Highlights from Myanmar Insight 2018 Economic Seminar

On 20 July 2018, the Royal Thai Embassy in Yangon, in collaboration with the Thai Business Association of Myanmar (TBAM), organized the Myanmar Insight 2018 economic seminar at Shangri-La Hotel Bangkok, Thailand. This was the third Myanmar Insight seminar organized by the Embassy and TBAM, and is part of the series of activities to celebrate the 70^th anniversary of the establishment of Thailand-Myanmar diplomatic relations in 2018. The seminar was well attended by almost 600 Thai businessmen.   

Highlights of the seminar include the participation of Myanmar Ministers, led by H.E. U Thaung Tun, Union Minister for the Office of the Union Government, and key Ministers, as well as Senior Officials from economic ministries. It was also the first time that a Minister from a local government in Myanmar participated in the Myanmar Insight seminar, which was one whole day of discussions on investment opportunities in a wide range of sectors.

In addition, the Embassy hosted an exclusive CEOs Dinner for the Myanmar delegation and Thailand’s top CEOs, as a lead up event to the Myanmar Insight 2018 seminar on 19 July 2018. The CEOs Dinner was organized with a view to provide a platform for Myanmar’s policy makers and Thailand’s top CEOs to get to know each other, and to discuss cooperation in prioritized sectors for joint development.     

The seminar was timely due to Myanmar’s many economic developments, especially the new Myanmar Companies Law which will be effective on 1 August 2018. During the opening ceremony, H.E. Mr. Jukr Boon-Long, Ambassador of Thailand to Myanmar, highlighted Thailand and Myanmar’s strategic partnership, and continuous efforts to promote bilateral trade and investment for joint development. He also encouraged Thai companies to view the region as a whole, and to be aware of the regional Master Plans on Connectivity, as well as main logistics routes, such as the East West Economic Corridor. Most importantly, he recommended that in order to be successful, Thai companies should give back to the local community and implement corporate social responsibility (CSR) projects.

H.E. Dr. Pichet Durongkaveroj, Minister of Digital Economy and Society, Thailand, delivered the opening remarks. He started by thanking Myanmar for helping the Mu Pha Academy football team escape from the Tham Luang Cave in Chiang Rai Province. The 8^th ACMECS Summit, which was held in June 2018 in Thailand, was then highlighted for producing an ACMECS Master Plan that promotes connectivity, synchronization, as well as smart and sustainable development. The Minister highlighted the excellent state of Thai-Myanmar economic relations, and Thailand’s policy to open more permanent border checkpoints with Myanmar to further promote trade, investment, and tourism between the two countries.

Looking ahead, the Minister promoted more digital connections within the region, human resource development to prepare for a digital workforce, and technological development. This is in line with Thailand’s 4.0 policy, or the creation of a value-based economy driven by innovation and technology. Stimulus measures include promoting investment in infrastructure, transportation, and digital technology, which is also prioritized by the Myanmar government.        In addition, the Minister supported Thai-Myanmar collaboration in the sharing of knowledge and experiences on digital government, and cooperation on the development of smart sister cities and cyber security. 

          H.E. U Thaung Tun, Union Minister for the Office of the Union Government, Myanmar, and Chairman of the Myanmar Investment Commission (MIC), then delivered the keynote address. He highlighted Thailand and Myanmar’s close relations as neighbours and friends, in the context of a rising Asia, Asia’s rapid economic growth, and ASEAN economic integration. Given Thailand and Myanmar’s central geographic position in ASEAN, both countries play a pivotal role in promoting regional collaboration and a more connected regional community. On Myanmar’s part, the government is committed to revitalizing the peace process and stimulating economic development. This includes initiating a number of economic reforms to facilitate and open up investment opportunities for international investors. Thus, there are many opportunities for a productive partnership with Thailand, which is striving to become a value-based and innovation-driven economy under the Thailand 4.0 policy. 

The seminar then proceeded with five panels on why investors should choose to invest in Myanmar, and investment opportunities in the tourism industry, electricity and energy sector, trading, and the agriculture, fishery, and livestock sector. Participants at the seminar had the opportunity to learn firsthand of Myanmar’s policies from H.E. U Ohn Maung, Union Minister for Hotels and Tourism, H.E. U Set Aung, Deputy Minister for Planning and Finance, H.E. U Min Kyaw Lwin, Minister for Municipal Affairs and Construction of Mon State, Dr. Tin Htut, former Permanent Secretary for Agriculture, Livestock and Irrigation, U Aung Naing Oo, Secretary of the Myanmar Investment Commission, Daw Mi Mi Khaing, Director General of the Department of Electric Planning, U Aung Kyi Soe, Secretary General of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), U Thet Lwin Toh, Chairman of the Union of Myanmar Travel Association (UMTA), and U Naing Win Toe, Director of Kayin State Investment Committee. In addition, participants also had the chance to listen to the experiences of successful Thai and Myanmar businesses in Myanmar, and to ask questions to all the panelists.

The Embassy and TBAM are pleased that Myanmar Insight 2018 achieved its objective to provide a platform for the Thai business community to learn of Myanmar’s economic policies, trade and investment opportunities, as well as successful business stories, from the key economic actors and businessmen.     

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