Yangon, May 8: To strengthen ties between Myanmar and France, Myanmar Federation of Chamber of Commerce and Industry signed a memorandum of understanding (MOU) with CCI French Myanmar. Till now, the total Foreign Direct Investment counts only 1% investment from French firms. The percentage is expected to increase by 1% due to the new memorandum.
The MoU will boost the cooperation between two countries. The countries will work closer now. “We are excited about the future of Myanmar. We expect to see improvements in a wide range of sectors as well as our activities in Myanmar. The relationship between Myanmar and France is very strong, and we are eager to cooperate together,” Julien Esch, president of CCI French Myanmar commented.
Infrastructure, hospitality and tourism, oil and gas, electricity and energy, construction, healthcare and food production are the areas which would be in focus for bilateral cooperation. These areas seem promising for new ventures.
“Myanmar has a lot of opportunities and the people here are hardworking. It is very important that regulations are clear. What is more important is to maintain the (growth) momentum and to find acceptable solutions for the issues you are facing,”, Julien Esch told. Myanmar can be a good investment hub in Asean if the rules are clearer and the process of doing business is simpler.
Since past few years, CCI France Myanmar has been sharing their knowledge and business contacts. Presently the joint chamber now has a team of seven full-time employees and 135 members which are French and Myanmar companies. The membership is expected to grow.
The commerce ministry statistics has shown the importance of MoU and the status of French- Myanmar relationship. In 2015, Myanmar exported over $282.8 million to France. As Myanmar is full of natural resources, it exported vegetables, certain roots, and tubers, clothing accessories, pearls, wood and articles of wood, charcoal and textile products.