UOB promotes more cross-border investment between Southeast Asian and Myanmar companies

It recently partnered with Myanmar Agribusiness Public Corporation to host an investment forum.

According to a release, United Overseas Bank (UOB) and the Myanmar Agribusiness Public Corporation (MAPCO) hosted a landmark investment forum to promote increased cross-border trade and investment between Southeast Asian and Myanmar companies.

Mr U Chit Khine, Chairman of MAPCO, will open the two-day UOB-MAPCO Myanmar Investment  Forum. More than 100 leading businessmen and women from around the region will attend the forum to discuss topics ranging from the economic climate and banking reform in Myanmar, capital markets opportunities in Asia, to cross-border cash management and trade financing.

MAPCO was established by the leading agricultural industry groups in Myanmar to unify the country’s efforts in developing its agricultural sector. The association has since grown to embark on other major projects in the agri-supply chain including integrated rice complexes, logistics and warehousing facilities. This is the first time MAPCO has partnered with a regional bank to host such an event.

According to a survey commissioned by UOB, one in two Asian companies (51%) with a turnover of between US$10 and US$160 million sees Myanmar as an opportunity for business expansion. Their preferred approach is to establish local presence (14%) and partner with local agents and businesses (11%).

Mr Ian Wong, Managing Director and Head of International, UOB said, “For Asian corporates and businesses seeking regional expansion opportunities, Myanmar is proving to be an exciting possibility. However, while many Asian companies are interested in Myanmar, they are unfamiliar with the business and regulatory landscape in the country.

“In this landmark investment forum, we have invited our business partners and clients from around the region to visit Yangon to meet the key Myanmar decision makers and prominent members of the  business community. The forum has been designed to foster greater understanding of the local business environment and to create opportunities for increased trade between Southeast Asia and Myanmar.”

As part of UOB’s recent knowledge sharing initiatives in Myanmar, UOB is also working with the Central Bank of Myanmar and the Myanmar Bank Association to provide training, hold workshops and study  tours for its banking counterparts in the country in the areas of trade and payment processing, trade finance and credit risk management.