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
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
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
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
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.