Attorney-General's Office.
Another senior panellist is Yoshiyuki Morii, chief representative of Sumitomo Mitsui Banking Corp.
There is a clinic to clarify specific individual concerns and project procedures for their business plans, besides a workshop showing how to secure grants and equity from the extensive Bt60-million fund for small-to-medium-sized investment projects, as well as for training, transfer of know-how and development of supply chains.
Strategically located between China and India - Asia's two giants and investment hubs - Myanmar's gross domestic product is expected to grow at 7-8 per cent per year and triple its per capita income in the coming year with its youthful population, according to the Asian Development Bank.
Investment opportunities are visible in almost every industry from agriculture, oil and gas, minerals and mining and telecommunications to transport and supply chain, attracting global corporations and regional Asean business groups and entrepreneurs.
Foreign investors face plenty of challenges in Myanmar from an uncertain payment and remittance system, finding and securing land and uncertain employee compensation to labour practices. The sectarian strife in the western state of Rakhine also poses concerns.
The event will address these crucial issues. Delegates can seek clarification of the Foreign Investment Law and its implications, explained by team of legal and DICA officials.