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The 100th International Business Committee meeting cum Lunch Reception hosted by Chief Secretary for Administration

The 100th International Business Committee meeting cum Lunch Reception hosted by Chief Secretary for Administration for International Business Committee was held at Tamar Park, Admiralty on 19 October, 2018.  Mr Richard Tao was delighted to attend as the Chairman of HKMMCCI. International Business Committee is a high level committee chaired by the HKSAR Government’s Chief Secretary to exchange views on issues of mutual concern amongst officially recognized international chambers (one from each foreign country) established in Hong Kong.  It is a channel and platform for the international business community in Hong Kong to communicate through their respective chambers with the HKSAR Government issues and concerns relating to operating and residing in the territory as well as introducing relevant concepts from their own jurisdictions for improvement. HKMMCCI became an IBC member in June 2017 to represent the interests of its members and associates.

Welcome Lunch to Prof Nay Oke Tint from Myanmar

HKSARG Information Services Department has an annual programme - Sponsored Visitors Programme, which is aimed at key opinion-formers and decision-makers such as government and political leaders, academics, think-tank members, leading figures in various fields.  The purpose is to enable selected people from around the world to see Hong Kong at first hand and to be informed about the various developments taking place, as well as the opportunities Hong Kong offers and the challenges it faces.  The weeklong visit programme is tailored to suit each guest's areas of interest and normally includes updates on Hong Kong's political, social and economic developments. We are delighted to successfully nominated Prof Nay Oke Tint, advisor to Daw Aung San Suu Kyi, and the Chairman of the Education Foundation for underprivileged students in Myanmar to the Information Services Department to join the programme for the financial year 2018/19. Prof Nay Oke Tint visited Hong Kong…

Visa-free access for HKSAR passport holders to Myanmar

The Government of the Hong Kong Special Administrative Region (HKSAR) has received further visa relaxation information from the Consulate General of Myanmar in Hong Kong. Under the Tourist Visa Exemption Pilot Scheme of Myanmar, starting from now till 30 September, 2019, HKSAR passport holders do not need a visa for visiting Myanmar for a stay of up to 30 days upon arrival at Yangon International Airport, Mandalay International Airport, Nay Pyi Taw International Airport, Yangon International Seaport of Myanmar and the land border checkpoints of Myanmar-Thailand and Myanmar-India. Source: GovHK

Engineers Without Borders (Hong Kong) – Global Citizenship Programme 2018

Engineers Without Borders (Hong Kong) is an approved charitable institution and exempt from tax under Section 88 of the Inland Revenue Ordinance in 2015.  It is a volunteer-based organization and supported by members & volunteers from engineering & non-engineering backgrounds. EWB-HK Global Citizenship Programme provides a platform for future engineering leaders to explore the global challenges, to serve the society proactively with a global vision, and hence contribute to the sustainable development goals as a global citizen.  Participants from Hong Kong, China, Greece, India and Korea, are students who are studying in the universities in Hong Kong.We, HKMMCCI, are proud to be a supporting organization and one of the sponsors of the programme.  A pilot activity of the Programme - 6-day Exploration Trip to Myanmar, was successfully completed in June 2018, and a sharing session was held on 18 September at City University of Hong Kong, the Programme's partner organization. It's…

Delegation headed by U Yan Naing Htun, Director-General of the Ministry of Commerce

The Union Government of the Republic of the Union of Myanmar is expediting the national economic progress by implementing the ASEAN Free Trade Area policy that coincidentally may also complement the Belt & Road Initiative of China. In this regard, Kayin State’s border trade town of Myawaddy which is part of the Asian Highway 1 (AH1) would be transformed into an international standard “Border Logistics Hub and Commercial Zone” quickly.  The Myanmar government has formed a team to study the policy and facilities of similar nature at Hong Kong, Shenzhen and Macau.  This delegation is headed by U Yan Naing Htun, Director-General of Ministry of Commerce and Director of Customs Department of the Ministry of Planning and Finance. HKMMCCI is given the honour to receive this delegation from Myanmar on 21 Aug 2018. From left: 1) U Aung Si Thu, Directors of Myawaddy Global Investments Co., Ltd. 2) U Thet…

Education FDI Guidelines Issued by Investment Directorate

New Guidelines for overseas investors interested in opportunities in the country’s educational sector have been issued by the Directorate of Investment and Company Administration (DICA). DICA’s list of specifications further streamlines investments in the educational sector.  It includes guidelines and rules on types of investments, educational institutions and certifications provided to students. The move follows the April announcement that 100% foreign ownership is to be permitted in the sector for the first time. Source: Myanmar Times

Myanmar to allow 13 Foreign Banks to Offer Import Financing Services

Only trade financing was previously allowed for foreign lenders.  Myanmar is steadily making headway in opening up its financial services sector after the central bank gave clearance to 13 foreign banks seeking to provide import financing services, reports The Myanmar Times. “We will give priority to 13 existing permitted banks by allowing them to expand their services to include import financing,” Central Bank of Myanmar ("CBM") director general U Win Thaw told TMT, adding that foreign lenders can now provide the full suite of trade financing services. Import financing will also facilitate trade and maintain the price of imported products under control, he added. There are also plans to allow importers to open accounts at foreign banks, Thaw added, which is a good policy to ensure the entry of more foreign currency into the market. Earlier this year, country’s export-focused sector was granted a similar entitlement: https://www.mmtimes.com/news/seven-foreign-banks-approved-do-export-financing.html Source: Asian Banking &…

Launching Ceremony of the Myanmar Companies Law (2017) and electronic registry (MyCO) was held

The first day of August 2018, the effective date of the Myanmar Companies Law, will be a remarkable day that will bring landmark reform and a game changer for the Myanmar's business environment. The Myanmar Companies Law, a regulatory foundation for companies and private sector economic enterprises, and Electronic Registry system (MyCO) were launched simultaneously on 31 July 2018 at Melia hotel in Yangon for the smooth running of companies.  Around 200 people attended the ceremony including officials from Directorate of Investment and Company Administration, representatives from government departments, development partners, local and foreign investors from private sectors, legal consultants and media. H.E U Soe Win, Union Minister for Planning and Finance attended the ceremony and delivered an opening speech.  In his speech, the Union Minister said that Myanmar Companies Law is a legal reform that could have marked changes on Myanmar economy.  By creating an enabling business environment and…

Impact Investment Workshop Series – Due Diligence

We are pleased to give our full support to the Asian Venture Philanthropy Network (AVPN), Impact Investment Workshop Series - Due Diligence, which was held on 26 July 2018 at Crowe (HK) CPA Limited, Hong Kong.  The workshop was well attended by about 30 participants. Conducting due diligence is one of the most important yet also most resource consuming parts of impact investment. The goal of this process is to support the identification of high-quality opportunities, reduce risk, and create a diversified portfolio of impact investments. The workshop focused on the key elements to consider in making direct investments which will be different to the due diligence to be done while investing in impact funds.  The due diligence process will look at the management team, the business model, the social mission, execution capacity and the exit strategy.  While many of these elements are subjective, having a framework and a standardized process is important…

Myanmar to Allow Foreign Investors to Trade on YSX

In early July, the government issued a statement allowing Myanmar's Yangon Stock Exchange (YSX), to be open up to foreign investors who are living in Myanmar. These investors who will be able to take up to 35 percent shares in local companies, as well as to trade at the YSX will be able to do so starting from the 1st of August. This change will lift all previous barriers between Myanmar and other foreign investors. The online trading system, on YSX has been recently introduced to attract more investors in the country's stock market, as well as to promote stock trading value.“The improvements will be enforced to create a good environment for small enterprises; there will also be changes within the foreign owned company sector,” Dr. Wai Phyo Aung, member of Bill Committee and MP from Tharaka constituency, said.

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