UOB Survey Finds 7 In 10 Asian Businesses Planning To Expand Into Myanmar Within The Next 12 Months

UOB Survey Finds 7 In 10 Asian Businesses Planning To Expand Into Myanmar Within The Next 12 Months

UOB Survey Finds 7 In 10 Asian Businesses Planning To Expand Into Myanmar Within The Next 12 Months
May 02
09:29 2014

Yangon, 29 April 2014 – Seventy percent of Asian business leaders surveyed after they attended a recent United Overseas Bank event  in Myanmar said they plan to expand into the country within the next 12 months. The results confirm Myanmar remains a key investment hotspot for companies looking for regional growth opportunities.

The survey,  conducted  among  key decision makers of Asian  companies with an annual turnover of $50 million or more, found that the two most compelling reasons behind their focus on Myanmar were the opportunity to provide goods and services to the country’s growing middle class (46 per cent) and the  significant business opportunities   present   as  a  result  of  the  country’s   rapid  transformation (41 per cent).

One  such  UOB  customer  seizing  opportunities  in Myanmar  is hardware  tools and safety  equipment supplier  Soon Hong Seng Private Limited.  Mr. Ivan Chu, Business  Operations  Manager,  Soon Hong Seng   Private Limited   said,   “Myanmar’s   fast-growing   economy   and   its  need   for   infrastructural development mean that there is a ready market for our hardware tools and safety products.

“This, combined with competitive labour costs and young and vibrant workforce, makes Myanmar an attractive expansion  destination  for  our  manufacturing  business.    However,  as  with  any  emerging economy going through a rapid transformation,  Myanmar faces the challenges  of changing local laws and  investment regulations.  It  is  here  that  UOB’s  experience  in  Myanmar  and  its  strong  regional franchise help us to expand our business operations with a stronger level of confidence.”

Helping businesses navigate the challenges of expanding into Myanmar

Mr. Sam Cheong, Executive Director and Head of Group Foreign Direct Investment (FDI) Advisory Unit, UOB Group  said,  “The  business  opportunities  in  Myanmar  are  real  and  so  too  are  the  risks  and challenges. As Myanmar’s pace of economic and social transformation has accelerated over the last two years, UOB too has looked to strengthen its support for businesses expanding into this market.”


As  part of this,  last  year,  UOB  established  an FDI  Advisory  Unit  in Myanmar  to help  existing  and potential clients  to invest  in the country.  The Unit also  helps  customers  navigate  the challenges  of expanding into Myanmar. Business leaders in the survey cited their top concerns when expanding into Myanmar as limited bank financing options (61 per cent) and the lack of clarity around local laws and regulations  (53 per cent). Since the establishment  of the unit, more than 50 companies  have used its advisory services.

Customers looking to invest in Myanmar can tap into UOB’s deep expertise in the market. The Bank has a long-term commitment to share best practices in international trade, risk mitigation and working capital solutions with the business community, regulators and banks.

In addition to helping companies invest in Myanmar,  UOB has also established  eight other dedicated FDI Advisory Units across the region. These act as a springboard  for customers to take advantage of UOB’s extensive banking network in Southeast Asia, as well as access its full suite of corporate banking, commercial banking and personal banking products.

Customers also benefit from UOB’s relationships with strategic partners in the legal profession, audit services, business consultancy and key government agencies across the region.

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