ECCP to help 3 Asean members attain development

By Riza Lozada

European trade experts will visit the country to present investment options and business conditions in three rising Association of Southeast Asian Nations (Asean) members, the European Chamber of Commerce of the Philippines (ECCP) said. 

ECCP Vice President Henry Schumacher said the ECCP is holding a one-day conference with their counterparts from Cambodia, Laos and Myanmar to help them prepare for the Asean Economic Community (AEC).

“The presentations, the following dialogue and one-on-one meetings will help to create clearer strategies on how to take advantage of the opportunities the AEC offers and, at the same time, address the challenges that are coming with it,” Schumacher said.

Schumacher further said they are expected to discuss with their counterparts the legal frameworks on doing businesses in each of the four countries, while also exploring industries where European and Philippine companies can invest.

Cambodia allows 100-percent foreign ownership of companies across all industries, except for a limited number of sectors, like cigarette manufacturing, rice milling, gemstone mining and processing, publishing and printing, and radio and television.

Complete foreign ownership of companies is also allowed in Laos, with most foreign investments going into hydropower and the energy industry.

Likewise, Myanmar is also open to 100-percent foreign ownership, but with restrictions in insurance, telecommunications, electricity, and extraction and production of petroleum and natural gas.

Economic growth rate among the four Asean members have also been outstanding over the past few years, with gross domestic product ranging between 6 and 8 percent.

“We firmly believe that this unique event will assist in the evaluation of business opportunities and possible cooperation with players among our four countries,” Schumacher said.

The ECCP, which started operations in 1978, was the first European chamber of commerce established in the world.