Logo of Phnom Penh Post newspaper Phnom Penh Post - Makro hosts networking event in Myanmar, plans Yangon branch next year

Makro hosts networking event in Myanmar, plans Yangon branch next year

Makro hosts networking event in Myanmar, plans Yangon branch next year

In support of sustainable economic growth in Asean, Bangkok-headquartered Siam Makro Pcl (Makro) recently teamed up with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in hosting “Business Networking with Makro”, aimed at establishing connections between businessmen and local retailers.

The event on Thursday provided a stage for several Makro executives to share their business visions, highlighting the importance of food safety and local community. The company also planned to open up branches in Yangon in the first quarter of next year.

Makro chief corporate communications officer Siriporn Dechsingha said Myanmar is one of the top tourist destinations in Southeast Asia and the country’s economic growth has remained strong, attracting foreign investors.

As Makro started to turn its focus to overseas markets and has planned to open branches in Myanmar, the company has consistently conducted market researches and studies on local consumer behaviour.

The event, held at the UMFCCI, was a demonstration of Makro’s commitment to become an economic partner, develop businesses, and bring about sustainable growth for both the company and the local community.

Siriporn said: “The first Makro branch in Myanmar will be located in central Yangon which has been enjoying significant growth due to many positive factors such as the Asean trade agreement, Myanmar’s investment promotion policy, major foreign investment, and rich natural resources.

“As a result, Myanmar has become very attractive to tourists and investors from all over the world. It provides a great opportunity for SMEs [small and medium-sized enterprises] in Myanmar.

“For Makro, we also need to consider the sustainability factor and continue working on CSR activities. Our first branch in Yangon is expected to open by the first quarter of 2020,” she said.

Myanmar’s economy is one of the fastest-growing in Asia. The World Bank has said the country’s economic growth is expected to reach 6.6 per cent by 2020-2021 due to an increase in foreign and domestic investment and the recent economic reform.

Following the reform, the government has implemented policy measures to encourage foreign investment and support businesses that operate with social and environmental responsibility, it said.

Currently, Makro has a total of 133 branches in Thailand and six branches overseas – two in Cambodia, three in India and one in China.

THE NATION (THAILAND)/ASIA NEWS NETWORK

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • Nestle’s debut may spur dairy market

    Leading confectionery manufacturer Nestle plans to invest in Cambodia by setting up an operation in the near future, a move majorly hailed by local dairy farmers as a means of boosting the fresh milk market in the Kingdom. During a visit by a delegation led

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement