RANGOON — The peak business representative bodies from the UK and Burma have signed an accord in Rangoon to increase trade between the two countries.
Union of Myanmar Chamber of Commerce and Industry chairman Win Aung and Tony Picon, chairman of the British Chambers of Commerce, signed a memorandum of understanding in Rangoon on Friday, the first formal agreement between the two bodies which aims to improve business ties and match UK firms to local partners.
“Through this agreement, we can hold joint exhibitions, share the latest information and match businesses through both organizations,” said Dr Maung Maung Lay, the vice chairman of the UMFCCI. “This agreement could improve trade volume between both countries. Many British companies are interested in investing in Myanmar and the country’s infrastructure development projects.”
The British Chamber of Commerce Myanmar was granted permission to operate in Burma last year and presently has over 150 members. According to the Myanmar Investment Commission, trade between the two countries reached US$850 million in the 2014-15 fiscal year.
Maung Maung Lay told The Irrawaddy that UK companies were looking to invest in education, power generation and manufacturing enterprises in Burma.
