American insurance broking and risk management firm Marsh has opened its Yangon representative office in Myanmar.
The Marsh Singapore Yangon Representative Office will conduct market research and feasibility studies for insurance broking business in Myanmar, and provide business support and liaison activities on behalf of Marsh Singapore’s businesses, the company said.
Marsh Singapore is a division of Marsh, a wholly owned subsidiary of Marsh & McLennan Companies, a Chicago-based professional services firm which offers advice and solutions in the areas of risk, strategy and people. Marsh & McLennan Companies employs 57,000 people worldwide and its annual revenue exceeds $13 billion.
Jerry Westmore, chief country representative, Marsh Singapore Yangon Representative Office, said, “Myanmar has great potential. In the past three years working in the country, I have met with some amazing individuals and companies.
“We are keen to help develop and grow local talent in our business, and we are looking forward to working in this beautiful country, and being a part of its growth story.”
The office opening ceremony was attended by Dr Maung Maung Thein, deputy minister for finance, Martin South, chief executive officer, Marsh Asia-Pacific, U Myint Oo, deputy director general, Ministry of Finance, Derek Mitchell, US ambassador to Myanmar, Andrew Patrick, British ambassador to Myanmar, and Robert Chua, ambassador of Singapore to Myanmar.
South said, “In recent years, Myanmar has experienced rapid economic development and progress, and ushered in an era of prosperity. It has seen a steady inflow of foreign direct investment, and many multi-national corporations have staked their interests in the country.
“These trends look set to continue, making this an exciting time for Myanmar and its people, and Marsh is delighted to be part of the journey and be an active contributor to Myanmar’s transformation.”
South added: “We believe that we are well-positioned to play our role in further stimulating the economy and enabling businesses to leverage on our extensive experience and network to manage their risks, and achieve operational excellence and business success.”
Source: Myanmar Business Today