Bangkok--31 May--KPMG
Increasing number of Japanese investors is exploring business opportunities in Myanmar with focus on the government’s moves towards infrastructure projects and investment policies, said Managing Partner of KPMG Myanmar Yasuhide Fujii.
KPMG, which has re-launched its office in Myanmar in 2012 after the sanctions were relaxed, has actively helped its Japanese customers set up businesses in Myanmar. Over the past year, the number of Japanese companies registered with the Myanmar government rose to more than 100 firms from 55 companies in 2012.
“We’ve worked closely with our clients and prospect customers. The trend is that more and more Japanese firms are heading to Myanmar. However, the key factor that weighs on their decision is the direction of the Myanmar government’s infrastructure projects and investment policies,” said Mr.Fujii.
“KPMG is providing full advisory services for Japanese clients seeking for business opportunities in Myanmar. We’ve been approached to help advice our clients on different types of business transactions including joint ventures and merger and acquisition.”
Mr.Fujii added that the sectors that attract the Japanese firms’ attention right now include infrastructure, retail and wholesale, domestic consumption and agriculture.
Since the elections in 2010, the Myanmar government has undertaken a series of political and economic reforms as part of its efforts to achieve the long-term vision of becoming a modern, democratic and developed nation by 2030.
Overall, China is Myanmar’s largest investor with the total of $14 billion in 2011 fiscal year. During 1988-2011, Japanese firms invested a total of $217 million in Myanmar, making Japan its 12th-largest foreign investor.
However, the Japanese companies have increasingly been active in Myanmar. The Japanese government’s latest moves also signal the vital implications to the market.
Recently, Prime Minister Shinzo Abe marked the first visit by a Japanese prime minister in 36 years in Myanmar, announcing the plan to provide ?91 billion in fresh aid and waive another ?190 billion in debt.
KPMG has played an important role in Myanmar with the strong support from the global firm. Mr. Fujii along with KPMG Global Chairman and other key KPMG’s executives will be attending the World Economic Forum on East Asia held at Nay Pyi Taw, Myanmar during June 5-7, to emphasize KPMG’s presence and leadership there.
About KPMG
KPMG firms are world’s leading providers of audit, tax & advisory services. We operate in 156 countries & have more than 152,000 people around the world. Combined revenues for KPMG member firms totaled $23.03 billion in the 2012 fiscal year.
About KPMG Myanmar
KPMG in Myanmar provides a wide range of Tax and Advisory services. Our Myanmar team includes experienced Myanmar nationals and expatriates. The team is enhanced by the technical and industry knowledge of our global network.