NCSSL to sign MoU with Myanmar Chamber of Commerce

A nineteen-member high profile business delegation visited Myanmar recently. The visit organised by the National Chamber of Commerce of Sri Lanka (NCCSL) was headed by its President, Asoka Hettigoda.

Minister of Commerce of the Republic of the Union of Myanmar, U Win Myint exchanges souvenirs with the President of the National Chamber of Commerce, Asoka Hettigoda at the Ministry in Nay Pyi Taw, Myanmar. Sri Lanka's Ambassador in Myanmar H R Piyasiri looks on.

The Sri Lankan Embassy in Myanmar and the Myanmar Embassy in Sri Lanka extended their co-operation in making the visit a success by organising meetings with the business community and key government ministers in Myanmar.

Sri Lankan's Ambassador in Myanmar, H R Piyasiri participated in most of the meetings the delegates had in Myanmar.

Union Minister of Commerce U Win Myint, warmly welcomed the delegation.

Hettigoda explained the economic situation and the business opportunities available in Sri Lanka.

The Minister said that Myanmar is open to the business world with tax holidays, investment promotion, new trading mechanisms and joint venture capabilities under the new FDI law to be introduced soon. The possibility of signing a Free Trade Agreement and holding trade exhibitions to promote each others' products was also discussed.

Deputy Director General of the Ministry of National Planning and Economic Development and Investment and Company Administration, Tin Ko Win explained their Government's investment procedures in detail.

The investor law, joint venture partnership mechanism, company registration, licensing and approval procedures were discussed in detail.

The delegation had meetings with the leaders of the Union of Myanmar Federation Chamber of Commerce and Industry of Union of Myanmar (UMFCCI), Minister of Commerce, Minister of Mines and the Managing Director of Myanmar Economic Holdings Ltd, a Government backed organisation that promotes business and investment in the country.

They discussed extensively the opportunities available for Sri Lankans for business and investment in Myanmar.

"The business community in Myanmar is keen on engaging in business with their Sri Lankan counterparts in gem and jewellery, oil and gas, agriculture/plantation/palm oil, fisheries, food processing, natural resources, construction, tourism and H.R development," a spokesman for NCCSL said.

During the meeting with the Sri Lankan Ambassador, development of bilateral trade was discussed and practical scenarios related to day-to-day business activities in Myanmar were explained by the Ambassador.

UMFCCI said that they have 65 sector associations functioning under them, and each of these associations can support Sri Lankan businessmen, based on their requirements. It was said that under the new FDI law to be introduced in Myanmar, foreign investors can lease lands from the government for a long periods.

The National Chamber and UMFCCI will sign an MoU in the near future. The delegation had meetings with the Myanmar Economic Holdings Ltd which has 55 establishments functioning under it. Myanmar Economic Holdings Ltd is keen to promote business between Sri Lanka and Myanmar.

It has a strong presence in sectors such as tobacco processing and brewery, gem and jewellery, transportation, apparel sector shipping and port operations, banking, trading, fisheries and livestock.