Myanmar s escalating civil war: Implications for India s Act East policy – ENG MIZZIMA COM mizzima.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mizzima.com Daily Mail and Mail on Sunday newspapers.
Almost all European chambers of commerce remain active in Myanmar nearly two years on from a military coup ousted a democratically elected government and sparked a civil war.
Panic has gripped Myanmar over the growing likelihood of a Sri Lanka-type economic collapse or a Pakistan-type economic crisis after the country's central bank called on all citizens this month to convert their foreign currency holdings and remittances received from abroad into the local currency kyat within a day. Myanmar's foreign reserves are believed to have dwindled sharply and foreign debt has escalated as western sanctions following the Feb 2021 coup and the raging Covid pandemic have impacted the nation's economy.
Panic has gripped Myanmar over the growing likelihood of a Sri Lanka-type economic collapse or a Pakistan-type economic crisis after the country's central bank called on all citizens this month to convert their foreign currency holdings and remittances received from abroad into the local currency kyat within a day. Myanmar's foreign reserves are believed to have dwindled sharply and foreign debt has escalated as western sanctions following the Feb 2021 coup and the raging Covid pandemic have impacted the nation's economy.
German Myanmar Business Chamber (GMBC), which involves over 50 Myanmar and German business firms, has recently been established in Yangon, as the official membership organisation of companies active in bilateral business relations of the two countries.
The chamber said it will work as a platform of exchange between German and Myanmar companies that are seeking business opportunities in Southeast Asia’s fastest growing market. It also seeks to establish a dialogue with the Myanmar government on economic frameworks.
“In order to succeed, German and Myanmar companies need to be committed to sharing market insights, knowledge and networks with each other. The GMBC aims to foster this dynamic interaction and collaboration,” said Jens Knoke, founding president of the GMBC.