Legal procedures and labour affairs in Myanmar still pose major challenges in attracting European companies to invest in the country, according to a ceremony to introduce the manual on economic opportunities and challenges in respective sectors of Myanmar based on the research conducted by Eurocham Myanmar held at Novotel Hotel in Yangon on December 11.

In order to address such challenges for foreign investors and ease business procedures, the Myanmar government has established a new ministry named the Ministry of Investment and Foreign Economic Relations.

"Now, we have a new ministry. They said there are difficulties doing business in Myanmar. We face these major challenges. The new ministry is also trying to ease the procedures," said Aung Naing Oo, secretary of Myanmar Investment Commission.

With these challenges and difficult procedures, European businessmen may lose interest in making investments in Myanmar.

"According to their findings, there are still many weaknesses. But one good thing is that they (European investors) do not have any interest at all. They have potential investment plans and it is good for our country," said Aung Naing Oo.

The research paper stated that companies in Myanmar had vowed to increase businesses by 84 percent but it was able to increase by 69 percent.