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KASIKORNBANK has opened its Yangon Representative Office to support Thai trade and investment in Myanmar, expecting the country’s 2013 GDP growth to reach 6.3 percent, against ASEAN GDP growth of 5.2 percent, with high business potential in a number of sectors ranging from consumer products to infrastructure projects. The Bank plans to expand its service to support Thai businesses throughout ASEAN as well as the ASEAN Economic Community (AEC) Plus. From 1995 to 2011, intra-ASEAN trade grew 10.2 percent.
According to Mr. Somkiat Sirichatchai, KASIKORNBANK Senior Executive Vice President, KBank continues to enhance its service network in ASEAN under the strategy of becoming an Asian Bank. The Bank has officially opened its Yangon Representative Office as a center for Thai business operators who wish to invest or explore new markets in Myanmar, with the Bank’s one-stop service for useful information and consulting services. In-depth marketing issues, trade and investment information, legal matters, major business networks and local financial institutions are among the data to be provided to customers, while a global business matching service will be offered from the Bank’s customer base, covering Thai businesses wishing to invest in Myanmar and Myanmarese business networks in diverse industries. KBank customers from diverse industries joined the Yangon Representative Office opening ceremony in preparing for their business expansion in Myanmar.
Additionally, the representative office will facilitate customers’ business operations with a venue for videoconferencing between Thailand and Yangon, and for arranging conferences or seminars. This allows Myanmarese and Thai business persons to enjoy preliminary business contact via the Yangon Representative Office. Space at the office is also available for business operators or state agencies to exhibit their products free-of-charge.
Myanmar is a high-growth-potential country with reforms being undertaken in social, economic, trade and investment aspects, positive signs of its growing openness to foreign investment. Kasikorn Research Center projects that 2013 GDP growth of Myanmar will reach 6.3 percent, with exports expanding at approximately 11 percent. Major exports include natural gas, textiles and teakwood. In 2012, Myanmar revised its Foreign Investment Law in order to support foreign investment in the country’s economic development, ranging from consumer products to infrastructure projects. There is substantial room for further development, which is attracting foreign investment from all over the world.
KBank has set a strategy of becoming an Asian Bank by creating networks with partner banks in East Asia including Japan, China and South Korea; and opening representative offices in target countries. Starting with the representative office in Yangon, KBank plans to open more representative offices in other countries to satisfy business demand for expansion abroad.