Sri Lankan entrepreneurs explore rapidly growing business opportunities in Myanmar
A group of Sri Lankan entrepreneurs is exploring rapidly growing business opportunities in Myanmar particularly for companies that find it difficult to start new enterprises here.
With the aim of setting up of joint ventures in Myanmar, the Sri Lanka Myanmar Economic Cooperation Council (SLMECC) was recently formed by several prominent members of Sri Lankan and Burmese business community.
The concept of SLMECC was originally conceived by Ravi Randeniya, who has wide experience in economic development having served as an adviser to the Government of British Columbia in Canada. The emergence of SLMECC has paved the way for Sri Lankan industrialists with abundant expertise and skills to position their interests at the forefront of Myanmar’s economic boom, said Mr. Randeniya, newly elected President of the SLMECC.
SLMECC will also embark on uncovering these opportunities and potential for Sri Lankan enterprises that seek new markets for their goods and services, he revealed.
SLMECC has already established links with leading Myanmar business communities for joint venture partnerships, which the Sri Lanka businesses can seek out, he said.
“The primary responsibility of SLMECC is to search, help and promote B2B collaboration for our members through matching business partners from various industries in Myanmar,” he said adding that in doing so it will aim to be the primary commercial conduit between the two countries to provide access to greater Sri Lankan knowledge resources and sharing or offering technical know-how to Myanmar.
According to Randeniya, SLMECC will help local industries that are struggling to find commercial equity in Sri Lanka and diminishing opportunities in their own trades.
This is where SLMECC can help them find new opportunities in Myanmar, he added.
SLMECC will exploit Sri Lanka’s industrial knowledge capacity and expertise in varied industries which are widely valued worldwide.
He further stated that they have secured over US$5 billion for investments in Myanmar in energy development, eco-tourism and beach resorts with golf courses to cater to growing demand for new leisure destinations in Asia.
In partnership with the Ceylon Institute of Builders (CIOB), SLMECC will help set up training centres in Myanmar for development of trade skills for their construction industry, and plans are afloat for similar training for the garment, health, hospitality and telecommunication sectors, he disclosed.
SLMECC’s affiliations with the National Chamber of Commerce of Sri Lanka and the Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) have earned the due recognition in both countries for sponsoring economic relations between the two countries.
SLMECC’s inauguration is due to be held in May and then there will be regular industry specific business delegations by members to Myanmar to meet potential counterparts beginning in May.
The current programme involves participating in the Green Energy Summit during May 20-21 in partnership with the CIOB, he added.