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Tuesday, 13 May 2014 00:01 - - {{hitsCtrl.values.hits}}
By Waruni Paranagamage
Adam-i Consulting Japan together with Adam Lanka Ltd., and International Chamber of Commerce Sri Lanka, Myanmar Director of Investment and Company Administration (DICA) have organised an investment promotion forum on Myanmar IFMSL 2014, for the first time in Colombo.
This will be focused on Sri Lanka’s small and large scale investors who wish to invest in Myanmar to enter the global market.
Operating in Japan, Adam-i is a full service global consulting firm that believes in growth through innovations. The mission of Adam-i is to help clients to find better ways to develop co-create value experience through its personalised service and global network. Its network researches across boundaries to different parts of Asia such as Japan, India, Sri Lanka, Myanmar, Cambodia, Nepal and Indonesia.
Adding power for far-sighted Sri Lankan companies to become key players in global business and trade, the organisers of the forum invite Sri Lankan investors in emerging markets of manufacturing and exports, banking, financial services, IT, construction, education and skill development, shipping and SMEs to join them to expand their investment in Myanmar.
In maintaining connections with Sri Lanka since ancient times Myanmar has signed economical agreements with the Sri Lankan Government during various political eras. The country is 10 times the geographical size of Sri Lanka with close to three times the population of Sri Lanka.
Almost closed for global trade except for a few countries once, it is now open. After Myanmar became a Democratic Republic in 2011 it is attracting attention of many developed and emerging countries such as Thailand, Vietnam, India, Japan and Korea.
According to a World Bank report, Myanmar’s economy is expected to continue to grow to the tune of 6.8% this year, as the new Government moves in to its third year. According to Government data, Myanmar’s FDI is rising for a record year, after reaching $ 1.8 billion in just five months of the 2013-’14 fiscal year. The per capita GDP of Myanmar is a quarter that of Sri Lanka.
Myanmar GDP depends 26% on industries and in 2013 GDP was $ 54 billion. In 2014 it is accounted that FDI reached $ 46 billion. Currently 684 foreign companies are operating in various industries. Today Myanmar has become the world’s 10th largest resource of natural gas deposits as well as the world’s largest jade supplier. It has huge oil deposits onshore and offshore.
Adam-i Consulting Japan Vice President Kaushal Wawlagala emphasised: “Although someone see this as a way of embarking national investors from land, really this is not. In long term our investors can connect with foreign investors and attract them to the emerging market in Sri Lanka. The cross cultural similarity of both countries is a great hub to promote our products and brands. It is attracting attention of many developed and emerging countries such as Thailand, Vietnam, India, Japan, and Korea.”
Describing the importance of investing in emerging markets, he said emerging markets were a greater source of revenue for companies of any size. “Poor becomes an opportunity rather than a social problem. Sri Lankan companies should expand their global presence to stay competitive.”
The forum will be staged on 12 June at the Hilton Colombo with the participation of the Ambassador of Myanmar, ministers, directors and others members of relevant areas. There will be a special panel discussion with industry experts and Government officials. The organisers invite far-sighted Sri Lankan investors who would like to be key players in global business and trade to participate in the forum.
