TODAY

Organized by the Singapore Institute of International Affairs (SIIA), and sponsored by International Enterprise Singapore, RVi Institute and the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the 2nd ASEAN-Myanmar Forum was held on 28 June, 2017 at the Sedona Hotel Yangon. The half-day Forum themed “Moving Forward: Partnerships for a New Myanmar”discussed Myanmar’s plans for growth under the new government, its economic and investment future, and fostering partnerships in Myanmar.
SIIA Chairman Associate Professor Simon Tay said: “Myanmar’s government faces many challenges across various sectors and not everything can be resolved at once. Investors have to be armed with a realistic evaluation of challenges facing the country, accompanied with large measures of patience and persistence.”

Mr. YotaroAgari, Mitsubishi UFJ Financial Group’s (MUFG) General Manager, said: “Against a backdrop of rising protectionism worldwide and increased competition in Asia, it is important that Myanmar remains steadfast in welcoming foreign investments and pursuing banking reform to grow. For a global bank like MUFG, which has a presence in Myanmar dating back 100 years, we want to continue playing a defining role in the development of Myanmar’s financial sector and help it mediate more trade flows with countries across the region. Myanmar’s growth journey has just begun, and there is much that we can do to help.”
Mr. Aung Zaw Naing, Group Chief Executive Officer, ShweTaung, said: “Foreign investors can play important roles in providing capital and expertise, and ensuring inclusive growth in Myanmar. ShweTaung welcomes foreign investment and sees huge potential to work with foreign companies in the energy, infrastructure, and infrastructure-related sectors such as construction materials. These sectors create jobs, reduce Myanmar’s reliance on imported materials and contribute to decreasing Myanmar’s trade deficit. We will step up our presence in the affordable housing sector in the coming years as it is a sector that not only creates jobs and drives economic growth but also directly improves living conditions for Myanmar citizens.”

Mr. Melvyn Pun, Chief Executive Officer, Yoma Strategic Holdings Limited, said: “There are tremendous opportunities across business sectors, brought on by the Liberalization of the finance sector, the modernization of agriculture and the leapfrogging through technology that a developing economy can exercise. We are also optimistic that the government is making positive progress in reducing bureaucracy and improving regulations, all of which bodes well for the future.”

Besides discussing Myanmar’s development plan, the Forum also looked at the importance of building partnerships between foreign investors and local companies for Myanmar’s longterm development.
This also includes identifying sectors that will benefit most from foreign and local business tie-ups.