The beginning of this fiscal year already saw over 250 million US dollars of foreign investments.
Despite the rush in investments, industry experts believe that many Myanmar companies encounter certain weaknesses when dealing with partner foreign investors.
Vice-President, UMFCCI, DR.Maung Maung Lay: How to negotiate legally and commercially with potential foreign investors and business partners. In order to prevent our consequence and our members from being rip off and abide the foreigners and all win the good business relationship .
Lawyers in the seminar say that both local and foreign investors face challenges on understanding the market, regulatory position, threats of bribery and corruption, among others, but believe that a legal representation, and an open transparent relationship, will help in addressing these difficulties.
Lawyer, Stephenson Harwood LLP (Singapore), Tom Platts: Never be fearful of your foreign investor partner . You need to ask them the right question to understanding what they want from local partner in Myanmar… You should ask the question try to make sure that local partner level and foreign investor level and the degree and the transparency. And the everybody is opened and told to each other about the investment to be made.
Executive Director, Pacific Alpine Myanmar Ltd, Edward Lee: There are a lot of firm obstacle but it is not that impossible. It is possible to do it if you really follow the entire corruption act jurisdiction and the requirement from the joint venture company and you do it international way and international standard . You should be able to overcome that.
Last year, official figures show that Myanmar had over 4.1 billion dollar foreign investments, with , manufacturing and transport and communication, having the biggest share.