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Enterprises from Myanmar, Philippines, Singapore and Vietnam Recognised as Forerunners of the ASEAN Economy

Twenty-one ASEAN enterprises were recognised for business excellence at the 7th ASEAN Business Awards, the highest accolade the ASEAN Business Advisory Council (ABAC) can confer to outstanding businesses in the region.

The awards were presented at the ASEAN Business & Investment Summit in Naypyitaw last week, an annual business conference organised by ABAC, which was formed by ASEAN to bring private sector feedback to enhance the region’s efforts towards economic integration.

The Awards saw 120 entries, with a handful of first time submissions, indicating a burgeoning ASEAN entrepreneurial culture.

Enterprises from Myanmar, Philippines and Singapore were the standout winners for the six categories of ASEAN Centricity, Corporate Excellence, and Innovation for large companies, and MSMEs, Young Entrepreneur and Women leaders for SMEs.

From Myanmar, local lender Kanbawza (KBZ) Bank Ltd, state-run carrier Myanmar Airways International, FAME Pharmaceuticals Industry Ltd, law firm Kelvin Chia Yangon, Blue Ocean Operating Management Co Ltd and City Mart Holding Co Ltd emerged as National Winners from over 26 qualifying submissions submitted by Myanmar enterprises, showing a revival in Myanmar local economy.

“An unfavourable environment, lack of entrepreneurial spirit and little access to capital, are some of the problems that budding entrepreneurs face in Myanmar. Our hope is that these six businesses will inspire other entrepreneurs in Myanmar,” said U Wai Phyo, vice president of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

Four out of the six ASEAN Winners titles were won by enterprises in Singapore including United Overseas Bank Ltd (UOB) who won the ASEAN Centricity award for placing ASEAN at the core of their business, Keppel Land International Ltd who was awarded the Corporate Excellence award for being outstanding members of their community. Cyclet Electrical Engineering Pte Ltd and Absolute Kinetics Consultancy Pte Ltd, also emerged as winners for the category of Innovation and MSME.

Philippine enterprise, Community Health Education Emergency Rescue Services (CHEERS) Corp won the title for Women Leader. The Young Entrepreneur award, which recognises the next generation of emerging leaders under 45 years of age went to Blue Ocean Operating Management Co Ltd, a Myanmar enterprise.

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