Wednesday, 18 June 2014

Myanmar entrepreneurs urged to compete for regional ‘Championship’ awards

MYANMAR companies have until June 30 to apply to compete in this year’s Asean Business Awards, which will be handed out in November in Nay Pyi Taw at the Gala Dinner of the 2014 ASEAN Business and Investment Summit.

Wai Phyo, a member of Asean Business Advisory Council, which organizes the awards, is urging Myanmar companies to apply this year as Myanmar is chair of Asean. “Myanmar entrepreneurs should participate in the competition to become the nation’s pride,” he said, adding: “there are many chances [to win].”

The Asean Business Awards (ABA) have two categories: large companies and micro, small and mid-sized firms. To be eligible the companies must be incorporated in Asean and have 40 per cent Asean ownership. Large companies must have an operational presence in at least two Asean countries and have been in operation for a minimum of five years, with three years audited financial statements. They must also fulfill one of the following three conditions: annual revenue of at least US$20 million; fixed assets of more than $10 million; and, a minimum of 300 employees.

Small companies must be in operation for a minimum of two years with 2 years audited financial statements. They must also demonstrate capability for innovation and have a proven ability to create, nurture and develop new products or services, as well as demonstrate strong financial performance results and growth over the past two years.

The council launched the awards in 2007 to recognise enterprises that have contributed to the growth and prosperity of the ASEAN economy. Since then, the annual Awards have recognised more than 60 companies throughout the region; considered as the “Most Admired ASEAN Enterprises”, according to the council.

This year’s ABA has been restructured to reflect the changes in the global as well as ASEAN regional economy, the council said. “For greater Inclusivity, awards in both categories have been expanded. The Large category covers Corporate Excellence, Innovation and ASEAN Centrality while the MSME category extends to Micro, Small and Medium size companies, Young Entrepreneurs and Women Business Leaders,” the council said. National winners in each category will be selected and they will then compete on the regional level to become the coveted ASEAN Champions in each category, the council said.

Currently, only 15 entrepreneurs from Myanmar have applied to be considered for the awards, officials said.

source: Eleven Myanmar
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