The Australia-Myanmar Chamber of Commerce Limited hosted one of Australia’s largest business delegations to Myanmar in March. Co-hosted by the Australian Trade Commission, the Australian delegation brought together 20 Australian companies with a combined market capitalisation of over $110 billion, with a strong interest in Myanmar and focus on the Extractive Industries.
In welcoming the delegation to Myanmar, the leader of the delegation, The Hon. Warwick Smith AM, Senior Managing Director (International and Institutional Banking) at ANZ Bank and Chairman of the Advisory Panel of the Chamber said that:
Australia is a world leader in the extractive industries and the strength of this delegation is a testament to the potential Australian companies see in Myanmar. Australia has the capacity to play a critical role in Myanmar’s path towards economic renewal. We have much to offer the country in terms of skill and knowledge transfer in the extractive industries. This delegation will facilitate deep engagement with both industry and Government and promote the growth strong and prosperous business networks.
The delegation culminated in the signing of a Memorandum of Understanding for cooperation and assistance between Republic of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the Chamber. The signing was witnessed by Her Excellency Bronte Moules, Australian Ambassador to Myanmar. Commenting at the signing ceremony attended by over 120 local Myanmar companies, the Chairman of the Chamber, Mr Glen Robinson said:
Both Australia and Myanmar have much to gain from closer business ties and the opportunities presented by Myanmar’s transition to an open economy. The signing of the MOU between the Chamber and UMFCCI is a historic milestone and provides a platform for closer business engagement in the years to come.
The Australian Delegation met with over 150 Myanmar industry representatives to exchange views on the opportunities and challenges for investments in the extractive industries.
Myanmar Government Meetings
The Delegation also held discussions with a number of key government Ministries (including the Ministry of Finance, Ministry of Mines and Ministry of Energy) as well as Parliamentary Committees, to develop a deep understanding of the investment conditions in Myanmar and to share Australian best practices in mining and energy sectors. The delegation also met with the Economic Committee of the National League for Democracy.
The Chamber and its Australian members are dedicated to further strengthening the relationship between Australia and Myanmar by promoting responsible bilateral trade and investment between the countries.
La Min Win, a representative of the Chamber’s management committee stated:
I am very proud to be associated with the largest delegation of Australian companies to Myanmar. This is the beginning of a long relationship between Myanmar and Australia and I am excited to see ongoing investment from responsible Australian companies.
he Australian Extractive Industries Delegation ran from 16 – 20 March 2014 and was an initiative of the Australia-Myanmar Chamber of Commerce.