As part of the annual 14th World Chinese Entrepreneurs Convention (WCEC), a prestigious Myanmar – China business summit was held in Yangon in mid-September.
Hosted at the Sule Shangri-La Hotel in Yangon, the summit further strengthened the business and economic relationship between the two countries.
The summit was sponsored by the China Federation of Overseas Chinese Entrepreneurs (CFOCE) and was titled “The Belt and Road Promotes Cooperation and Mutual Benefits”.
Myanmar’s GDP has risen by around 7% during the last decade, making it one of the fastest growing economies in the region.
Driving the expansion of the economy is trade. Since 2010, three times as many containers arrive in the country’s ports. The figure now stands at 1 million 20-foot equivalent units (TEUs).
Insurance is rare in Myanmar, with very few businesses insuring their lives, goods or vehicles.
Dr Sandar Oo, MD of Myanmar Insurance Enterprise (MIE) says: “There are very few people who are covered by insurance, which can protect against losses. For example, during floods or bad storms, those who are not covered by insurance will not be protected from any losses as a result of those events.”
The Eden Group has announced investment of around US$100 million into the Hilton hotel chain. This will be used for two Hilton hotels in Inle Lake and Bagan.
The two hotels will be going ahead into development despite the fact that the Hilton Nay Pyi Taw has not yet been as successful as anticipated.
Both domestic and foreign investments have increased during the new government’s first complete fiscal year.
The first full financial year of the National League for Democracy (NLD)’s government in Myanmar has shown an upward trend in investment.
Local investment came to K1.57 trillion while overseas investment came to a total of US$7.44 billion. The figures were announced by the Deputy Minister of Planning and Finance at the Pyidaungu Hluttaw on 31 August 2017.
A Malaysian business leader, Tan Sri Datuk Yong Poh Kon, has stated that Myanmar’s people need to become proficient in English in order to work successfully with the international economy.
Tan Sri Tan Sri Datuk Yong Poh Kon is chair of Royal Selangor International, which is headquartered in Kuala Lumpur. Speaking at Myanmar’s Private Sector Development Committee meeting, he pointed out that Myanmar and the wider ASEAN community needs to plug in to the international economy. He believes that speaking proficient English is essential for this to happen.