US companies see rosy future

According to the Asean Business Outlook Survey released yesterday at the Asean Economic Ministers Meeting in Nay Pyi Taw, in the year to come, they expect investment expansion, workforce growth and profit increases.

AEC goals are one of the key agenda discussed by the Asean economic ministers who convene in Myanmar this week. As the deadline draws near, the AEC Blueprint has so far been completed by only 82.1 per cent.

 Two thirds of the respondents in Myanmar indicate that their company's level of trade and investment in Asean has increased in the past two years and expect this trend to continue in the next five years. Overall, 86 per cent of business executives based in Myanmar regard Asean integration as important to helping their companies do business in the region.

The business expansion outlook is high with 91 per cent of respondens saying they expect their companies in Myanmar to expand and as many expecting increased profits in 2015.

"The Asean Business Outlook Survey shows that Myanmar is one of the most popular countries for business expansion in Asean, offering a ready supply of affordable labour and personal security. The economic growth is also visible in the number of US companies coming to invest in Myanmar and becoming members of Amcham's Myanmar chapter. The chapter was established less than a year ago and we already have 100 member companies," said Mariano Vela, president of the Myanmar chapter.

 Myanmar's expat workforce are generally satisfed with living and working conditions as 91 per cent report satisfaction with their assignments and 77 per cent attempt to extend their time in the country.

 In addition, US companies are viewed more favourably in Myanmar than in any other country in Asean. The major impediments to living and doing business in Myanmar according to respondents are housing and office lease costs, infrastructure, and the limited availability of trained personnel.

The survey was designed and implemented by the US Chamber of Commerce and the American Chambers of Commerce in Asean member countries and include 588 business executives representing small, medium and large US comapnies in all 10 Asean countries.