Myanmar, UK business chambers agree to strengthen partnership

UMFCCI President U Win Aung and BCCM President Mr Tony Picon sign a memorandum of understanding to strengthen business relations between Myanmar and UK in Yangon on Friday.
UMFCCI President U Win Aung and BCCM President Mr Tony Picon sign a memorandum of understanding to strengthen business relations between Myanmar and UK in Yangon on Friday.

The country’s largest business federation signed a memorandum of understanding Friday with the British Chamber of Commerce Myanmar aimed at strengthening partnerships between the two associations and promoting ethical business practices.
The MoU will strengthen business relationships and enable the sharing of information and organization of exhibitions among members of the two associations, said Dr Maung Maung Lay, vice president of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry.
Dr Maung Maung Lay said there were numerous successful business partnerships between the United Kingdom and Myanmar.
According to the agreement signed by UMFCCI President U Win Aung and Mr Tony Picon, President of the British Chamber of Commerce Myanmar, the two chambers are committed to promoting international trade and investment, supporting joint networking opportunities and facilitating sustainable economic growth and responsible firms.
The signing will help develop trade between British companies here and their Myanmar counterparts, said Mr John Longworth,  Director-General of the British Chambers of Commerce.
The UMFCCI has a membership of more than 30,000 firms. The British Chamber of Commerce Myanmar was founded in 2014 and has 11 global sponsors, as well as 140 member companies, including those from Myanmar, the United Kingdom, ASEAN and Europe.
As of 30 April 2015, 48 firms from the United Kingdom have invested a total US $3.5 billion in Myanmar since 1988-89, making the United Kingdom the fourth-highest overall foreign investor in the country.

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