Myanmar Insight 2019 tutors Thai businessmen Gives an in-depth look into every dimension of investment in preparation to conquer the Myanmar Market
The Royal Thai Embassy in Yangon,
in collaboration with the Thai Business Association of Myanmar, is organizing
the 4th “Myanmar
Insight 2019”,
an investment seminar, to prepare and tutor Thai businesses that are interested
in doing business in Myanmar. The
seminar brings together experts and top executives from the government of
Myanmar to offer new perspectives and provide in-depth information related to the potential in
economics, emerging business opportunities, as well as new economic development
plans to create more confidence for investors.
Her Excellency, Mrs. Suphatra Srimaitreephithak, Ambassador of Thailand to
Myanmar, revealed that this seminar is being organized for the fourth time as a
platform to exchange knowledge, experiences and in-depth information related to trade and investment in
Myanmar, in addition to also being a chance to engage with those directing the
policies of the country, as well as updating current consumer behaviour trends.
The seminar has
been created for the benefits of Thai businesses or others who might be
interested in investing in Myanmar in areas such as opportunities for economic
cooperation between Thai and Myanmar, economic development in Myanmar, emerging
economies, improvements of laws to promote investment, as well as the
strengthening of relationships, demonstrating the capacity for growth in
markets and investment, resulting in a strong international alliance.
This year’s seminar
is also honored by the presence of His Excellency, Mr. Chaisiri Anaman, advisor to the Minister of Foreign
Affairs of Thailand, in presiding over the opening ceremony, as well as a
special keynote on “Investment
Opportunities in Myanmar for Thai Investors” by Mr.Thaung
Tun, Union Minister for the Office of the Union Government and Ministry of
Investment and Foreign Economic Relations, followed by a special discussion on “Doing Business for Responsibility” from Dr. Supachai
Panitchpakdi, former Secretary-General
of the UN Conference on Trade and Development (UNCTAD) and
former Director-General
of the World Trade Organisation(WTO).
Other topics of
interest include Myanmar Sustainable Development Plan, as well as the Project
Bank Development Plan for Myanmar, Investment Opportunities in Electricity and
Energy, updates on information on new laws that are opening new opportunities
for foreign companies in retail and wholesale, which is another interesting
business opportunity; and finally, opportunities and methods in expanding bases
of production into Myanmar.
The World Bank’s
rankings in Doing Business 2019, which takes into principle consideration the
following parameters: ease
of starting a business, dealing with construction permits, getting electricity,
registering property, getting credit for businesses, protecting minority
investors, paying taxes, trading across borders, enforcing contracts and
resolving insolvency; ranks Myanmar 171 from 190 countries, but Myanmar aims to
make it into the top 100 by 2020-2021
and into the top 40 by 2035-2036.
In terms of foreign
direct investment (FDI) in Myanmar in the past 7 months of the 2018-2019 fiscal year (October 2018 – May 2019),
the Myanmar Investment Commission (MIC) approved investment equivalent to 2,499.413 billion US dollars, with Singapore coming in as
the country with the most investment, reaching a value of 1,600.053 billion US dollars, and China and Hong Kong in
second. Thailand,
meanwhile, comes in in fourth with a value of 118.634 million US dollars.
In terms of
industries that foreign investors give most priority to in Myanmar during the
first half of the 2018-2019
fiscal year (October
2018 – May
2019),
the first is commerce and communications; second, manufacturing; third, energy;
fourth, hotel and tourism; and fifth, real estate.
Mr.Sorasak Keeratichokechaikul, President of the Thai
Business Association of Myanmar (TBAM) adds that the association has received great support
from the Royal Thai Embassy, as well as from prominent Thai banks and
businesses that have invested in Myanmar in the organization of “Myanmar Insight”. This seminar, which is the 4th of its kind, is a
platform for Thai business operators to receive information on the economic
policies of Myanmar, the opportunities for investment, as well as the
experiences of businessmen both from Myanmar and Thailand, who have achieved
business success through their investments. Last year, over 600 Thai business operators joined
the event from a large variety of industries. TBAM reaffirms its readiness to support and advise
any Thai business that might be interested in investing in Myanmar.
The trade value
between Thailand and Myanmar for the period between January 2019 – May 2019 is valued at 3,188.69 billion US dollars, which is an increase of 12.43% from
last year’s number across the same period of time.Thailand’s export to Myanmar is valued at 188.32 billion US dollars, with imports valued at 1,300.37 billion US dollars. Thailand’s exports include fuel, beverages, metal and
metal products, chemicals, machinery, cars, and rice, to name a few. Products that Thailand imports includes natural gas,
metal ores, animal meat for consumption, plant products and fruit.
Myanmar has great
potential and capacity for business and investment since it is also
strategically positioned between the two large markets of China and India. Myanmar also benefits from having a large working-aged population. Its strategic position as a regional and inter-regional hub is further strengthened by its inclusion
in the Belt and Road Initiative(BRI). Thailand and Myanmar are Natural Strategic Partners,
especially with the Thai government’s policies that support business and
investment in Myanmar, all with the shared goals of creating sustainable
development for the future.