NCCSL in successful business visit to Myanmar

A nineteen member high profile business delegation organized by the National Chamber of Commerce of Sri Lanka (NCCSL) visited Myanmar on September 8, 2012 and returned to the country on September 15 ,2012 after a six day successful visit. The delegation was headed by Asoka Hettigoda, President of the National Chamber of Commerce of Sri Lanka.

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

H R Piyasiri, Sri Lankan ambassador in Myanmar participated at almost all the meetings the delegates had in Myanmar. Delegates had meetings with the leaders of the Union of Myanmar Federation Chamber of Commerce & Industry of Union of Myanmar (UMFCCI), Minister of Commerce, Minister of Mines and the Managing Director of Myanmar Economic Holdings Ltd, a government backed organization that promotes business and investment in the country. In addition, delegates also had meetings with their counterparts where they discussed extensively about the opportunities available for Sri Lankans for business and investment in Myanmar.

It was highlighted that business community in Myanmar is keen in engaging in business with their Sri Lankan counterparts in the areas of Gem and Jewellery, oil and gas, agriculture/plantation/palm oil, fisheries, food processing, natural resources, construction, tourism and H.R Development.

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

At the meeting with the officials of UMFCCI- the President, Deputy President, Secretary General and other members of UMFCCI, it was noted that there are many business opportunities that could be beneficial to both countries and UMFCCI agreed to send a trade delegation to Sri Lanka to explore opportunities further. Identified sectors are; gem and jewellery, construction, transport and shipping, apparel, tourism manufacturing, oil and gas agriculture, plantation, fisheries,food processing and human resources development etc., UMFCCI emphasized the fact that they have 65 sector specific associations functioning under them, and each of these associations can support Sri Lankan businessmen, based on their reqirements.

It was said that under the new FDI law to be introduced in Myanmar, foreign investors can lease lands from the government for a longer period. Further, National Chamber and UMFCCI discussed and agreed to sign a MOU which would take place in the near future.

The delegation had meetings with the Myanmar Economic Holdings Ltd which had been set up about 20 years ago has 55 establishments functioning under it. Myanmar Economic Holdings Ltd is keen in promoting business between Sri Lanka and Myanmar.

The Economic Holdings Ltd has a strong presence in sectors such as tobacco processing & brewery, gem and jewellery, transportation, apparel sector shipping & port operations, banking, trading, fisheries, livestock etc. Deputy Director General of the Ministry of National Planning and Economic Development and Investment & Company Administration, Tin Ko Win welcomed the delegation and explained the Government investment procedures in detail. The investor law, joint venture partnership mechanism, company registration, licensing and approval procedures were discussed in detail.

The Delegation met the Union Minister of Mines where the minister explained the procedures and business environment in Myanmar.

Asoka Hettigoda President of National Chamber invited the Minister to visit Sri Lanka where he accepted the invitation. It was noted that Sri Lanka can participate in Gem auctions held in Myanmar.

Prasad Galhena, Chairman of Gem and Jewellery Authority mentioned that the government is willing to set up a gem laboratory in Myanmar if both contries can agree for conditions. Further Galhena added that a gem buyer delegation from Sri Lanka will be visiting Myanmar very soon.

The Minister of Mines said that Myanmar is willing to accept such a proposal. Union Minister of Commerce U Win Myint, warmly welcomed the delegation. Hettigoda addressed the gathering and explained the economic situation of Sri Lanka and possible business opportunities with Sri Lanka.

The minister said Myanmar is open to the business world with – tax holidays, investment promotion, new trading mechanisms, joint venture capabilities etc., under the new FDI law to be introduced very soon. Possibility of signing a free trade agreement and holding trade exhibitions to promote both countries’ products in each country were also discussed.

The Sri Lanka business delegates were keen in exploring opportunities for investment in Myanmar in the areas of apparel and textile, gem and jewellery, chemicals and dyes, cosmetic products, Ayurveda & herbal products and services, agricultural machinery, rubber, medical equipment, cosmetics, animal feed and agro products, banking, vehicle assembly, industrial textile washing plants etc. Both parties were concerned in transferring agriculture technologies from each other for mutual benefits. Sri Lankan companies represented at the delegation were Hettigoda Industries (Pvt) Ltd, Hayleys PLC, Sampath Bank PLC, Union Chemicals Lanka PLC, Sri Lanka Export Development Board, National Gem and Jewellery Authority, Western Agri Business Pvt Ltd, Dreams Auto Pte Ltd, Carsons Automobile and Mechanical Engineers, Harris Ceylon Pvt Ltd, and Naturub Group of Companies.