UMFCCI urges Chinese businesses to start factories

The joint secretary of the Union of Myanmar Federation of Chambers of Commerce and Industries (UMFCCI), has urged Chinese investors not only to buy raw materials from Myanmar but also to set up factories.

Aye Lwin was speaking at a business meeting between Myanmar and Chinese entrepreneurs on December 16, co-organised by the UMFCCI and the China Council for the Promotion of International Trade (CCPIT) of Guangdong Province.

“I would like to request the business people not just to purchase raw materials from the country but also to establish factories with us and export manufactured products to various destinations around the world,” Aye Lwin said.

The 22-member delegation of the CCPIT (Guangdong) arrived in Myanmar on December 11 to explore business opportunities. They said they aim to make joint ventures in wood manufacturing, shoe making, advertising and media as well as other businesses in Myanmar.

They planned to invest a total of US$ 75 million.

During the meeting, Myanmar business people suggested that China should readjust its high taxes on the import of finished-goods from Myanmar. They said China imposes low taxes on raw materials but high taxes on finished goods from Myanmar.

Ren Shao, assistant director of the Department of Foreign Trade and Economic Cooperation of Guangdong Province, said she would report this to the Chinese government.

China is still the largest foreign investor in Myanmar with 51 businesses amounting to US$ 14 billion.

Source: ELEVEN Myanmar

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