Global law firm Baker & McKenzie said it remains upbeat about Myanmar’s growth prospects and will assist companies in Myanmar providing across the board legal and tax advisory services.
Myanmar is regarded as well placed to benefit from Asia’s dynamic growth and continues to be a country of growing interest to many foreign companies. The ASEAN Economic Community is fast approaching, and Myanmar is continuing to deepen its economic ties with neighbouring countries.
“We’ve learnt so much in the relatively short time since we opened in Myanmar. It’s been fantastic to engage with our clients and the broader business and professional community to discuss some of the successes we’ve had and common issues we’ve faced,” said Chris Hughes, managing partner of Baker & McKenzie’s Yangon office.
“The broad-based nature of the work we’re doing – across the finance, power, oil and gas, telecommunications and consumer goods sectors, on issues such as foreign investment and corporate setup, projects and transactions, and specialised advisory service relating to intellectual property, banking and finance, tax and trade – all indicates that the investment climate continues to be sustainable and positive for Myanmar’s development.”
The firm, as part of the recent US-ASEAN Business Council Mission, was also in discussion with Myanmar government officials about the country’s priorities and its plans for legal reform.
Last month, Baker & McKenzie brought together lawyers from across its Asia Pacific offices with more than 100 business executives from leading multinational and Myanmar corporations, diplomatic and trade representatives and Myanmar officials at a reception to formally celebrate the opening of Baker & McKenzie’s Yangon office.
Invitees discussed the practical steps they were taking to grasp the investment and business opportunities in Myanmar, as well as sharing insights on the changing regulatory environment.
Kien Keong Wong, chairman of Baker & McKenzie’s member firms in Singapore, Indonesia and Malaysia, said, “The meeting has benefited us with greater insight and understanding of the current administration’s policy goals and priorities.
He said as Myanmar continues its transition to a more open and transparent economy, the firm remains “supportive and committed” to its clients through investing in and training local talent to provide high-quality and reliable service.
“We will continue to assist our clients in making responsible investments in the country, helping them to put in place effective strategies and measures that meet legal requirements, their companies’ goals and CSR objectives, to help Myanmar on its road to sustainable economic development and employment creation.”