Taiwan Cooperative Bank to open newest office in Yangon
By Kathryn Chiu, The China Post
July 3, 2014, 12:05 am TWN
TAIPEI, Taiwan -- Eyeing the potential for economic greatness in Myanmar, the board of Taiwan Cooperative Bank (TCB, 合作金庫銀行) recently approved a resolution to set up a representative office in Yangon.
TCB indicated that Myanmar has a good geographic position, forming a bridge between nations and markets in South and Southeast Asia.
The second largest country in Southeast Asia, Myanmar's area is 19 times larger than Taiwan with a total population of 60 million and a gross national product per capita of only US$900. TCB said these figures point to exciting business opportunities in Myanmar's domestic market.
TCB estimated that banks currently operating in Myanmar can only meet 10 percent of the demand for loans.
Since the international community suspended sanctions in 2012, Myanmar is no longer a pariah state and is rapidly coming to the table of The Association of Southeast Asian Nations (ASEAN) market, and its bulk exports such as mineral commodities, teak and rice are privileged with an ultra-low import tax rate in the United States, Japan and the European Union (EU).
With a developing domestic market and strong exports as double growth engines, TCB said, the future of business in the unexplored land is worth anticipating, making the Yangon representative office an outpost to project TCB into the promising ASEAN market.