Commitment Admist Market Struggles: A Session on Doing Business in Myanmar
“Despite the challenges, European companies are showing exceptional resilience, adaptability to the current situation and strong commitment to supporting its employees and supply chain partners,” said Karina Ufert, CEO of EuroCham Myanmar. The 11th Business Confidence Survey conducted by EuroCham Myanmar in June 2023 found that businesses are encountering major challenges with banking, regulations, electricity, logistics, safety and security, which are impacting their operations and the market. Nearly half of the businesses surveyed reported increasing product prices to balance the rising costs, and 44% have seen a decline in profits in recent months. In spite of these difficulties, the majority of EuroCham members report their intention to remain in Myanmar.
Regarding these situations, yesterday, on 31st August 2023, EuroCham Myanmar and the EU-ASEAN Business Council hosted an afternoon session, with the support of European Chamber of Commerce, Singapore (EuroCham Singapore), to address the challenges that European businesses are facing while operating in Myanmar. adrian short, the Chairman, and Karina Ufert, the CEO of EuroCham Myanmar met with European business representatives in person and had an engaging discussion on the business climate in the country, providing exclusive information to help navigate the challenges.
We thank the EU-ASEAN Business Council for the opportunity to collaborate, and we extend our gratitude to all the attendees, both in-person and online.