At the request of the Chinese Ambassador to Myanmar, the Myanmar-China Business Association has been formed to enable Chinese businesses to be responsible and accountable, said Zaw Min Win, the President of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), on March 15.
“We have made a lot of discussions on the future economic cooperation with other countries. Chinese businesses are very interested in making investment in Myanmar. The Chinese Ambassador himself said that China desires to form a Myanmar-China Business Council.
The word “Council” cannot be used according to the Chinese laws. Instead of Myanmar-China Business Council, Myanmar-China Business Association has been registered. China side is working to compile the list of entrepreneurs who will invest in Myanmar.
It is important for China side to include responsible and ethical businessmen. The major difficulty is some local businessmen themselves form associations after seeking recommendations from us. Nobody knows these associations and companies when the embassy asks it.
The move aims to make sure that the Chinese delegations and entrepreneurs can contact this association through the embassy for the systematic inflows of Chinese investments,” Zaw Min Win added.
China has topped the list of foreign investments. Chinese-invested projects face widespread criticism and opposition from locals near the projects. A lot of Chinese projects are expected to emerge in the country as Myanmar is included in Belt & Road Initiative (BRI).
On March 15, the UMFCCI and the NLD’s economic committee discussed advantages and disadvantages of the BRI, he continued.