The Invest Myanmar Summit 2019 is off to a roaring start in Nay Pyi Taw, offering local and foreign investors opportunities for business and investment through a single window and one-stop facility, and a platform to interact with each other, obtain information, and exchange ideas one-on-one with the business elite.
- Interviewed and written by Maw See and Htet Thu
Photo by Shwe Ko Lay and Aye Than
A compilation of interviews with investors, business tycoons and magnates are presented for the esteemed readers.
Dr. Maung Maung Lay (Vice President of UMFCCI)
It is not the usual prototype of the past like one way lectures. See eye to eye is going on among the sellers and the buyers. Some foreign and local business people are holding on “wait and see” attitude on the shift and swing of the investment and the peace progress of the country. As state economy shifted from socialist system to a new market economic era, a lot of people just stand by and see what is actually going on. Political stability is a prerequisite and that the government is doing the best. They stepped ahead only after assessing the stability.
Unlike the previous gatherings, this Summit 2019 offers an exclusive and unique platform for the buyers and the sellers. On the part of the sellers, they showcased about (200) projects including from the regions and the states.
On the part of the buyers, the experts and the skilled persons assessed the projects and advised to their respective investors and then contemplate for further talks direct with the regions and states chief ministers, if they are desirous to do business. The officials from customs and the land records are all there, waiting for the pragmatic business deals in a single venue.
The newest way of dealing brings confidence and trust and that 2019 foreign investment indicates the upswing with the paradigm of transparency.
Dr. Aung Tun Thet, (Economist)
In doing business it is vital to ensure profit, to take care of the people, and to conserve environment. Above all, the dignity, ethic and prestige are also necessary to incorporate. When we are welcoming investments from other countries, it is essential to have fine basic structure on economic, political, and social matters. For the economic development of our own country, the political situation must be fair enough with the rule of law in good balance and equilibrium. Politics and social matters are to be taken into consideration for inviting foreign investors.
It is very much fundamental that the incoming investments must be in the interest and advantage of the people. Moreover, they should be in the health and education sectors. Another vital aspect is to achieve corruption free environment, which is impediment to the investors. All the government departments must move fast in their office functioning so as to garner investments.
In this new style of summit, foreign and local business people would surely come forward with open hearts and talk candidly, and therefore, I would like to urge to all stakeholders to get the best and most out of the summit.
U Ye Aung Moe (Director, Rakhine State, Directorate of Hotel and Tourism)
In Rakhine State, we have most popular resorts and destinations namely Ngapali Beach and Mrauk-U Cultural Heritage Site. We have many beautiful beaches similar to Ngapali Beach, adding more beauties at Gwa Township, Myanaung Island and Ramree Island.
For the development of tourism industry, the Ministry of Hotel and Tourism and the Rakhine State Government are trying the best in their cooperation. Investments are also welcomed at the agriculture, animal breeding, fisheries, and industrial sectors. In the upcoming February 2019, we have arranged the Rakhine State Investment Fair at Ngapali Bach Resort, where we would offer business opportunity and investment prospects.
U Sithu Moe Myint, Executive Director and Country Manager MPRL E & P Group of Companies
At this summit 2019, we have presented the services regarding Block A-6 that of MPRL E&P which played a key role in the successful exploration and production of hydrocarbon resources in Myanmar.
The efforts to improve oil production in Mann field have supplied the nation with a more cost effective means for domestic oil consumption. The offshore exploration success in block A-6 has brought the nation one step closer towards accessing a long term sustainable energy supply for future electrical power generation needs.
We also presented offshore logistic station to support block A-6. We are now in the initial process for the production of natural gas as we have accomplished the project in the Ayeyawaddy Region. We have planned to produce natural gas in the next five years.
The project being categorized at the offshore Block A – 6 is sophisticated, superior and hard scheme as it stands out at 21st project and the previous projects are listed as 20 projects on this planet. As the project has been earmarked for five years timeframe, it could be referred as very fast scheme.
For the successful implementation, we need to establish offshore logistic station as we have had to rely on the stations owned by Singaporean companies which incurred unnecessary expenses. Therefore, we have build offshore logistic station within two years which would surely aids and assists the Block A – 6 mission.
As the geographical feature and situation of Myanmar is very much strategic in the connectivity of the region, we intend to acquire multi-purpose offshore deep sea port with a broader vision.
U Maung Weik, Chairman, Sae Paing Development Limited
The speech delivered by the State Counselor is excellent as she invited the investors, and that the entire circumstances and conditions in Myanmar are fine. It is very much heartening that all the government departments are ready to offer helping hands and the relevant chief ministers of regions and states are ready to give concessions as much as they could.
I am of the view that many investors are coming in. The year 2019 is much better than the previous years, however, we may have difficulties before us, and we must address to overcome the challenges. The investment is in the upsurge and that we need to organize more forums similar to this summit 2019.
The State Counsellor, the unions ministers, the prime ministers have invited the local and foreign investors to come in and invest with trust, and that is indeed very much encouraging to the possible investors.
The assumptions and opinions viewed by some people are not correct that the local companies would have disadvantage and drawback when the foreign investors come and invest in the country.
We are the hosts and we know our country much more than the foreigners. We could work out for the greater good of the country and further development. We have our own advantages and they have their own benefits. We could combine these potentials. We have now invited the foreign investors, and that our local investors must also come forward. We need to elevate the local investors. Such forums should be organized once every six months or every year so that the intimacy and closeness could be created among the leaders and the business people. I would like to urge to conduct more summits.
Daw Khin Aye Win, Managing Director, STI Myanmar University
At this summit, we have introduced and presented educational services that we have already registered at the MIC. STI Myanmar University, formerly known as STI Education, was founded in Myanmar in early 2006 with the commitment of providing academic programs at the undergraduate and postgraduate levels.
It comprises of four major Faculties such as the Faculty of Business, Faculty of Health Science, Faculty of Education & Linguistics and Faculty of Engineering.
It is one of the top private education providers in Myanmar conducting courses in business and finance, engineering, human resource management, education and English proficiency programs, in collaboration with international universities and the National Management University under the Ministry of Education, Myanmar. Mainly, we are providing education in collaboration with the UK.
At a time when the Basic Education Law is being enacted along with the by-laws, rules and regulations, then we have planned to establish a top notch quality private university on a par with the universities in the neighboring countries. We intend to accept the international students at our university while we are striving the nation building so that all the students could acquire the culture of Myanmar and its tradition at the university. This vision is in line with the educational guidelines being spelled out by the State Counsellor.
The people from the regions and the states gathered here and presented many investment opportunities including the plans of foreign and local investors. As we can see all the investment opportunities at the same venue, it is very much beneficial.
U Zaw Lin Aung, Managing Director, Kanbawza Bank
Our Kanbawza Bank is presenting KBZ Pay at this summit, which provides (100) per cent financial service. KBZ Bank brings the customer a mobile wallet which makes transferring money, paying for goods, mobile top-up easy and quick. Send money, receive money and many more banking functions in an instant and all safely secured on the phone of the client. Moreover, the digital banking system and service is on the agenda.
U Kyaw Thet Hlaing, (Vice President, Myanmar Developer Association)
The forum is an excellent discussion as the international investors could have the entire spectrum of presentation of Myanmar by themselves at the single show. It disseminated the job opportunities in addition to the stability of the sectors in political, economy, and economic principles which is being truly encouraged by the government.
They could feel the sentiments of the public in welcoming the investors, and therefore, such forum should be organized as much as possible. Myanmar Investment Law, Rules and Myanmar Companies Law being enacted and prescribed have been spread out across the globe which needs some space and time to be convinced by the international investors.
They are sure to understand and convinced that it is worth trying to invest in Myanmar and sure to rush in on time. For the time being, we need to go on with this type of summit and presentation from time to time as much as we could.
Translated by UMT (Ahlon)