Myanmar, Hong Kong to negotiate investment pact

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Hong Kong boatDuring a visit of Hong Kong’s financial secretary John Tsang in Myanmar on June 26, both governments agreed on negotiations about a bilateral investment promotion and protection agreement, with a double taxation agreement to follow, the Myanmar Times reported.

Tsang was quoted as saying that the deal “will provide certainty and clarity” to businesses in both jurisdictions and that negotiations “should be fairly straightforward”.

He expressed interest of Hong Kong companies to invest into Myanmar’s garment industry, adding that Myanmar’s recent readmission to the European Union’s generalised scheme of preferences will “create opportunities” for companies seeking duty-free exports to that market.

Tsang also encouraged executives in Myanmar to consider Hong Kong  as a platform for accessing mainland China. He added that Hong Kong’s expertise in financial services, logistics, infrastructure and professional services and other key areas can contribute to the further development of Myanmar.

Hong Kong currently is the third largest foreign investor in Myanmar, with 49 of its companies having invested or planning to invest a total $6.39 billion.

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Reading Time: 1 minute

During a visit of Hong Kong’s financial secretary John Tsang in Myanmar on June 26, both governments agreed on negotiations about a bilateral investment promotion and protection agreement, with a double taxation agreement to follow, the Myanmar Times reported.

Reading Time: 1 minute

Hong Kong boatDuring a visit of Hong Kong’s financial secretary John Tsang in Myanmar on June 26, both governments agreed on negotiations about a bilateral investment promotion and protection agreement, with a double taxation agreement to follow, the Myanmar Times reported.

Tsang was quoted as saying that the deal “will provide certainty and clarity” to businesses in both jurisdictions and that negotiations “should be fairly straightforward”.

He expressed interest of Hong Kong companies to invest into Myanmar’s garment industry, adding that Myanmar’s recent readmission to the European Union’s generalised scheme of preferences will “create opportunities” for companies seeking duty-free exports to that market.

Tsang also encouraged executives in Myanmar to consider Hong Kong  as a platform for accessing mainland China. He added that Hong Kong’s expertise in financial services, logistics, infrastructure and professional services and other key areas can contribute to the further development of Myanmar.

Hong Kong currently is the third largest foreign investor in Myanmar, with 49 of its companies having invested or planning to invest a total $6.39 billion.

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