UMFCCI to help trading cos operate globally

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YANGON, July 23 (Xinhua): Myanmar's biggest business organisation, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), has urged private trading companies in the country to strive for effective business operation globally, saying it is ready to render assistance to increase the number of such globally operational private trading enterprises.
A report of Monday's Flower News said that of the 40,000 private companies registered with the government, only 4,000 or 10 per cent are engaged in foreign trade.
The reports pointed out that most of the companies in operation have little capital and weak access to foreign markets, citing the fact that most trading companies are based in Yangon and Mandalay with far lesser number of such companies available in other states and divisions.
The UMFCCI is arranging such weak trading companies to form public ones, the report said. It has set up such public company as the Golden Land East Asia Development Ltd, engaging in building Myanmar Liaison Office and Park in the China-ASEAN international economic zone in China's Nanning city with the cooperation of a Chinese company.