6th February 2012

ABC sent a delegation of business leaders to Myanmar to witness first-hand the changing economic landscape. The 12-member delegation met Myanmar’s investment authorities, local business leaders, and leader of the National League for Democracy Aung San Suu Kyi. The ABC is the first ASEAN delegation to Myanmar.

The group met the apex organisation of Myanmar’s chambers of commerce and industry, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The UMFCCI expressed confidence in the irreversible nature of the reforms underway and presented details of Myanmar’s investment potential. The ABC expressed their commitment to regional investment that was sustainable and would empower rather than crowd out local business enterprises.

The delegation had a one hour closed door meeting with Daw Aung San Suu Kyi at her house in Yangon, followed by a press conference. She spoke with the group about the need of investment and financing solutions to address widespread poverty. Particular priorities discussed included upholding integrity in business practices and the protection of ASEAN’s internal population of migrant labour, a large proportion
of whom are from Myanmar.

At the meeting with the Myanmar Investment Commission (MIC), the Joint Secretary of the Commission, Deputy Minister Ministry of Rail Transportation, Thura U Thaung Lwin, expressed the government’s commitment to improve the legal and tax framework for foreign investment and outlined existing plans for special economic zones.