Myanmar businessmen to visit Phl

MANILA, Philippines - A group of businessmen from Myanmar plan to visit the country in the early part of this year to look at opportunities here, a business group official said.

Philippine Chamber of Commerce and Industry (PCCI) president Miguel Varela said in a telephone interview the Myanmar business group is in talks with firms in Myanmar for the planned business mission.

“They are planning to send a business delegation here sometime in early 2013 but there is no specific date yet. We are discussing details,” he said.

Varela said the firms in Myanmar are interested in opportunities in the agriculture sector.

“Agriculture is their priority but we are still discussing with them other sectors,” he said.

He said the PCCI is likewise planning to send a business mission to Myanmar this year.

Myanmar is getting the attention of investors as its government introduced reforms last year following decades of military rule.

Among the reforms is a new foreign investment law which allows foreign firms to fully own businesses and provides a longer period to enjoy tax breaks.

Vice President Jejomar Binay said last week the PCCI met with the Union of Myanmar Federation of Chambers of Commerce and Industry at the sidelines of the Association of Southeast Asian Nations - India Commemorative summit.

The meeting, Binay said, focused on revitalizing the business relations of  the two countries with the signing of an agreement to cooperate in the area of agricultural development, particularly rice technologies.

Earlier, the Department of Trade and Industry (DTI) said the country had a total of 487 business corporation visits in the January to October period, up 56.6 percent compared to the same period in 2011.

The DTI said the increase in the number of foreign firms visiting the Philippines shows confidence in the business environment as the country is experiencing strong economic growth.

The DTI also said the country had 34 multi-company business delegations as of end-October, more than the 18 for the whole of 2011.