The British Chamber of Commerce launched on Tuesday in Rangoon, paving the way for UK businesses to foster and promote investments in Burma.
According to the British Chambers of Commerce website, UK exports to Burma increased from US$17 million in 2012 to almost $60 million in 2013.
The British government anticipates that exports to the country will increase to $1.35 trillion by 2020 – a benchmark that the newly launched British Chamber of Commerce will assist by identifying market opportunities for potential investors.
“I believe British businesses can play a central role in supporting the economic growth in this country, creating jobs and raising skill levels,” said Andrew Patrick, British Ambassador to Burma, according to a press release from the British Embassy.
Antony Picon, president of the British Chamber of Commerce, pledged that this new body will steer UK businesses “towards sustained economic and social development”.
Stephanie Ashmore, executive director of the British Chamber of Commerce, reiterated this goal, adding that the body will be “valuable” to investors as the Burmese market can make it “particularly difficult to access reliable information”.
She added that the British Chamber of Commerce is hoping to work with the Centre for Responsible Business, a project set up to encourage ethical business practices.
“We’re keen to work with that organisation to make sure our members get the most relevant and up to date advice,” Ashmore said. “Also, to hopefully build a case study so we can look to a high-profile company who is doing ethical business very well and we can share some of those lessons with other companies who are looking to invest or start working in Myanmar [Burma].”