M'sia Govt To Continue To Encourage Local Companies To Operate In Myanmar

KUALA LUMPUR, May 8 (Bernama) -- The Malaysian government will continue to encourage local companies to set up operations in Myanmar, especially in the area of construction and real estate, said International Trade and Industry Minister of Malaysia Mustapa Mohamed. Towards this, the Malaysia External Trade Development Corporation (MATRADE) will be also setting up office in Yangon soon, the minister said. He said Malaysia's investment in Myanmar currently stood at US$977 million (RM3.02 billion) while reciprocal trade with Myanmar totalled US$792 million (RM2.4 billion). Most of the investments are in the hotel, properties, and gas and oil sectors with Petronas leading the pack. "We have to look for areas of mutuality of interest and Myanmar for example is endowed with abundant natural resources. "We, on the other hand, have expertise in transforming such endowments for commercial and sustainable use, and we are ready and willing to share this with Myanmar," he said at a roundtable meeting between Malaysia and Myanmar here Monday. Mustapa said political reforms in Myanmar was another factor for Malaysian companies to invest in Myanmar. "They are implementing some reforms, initiatives have been put in place, laws have been revised, and these are work in progress and we believe in the next few months, these will be finalised. "These will be announced to the public and it is good for them to come here now so that we can get ready and prepare the base and be informed that some rules and regulation have been finalised," he added. Since 1998, Malaysian companies have undertaken eight projects in Myanmar including oil and gas engineering, construction and infrastructure development, engineering services, geotechnical and power plants, valued at US$24.21 million (RM73.6 million). --BERNAMA