After spending decades as one of the most isolated and least-developed countries in Asia, Myanmar is emerging as one of the world’s fastest-growing economies. Since a historic reform process began in 2010, foreign investment has been pouring in, driving annual growth to more than 8%, according to IMF estimates. Investment inflows and growing exports have also helped stabilise the currency and…
Interview: President U Thein Sein In what ways has chairing the ASEAN summit helped to accelerate Myanmar’s own development objectives and initiatives? U THEIN SEIN: The chairing of the ASEAN summit was a major stepping stone for Myanmar. It has given decision makers, both in the government and the private sector, the chance to discuss challenges and opportunities within the ASEAN region, as well…
Interview: Lim Hng Kiang How would you assess Myanmar’s economic and political reforms thus far? LIM HNG KIANG: We have seen progress made by the Myanmar government to boost investment and economic activities. President Thein Sein signed into effect a new Foreign Investment Law (FIL) in November 2012 to replace the previous FIL, which was enacted in 1988. The FIL, which allows overseas firms to…
Interview: U Win Myint Which sectors hold the most potential for developing Myanmar’s trade relations? U WIN MYINT: Myanmar still possesses many untapped resources due to its long experience of isolation from international markets, as well as economic sanctions. The resumption of the Generalised System of Preferences (GSP) from the EU and Japan, as well as the ASEAN-plus-five free trade agreement,…
Interview: Serge Pun What barriers do new entrants in the financial services sector face in Myanmar? How important is the development of the sector in drawing in foreign direct investment? SERGE PUN: The promulgation of the revised financial institution law – particularly the advent of foreign banks in Myanmar and how they will interact with local banks – remains a major focal point at this moment.…
Interview: Gregory So As the ASEAN Economic Community (AEC) nears its formation, how would you assess Hong Kong’s economic cooperation with ASEAN members? GREGORY SO: As the AEC approaches implementation, it is only natural for Hong Kong to strengthen its economic ties with ASEAN. The AEC is a populous market characterised by increasing consumption power, improving living standards and an expanding…
Interview: U Set Aung Which industries do you think show the most potential growth, as far as Thilawa is concerned? U SET AUNG: So far we have received letters of intent for 45 factories from 11 countries across the globe, with interest being expressed for many different types of manufacturing. Out of these 11 countries, the majority of companies are from Japan and from Hong Kong, in addition to…
Interview:Hidetoshi Nishimura What priorities have been identified by the Myanmar Comprehensive Development Vision (MCDV)? HIDETOSHI NISHIMURA: The MCDV was formulated by ERIA under the guidance of the Ministry of National Planning and Economic Development (NPED), in close cooperation with other ministries. It provided a set of growth strategies for Myanmar’s National Comprehensive Development…
Interview: Lim Cheng Teck In the lead up to the ASEAN Economic Community (AEC), how can access to finance for small and medium-sized enterprises (SMEs) be improved? LIM CHENG TECK: More financing options are essential to ensure that SMEs remain competitive in a post-AEC scenario. SMEs in many countries are also not fully aware of the opportunities arising from integration and bridging this information…
Interview: U Win Shein How will regional integration under the ASEAN Economic Community (AEC) assist in the development of the local banking sector? U WIN SHEIN: Myanmar can benefit in many ways from regional integration under the AEC process. In pursuit of financial integration, a sound regulatory and supervisory framework will be incorporated in the Myanmar banking system. This will help foster…
