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Private Business
July 23, 2007

Chamber to help trading companies to operate globally
Myanmar's biggest business organization, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), has urged private trading
companies in the country to strive for effective business operation globally, saying it is ready to render assistance to increase the number of such globally operational private trading enterprises. more

Quoting a report of July 23 edition of Flower News, Xinhua reported that of the 40,000 private companies registered with the government, only 4,000 or 10% are engaged in foreign trade.

The reports pointed out that most of the companies in operation have little capital and weak access to foreign markets, citing the fact that most trading companies are based in Yangon and Mandalay with far lesser number of such companies available in other states and divisions.

The UMFCCI is arranging such weak trading companies to form public ones, the report said. It has set up such public company as the Golden Land East Asia Development Ltd, engaging in building Myanmar Liaison Office and Park in the China-ASEAN international economic zone in China's Nanning city with the cooperation of a Chinese company.

The organization also urges local companies to follow suit with Indian counterparts to trade rice and other agricultural crops to boost foreign trade.

According to the latest official statistics, Myanmar's foreign trade hit nearly 8 billion U.S. dollars in the fiscal year 2006-07 which ended in March. Of the foreign trade during the year, which was up 42.9% from 5.54 billion dollars in 2005-06, exports took up US$5 billion, an increase of 40% from US$3.554 billion in the previous year, while imports accounted for US$2.92 billion, a rise of 47.5% from US$1.979 billion correspondingly. Xinhua


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