Illicit Trade: Anti-Illicit Forum Held In Nay Pyi Taw

5 September 2018

The Anti-Illicit Forum took place in Nay Pyi Taw on Wednesday.

It was organized by the EuroCham Myanmar in partnership with the Transnational Alliance to Combat Illicit Trade (TRACIT) and the Economist Intelligence Unit.

Myanmar ranked 82nd of 84 countries in the Index which publishes annually.

The Executive Director of EuroCham Myanmar pointed out that it’s very difficult to convince investors to invest in such a climate if the illicit trade is not properly addressed

Executive Director, Eurocham Myanmarm Filip Lauwerysen said “We are gonna to discuss the problems that Myanmar economy is facing when it comes to illicit trade and the negative impacts this has on the economy and the people of Myanmar and on its economic development long term and short term.”

It is the first of its kind in Myanmar aiming to improve the knowledge and understanding of the regulatory environment and economic circumstances that enable illicit trade and provide recommendations on priority areas.

Executive Director, Eurocham Myanmar, Filip Lauwerysen said “I think the very important one is lack of capacity to generate tax income for the government. So, there is a huge potential tax loss that Myanmar Government currently doesn’t have. This potential tax income can be used for education, for health care, for the whole economic development plans of the country including the increase of salary for civil servants and enforcement of the rule of law.

The forum included five panel sessions including policy development, enhancing investment, challenges and control measures for illicit trade.