The United Kingdom’s Trade and Investment Minister Stephen Green, on his first visit to Myanmar, stressed four key areas Myanmar needs to improve to receive more foreign investments.
Lord Green said the UK recognizes the attractiveness of Myanmar market but the key hindrances for foreign investments are the corruption and lack of transparency, physical and technological infrastructure inhibiting free flow of information, under-developed banking systems and insufficient qualified labors in the country.
“I understand Myanmar government is focusing on these issues to attract highest quality investments. UK government and businessmen fully support it,” the minister said at Traders Hotel Yangon on Thursday.
Lord Green visited Myanmar on June 13 and 14 as the last destination of his Southeast Asia Tour to promote UK businesses. He was accompanied by a trade delegation including representatives from major British companies Arup, JCB, Standard Chartered and Crown Agents.
The minister and his group met with the government bodies and political figures as well as local and international business communities in Yangon, the commercial city of Myanmar.
“British business is already developing a presence in this country and I hope this reinstatement [of EU trade scheme for Myanmar] and the recent lifting of EU sanctions will act as a catalyst to further investment. The British government actively and enthusiastically encourages responsible investment in this country,” he said.
At least three more UK trade delegations will visit Myanmar before end of this year to enhance bilateral trade cooperation, sources in the delegation said.
UK has witnessed a significant increase in export volume to Myanmar compared to the previous years. Total export from UK rose 113 percent to ?12.8 million in 2012, and 178 percent in the first quarter of 2013 compared to the same period of last year, according to the reports from UK government