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Review our [99]cookies information for more details This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Review our [100]cookies information for more details [101]Banyan Asia * [102]Previous * [103]Next * [104]Latest Banyan * [105]Latest from all our blogs Investing in Myanmar Triplicating success Jul 23rd 2012, 10:58 by F.C. | SINGAPORE * * [106]Tweet LAST month Thein Sein shared with an audience an “aspired goal” for his country’s economy: to triple per-capita GDP by 2016. With the current population that would entail inducing output to grow by more than 25% year on year—no mean feat by any standard. Even gas-rich Qatar, home to one of the world’s fastest-expanding economies last year, grew by a mere 14%. Apparently, realism in the realm of economics is not among the president’s many strengths. (In May Daw Aung San Suu Kyi made headlines by [107]warning foreign investors against placing “reckless optimism” in Myanmar at the World Economic Forum. The government was displeased.) But most of the businesses involved understand that it will take time to get the country’s dismal infrastructure into good working order. So alluring is the prospect of Myanmar's liberalising market, which has been shunned by the Western world since the mid-1990s thanks to sanctions, that [108]a conference in Singapore attended by ten of the government's senior officials last week drew throngs of eager businessmen from the region over. Organised by the Foreign Recruitment Centre, a Singapore-based employment agency, it aimed to equip businesses interested in Myanmar with contacts, a basic brief on the legal background, and a host of tips on securing better business deals. Never sign a contract on Friday; Saturdays and Sundays are fortuitous for doing deals; starting just about anything on a Monday and you'll be starting with a bad omen. So do not despair if an initial, Monday-morning meeting has to be postponed. Myanmar is hungry for foreign capital in virtually every sector of the economy. The officials who came to Singapore represented ministries governing commerce, post and telecoms, construction, trade, energy and the office of the attorney-general. They made their best sales pitches from a podium, looking out over a sea of businessmen eagerly awaiting the opportunities they describe. The standing Foreign Investment Law (1988) ensured that foreign investors can acquire no more than 35% of a company’s total equity, and only via local joint ventures, but reforms are expected to be passed by parliament by the end of July. The revisions planned should do away with the requirement that foreign investors establish local partnerships. Daw Mae Thi Lynn, from the office of Myanmar’s attorney-general, adds that the reformed law would grant investors the right to lease land from private owners for longer periods. This should be useful to the many businessmen who have been frustrated by the slow pace of industrial-property acquisitions. The government also unveiled plans for a commission that will “increase the role of the private sector” in telecommunications, energy, forestry, education and health. The hand that giveth however does not only giveth. In the same stroke it identified 12 activities that are to be undertaken only by state-owned enterprises, including the extraction and sale of teak, oil and natural gas, the export of gems, the manufacture of products related to security and defence, and others besides. U Kyaw Soe, the head of Myanmar Post and Telecommunication, says they expect to achieve 75% telecoms density in four years’ time: that is to say, that three-quarters of the population will have a mobile by then. In a country of 60m with only 3m subscribers today, that means at least 10.5m new subscribers a year. All the trickier where call rates remain among the priciest in the region, even as the GSM networks are stubbornly congested. But all that is to be a thing of the past, says Kyaw Soe, who hopes to see development in telecoms spread evenly throughout the country. There is already tension visible between the promise of gradual and steady development, on one hand, and the demand for quick provision of infrastructure for businesses with zone-specific development, on the other. A representative of Ocean Sky Global, an apparel-service provider whose operations include exporting from ports in Cambodia, Hong Kong and Taiwan to major buyers in the West, including Adidas, Columbia and Gap, says they have their eyes on Myanmar’s cheap, abundant, and relatively well-educated labour force. But many of their peers remain wary of jumping in too soon, due to the sorry state of infrastructure and logistics. Plans for major highways are still in their infancy, and as yet Myanmar has no deep-sea port, though plans exist for as many as four different sites. The construction of a deep-sea port at Kyaukpyu, on the Rakhine coast, is expected to be finished by the end of 2012. Kyaukpyu boasts the shortest trade route connecting China and the Mekong basin to India and the Middle East. A second deep-sea port, at Dawei, would form part of a special economic zone, a 250-square-kilometre industrial estate with sea, land, rail and pipeline links to the country’s neighbours. In particular it could connect to Thailand’s eastern seaboard via the Laem Chabang deep-sea port at Chonburi. This week Thein Sein and Thailand’s prime minister, Yingluck Shinawatra, affirmed their commitment to the $50 billion Dawei project, with Thailand's largest contractor, [109]Italian-Thai Development Public Company Limited, leading the way. (Once upon a time, about a year ago, the estimated need for [110]investment was to be[111] just $8.6 billion.) Big plans then, for a relatively small economy with what looks like huge potential. That’s the song and dance chosen by a largely self-appointed, quasi-civilian government that until last year refused to subject itself to just about any part of international law. If Myanmar’s reformist government were to pull off even a passable rendition of the promised number, a standing ovation would be in order. [112]Previous Economics blogging: Salute to the India of ideas [113]Next Japan-America military alliance: Hard landing * [114]Recommend 162 * * [115]Tweet * [116]Submit to reddit * * [117]View all comments (11)[118]Add your comment Related items TOPIC: [119]Thein Sein » * [120]2013 in person: Thein Sein * [121]Myanmar’s parliament: Power grab * [122]Myanmar: Parallel tracks TOPIC: [123]Singapore » * [124]Recommended economics writing: Link exchange * [125]Foreign labour in Singapore: One strike and you're out * [126]The world in figures: Countries: Singapore TOPIC: [127]Thailand » * [128]Thailand’s politics: Whatever happened to Thaksin? * [129]The Economist: Digital highlights, November 17th 2012 * [130]The world in figures: Countries: Thailand TOPIC: [131]Myanmar » * [132]Myanmar’s humanitarian crises: Exiled to nowhere * [133]Politics this week * [134]Studies in Naypyidology: How the other 43 live Readers' comments The Economist welcomes your views. Please stay on topic and be respectful of other readers. [135]Review our comments policy. * Add a comment (up to 5,000 characters): ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ Post Sort: * Newest first * [136]Oldest first * [137]Readers' most recommended [138]Ana Cristina Poulsen Aug 18th 2012 4:46 GMT Surely you can find good organisations that organise your investment in Myanmar like Grand Waktu or [139]http://businessinmyanmar.eu or other organisations * [140]Recommend 3 * [141]Report * [142]Permalink * [143]reply [144]Human Child Jul 26th 2012 5:28 GMT Surely you could have inserted a few lines expressing concern for the environment. After all, the kind of mass-scale destruction of the environment that enriches only a corrupt elite has pretty much happened everywhere else in the region. * [145]Recommend 8 * [146]Report * [147]Permalink * [148]reply [149]guest-ioaosoj [150]in reply to Human Child Jul 27th 2012 9:13 GMT lol are you saying that the Burmese government (which some Burmese posters on this forum hates but also claims to support because it's the only semblance of civilization that Barbaric Burma has) is not a kleptocracy? I mean China, India, and Thailand may be corrupt, but they are nowhere as corrupt as Burma. [151]http://cpi.transparency.org/cpi2011/results/ Out of all the countries surveyed, Burma is tied with Afghanistan and only ahead of Somalia. * [152]Recommend 5 * [153]Report * [154]Permalink * [155]reply [156]guest-ioasaae Jul 26th 2012 2:33 GMT lol everyone knows that the Burmese are way too racist and violent to attract foreign investment. I mean, being racist against dark skinned people is bad, but performing a violent ethnic cleansing is sure to scare off most investors. Anyways, most of the "optimism" described in this article, as well as the investment conference in Singapore (at least one of them), came before the Rohingya ethnic cleansing began. [157]http://www.presstv.ir/detail/2012/07/16/251205/democracy-and-slaug hter-i... Excerpt: "The ‘pro-democracy’ Myanmar’s groups and individuals celebrated by Western governments for objecting to the country’s military junta are also taking part in the war against minorities. Writing in the Sydney Morning Herald on July 8, Hanna Hindstrom reported that one pro-democracy group stated on Twitter that “[t]he so-called Rohingya are liars,” while another social media user said, “We must kill all the kalar.” Kalar is a racist slur applied to dark-skinned people from the Indian subcontinent." * [158]Recommend 9 * [159]Report * [160]Permalink * [161]reply [162]siddsa Jul 25th 2012 14:50 GMT Hope is a good thing, probably best of things. When all is gone only thing left is hope, here to hoping that Myanmar (Burma) would achieve what their leaders aspire to. The path will be bot be smooth and probably would be marred by huge corruption, but the hope of better tomorrow is good. Here to hoping for peace (abatement of guerrilla war fare in it's minority dominated areas) and prosperity (relative) to one of the dark areas of world. * [163]Recommend 3 * [164]Report * [165]Permalink * [166]reply [167]Richard Michael Abraham Jul 25th 2012 13:59 GMT Myanmar vs. Accra, Ghana and Lagos, Nigeria I’ve indicated the leading economists in the United States announced in a joint statement that the U.S. Stock Market has been so manipulated by FED Bernanke, with PR and Spin, that the DOW, instead of its current 12,700 should be 6,000. (that’s over a 100% bloated, inflated Stock Market rise) If you’ve noticed, as I have alleged for years, the Stock Market rises on bad news or good news. When there’s bad news like bad employment numbers, bad GDP numbers, etc., the Stock Market goes up because the investor players say, “Good, now FED Bernanke will need to give us QE 3.” The Eurozone is in worse financial troubles. Thus, don’t be afraid to travel. Right now, in places like Accra, Ghana and in Lagos, Nigeria, if you’re game, you could go there and in 8-10 years accumulate $20,000,000 plus in cash, leading real estate development efforts with the skills you’ve learned. Then, you could return to your native Country, and enjoy life. Not such a crazy idea anymore. Indeed, being a World real estate developer is an occupation. Remember, the Value Generator Method to discover hidden development opportunities is as close to scientific certitude when employed correctly. What could be easier than developing in booming Global markets? Thus, I will be presenting Real Estate Development Seminars in Accra and Lagos, this December 2012. Acting on my research and instincts, my real estate development activities focus on Accra, Ghana and Lagos, Nigeria. These are incomparable regions for investment and real estate development. In Accra, Ghana and Lagos Real Estate Development is Booming. What ever business you're in, particularly, real estate development, consider the fabulous opportunities in Accra, Ghana and Lagos, Nigeria. The World economy has changed, making these two cities ripe for real estate development and investment. Warmest, Richard Michael Abraham Founder The REDI Foundation [168]www.redii.org * [169]Recommend 0 * [170]Report * [171]Permalink * [172]reply [173]TellTureOnly Jul 25th 2012 8:04 GMT Burma needs more aid as war in Kachin State continues [174]http://asiancorrespondent.com/86360/burma-needs-more-humanitarian- aid-fo... President Thein Sein has repeatedly said peace and stability is crucial in the making of a developed country. He also said that without national unity Burma, with over 100 races, cannot enjoy peace and stability. “If the local people realize the government’s goodwill policies and objectives and join hands together for development of their own region, all measures for progress of border areas and national races will be successful,” he said during 1/2011-Meeting held at the President Office in Naypyitaw in April. On the contrary, the Burma Army has been intensifying its power in Shan, Kachin and Karen States to clear out the ethnic armed forces fighting for self-determination. President Thein Sein’s words and his army’s actions paint two very different pictures. On the other hand, the Kachin Independence Organization (KIO) delegation met Vice Chairman Aung Min of newly formed Union-level Peace-making Committee at Mai Jayan on Sino-Burma border to hold informal talks on June 1, June 19 and 20. The KIO had already met Kachin State-level peace committee led by Col. Than Aung twice and then met with union level peace committee led by Aung Thaung three times and met unofficially with union level peace committee led by Aung Min four times. The fighting between government armed forces and KIA troops in Kachin State and northern Shan State has produced more and more war refugees since last March. The two armies had countless armed-clashes in June and both sides suffered several casualties in the warfare. The government delegation led by Aung Min and the KIO delegation had a meeting at Maijayan on June 20. During that meeting, they talked about the repatriation of war refugees as well as the withdrawal government troops from KIO controlled territory. However, on July 20, KIA’s 24th Battalion under 5th Brigade encountered Burma Army’s troop under 21st MOC between Bum Sawn hill and Daw Hpum. On July 21, a battle took place between KIA soldiers under 5th Brigade and Burma Army’s 142nd LIB at Ban Kawng Mu village. On the same day, more fighting took place between the KIA’s 23rd Battalion and Burmese army’s 40th LIB near Laja Yang, Kachinland News said. As of July 21, armed clashes continue between KIA’s 24th Battalion and Burmese army’s 387th LIR near Bum Sawn hill. A battle took place between KIA’s 15th Battalion under 3rd Brigade and Burmese army’s 317th LIR near Law Mun located between Kadaw and Namhpak Hka village in the evening of July 21. On July 22, three Burmese soldiers and one KIA soldier killed in a combat between a KIA’s mobile battalion and Burmese army’s MOC-3 near Gang Dau. As the civil war in Kachin State cannot stop so far, inhabitants have been hiding in the jungle or becoming refugees along the Sino-Burma border. People cannot carry on their agricultural and gardening careers. It causes the region food shortage and people suffer from malnutrition plus infectious diseases. * [175]Recommend 5 * [176]Report * [177]Permalink * [178]reply [179]TellTureOnly [180]in reply to TellTureOnly Jul 25th 2012 8:07 GMT Continue: Before the conflict between the Kachin Independence Army (KIA) and government armed forces in June 2011, there was sufficient foodstuff from the paddy and vegetable farms in the neighboring areas. The armed conflicts have forced many farmers to run away from their farming. It causes the groups of native people at the mercy of domestic and international donors including the UN Agencies. Humanitarian aid from international communities to victims in Kachin State amounted to US$ 16.7 million until the end of May, according the Eleven Media Group’s news. The aid went to needs for food, vocational training, health care and shelter. Among the aid donors are Australia, Germany, Britain, Denmark, the U.S, France, ECHO and CERF, headed by WFP, TBD, DWHH, Trocaire, HPA, Solidarities Int’l, UNHCR and UNICEF. The UN calculated that a total of 21.9 million would be needed to support a population of around 40,000. Even though, several IDPs as well as refugees suffered starvation since hostilities between KIA and the Burmese military have an effect on the supply routes en route for the refugees and IDPs’ camps in the deep jungle. The worst is that government troops commonly confiscate foodstuff transported from well-wishers to IDPs and war-refugees. Due to food scarcities, many residents have no choice but to rely on rice gruel which in long term is the cause of undernourishment and sickness. Last month’s meetings produced no solution. The government wants the KIO to sign a ceasefire before they discuss withdrawal of troops from the front lines. However, the KIO firmly said that it will not talk about the idea of ceasefire until the Burmese armed forces leaves KIO territories. Moreover, the KIO wants the participation of an international independent body like the UN to get involved in any such agreement. Without a political solution, situation may not be controlled over current fierce fighting between Kachin Independence Army and government armed forces. About 1650 battles have been fought since renewed fighting began on June 9, 2011, according to estimation made byKachinland News. It also said that KIO delegates have asked at least in three meetings to withdraw Burmese troops from KIO territory. But Burmese army has increased troop deployment in order to escalate its offensive war. As a result, hostility has intensified in the Kachin frontline zones. While the government has been talking about reform, its armed forces should not escalate hostilities in the ethnic states. It is also an obligation of the government to provide humanitarian assistance to those war refugees and IDPs in ethnic states. * [181]Recommend 4 * [182]Report * [183]Permalink * [184]reply [185]worldtraveller811 Jul 24th 2012 15:26 GMT Dear Myanmar, First protect your people of the GREEDY INVESTORS who pretend to be your friends but in fact are not. They just come to reap the harvest. You need investors but choose the right ones. Don't get uncontrolled greedy yourself. Beware of functioning as a "Commercial prostitute" to satisfy reckless business people from inside and outside of Myanmar.. This also includes Red Light Investment ! Do not copy Thailand. Analyse the impact of Industrialisation in your neighbour country THAILAND. There are a lot of negative things, incl. environment problems as well pollution and ugly commercial architecture. Referring general business think it over whether an indirect arrogant and traditions absorbing "Seven-Eleven-MiniMart-Culture" should be the ideal achievement of/for Myanmar ? Please, protect your people of the many negative things which automatically enter as wider you open the doors. Move slowly, check every "attractive" offer and deal. LESS IS VERY OFTEN MUCH MORE ! GO THE BUDDHISTIC MIDDLE WAY ! * [186]Recommend 9 * [187]Report * [188]Permalink * [189]reply [190]guest-ioaosoj [191]in reply to worldtraveller811 Jul 27th 2012 9:15 GMT Right because I would rather live in Barbaric Burma where the vast majority of people do not have access to reliable electricity or indoor plumbing than in Thailand where there are a lot of hookers and "ugly commercial buildings." Why do so many Burmese girls flee to Thailand to live in indentured servitude? * [192]Recommend 3 * [193]Report * [194]Permalink * [195]reply [196]Josh2012 Jul 24th 2012 10:07 GMT There are many challenges for Myanmar as they are being isolated for many decades. But it is obvious that Myanmar has a huge potential to becoem another Asia economics power house, of cause it will take a few decades. By studying current developments, every industries are progressing very fast. Besides, World’s largest economies are backing Myanmar development: China has been Myanmar’s close alliance for many decades, Myanmar and US relationship getting strong, Japan is helping to develop stock exchange and other sectors, etc. * [197]Recommend 1 * [198]Report * [199]Permalink * [200]reply * [201]Comment (11) * [202]Print * [203]E-mail * [204]Permalink * [205]Reprints & permissions * About Banyan Analysis of Asian politics and culture, from our Banyan columnist and other correspondents. 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