Makro hosts networking event in Myanmar, plans Yangon branch next year

IN SUPPORT of sustainable economic growth in Asean, Bangkok-headquartered Siam Makro Pcl (Makro) recently teamed up with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in hosting “Business Networking with Makro”, aimed at establishing connections between businessmen and local retailers.

The event on Thursday provided a stage for several Makro executives to share their business visions, highlighting the importance of food safety and local community. The company also planned to open up branches in Yangon in the first quarter of next year.

Makro chief corporate communications officer Siriporn Dechsingha said Myanmar is one of the top tourist destinations in Southeast Asia and the country’s economic growth has remained strong, attracting foreign investors.

As Makro started to turn its focus to overseas markets and has planned to open branches in Myanmar, the company has consistently conducted market researches and studies on local consumer behaviour.

The event, held at the UMFCCI, was a demonstration of Makro’s commitment to become an economic partner, develop businesses, and bring about sustainable growth for both the company and the local community.

Siriporn said: “The first Makro branch in Myanmar will be located in centralYangon which has been enjoying significant growth due to many positive factors such as the Asean trade agreement, Myanmar’s investment promotion policy, major foreign investment, and rich natural resources.

“As a result, Myanmar has become very attractive to tourists and investors from all over the world. It provides a great opportunity for SMEs [small and medium-sized enterprises] in Myanmar.

“For Makro, we also need to consider the sustainability factor and continue working on CSR activities. Our first branch in Yangon is expected to open by the first quarter of 2020,” she said.

Myanmar’s economy is one of the fastest-growing in Asia. The World Bank has said the country’s economic growth is expected to reach 6.6 per cent by 2020-2021 due to an increase in foreign and domestic investment and the recent economic reform.

Following the reform, the government has implemented policy measures to encourage foreign investment and support businesses that operate with social and environmental responsibility, it said.

Currently, Makro has a total of 133 branches in Thailand and six branches overseas – two in Cambodia, three in India and one in China.