Colliers International has praised Yangon's foreign business community for its part in encouraging more investment in Myanmar.

The Myanmar Times reports that the city's British, Australian, American, European, Italian, German and French chambers of commerce have signed an open letter calling on more foreign investors to put their their money in Myanmar. 

The groups have more than 600 businesses across 30 countries.

Colliers International said there were a "signficant" range of investment opportunities across the country's economy.

"Myanmar’s real GDP growth is projected to rise at a compounded annual growth rate of 7.2 per cent in medium term," it said

"Offering its low labor costs, strategic location and potential in human capital, the country’s investment opportunities lie strong interest luring the wider international business community," it said.

According to the Times, the letter outlines the opportunities presented in the Myanmar Stable Development Plan announced last year, while also highlighting the Chinese, Japanese, Korean and Southeast Asian investments in Myanmar.

British Chamber of Commerce chair Peter Beynon told the Times they wanted to send a message to the wider trade community that "business was incumbent and developing positively in Myanmar".

Colliers said the way forward for the country was clear.

"We expect to see economic and political reforms as we believe that this will attract and bring more and better investments to Myanmar," it said.

Source: Colliers International, Myanmar Times

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