Uncertainty regarding the national elections on November 8 has caused many business decisions to be put off later in the year: Vice Chairman of UMFCCI

Uncertainty regarding the national elections on November 8 has caused many business decisions to be put off until later in the year, members of the business community told Myanmar Business Today.

DrMyoThet, vice-chairman of UMFCCI said, “Everything depends on the results of the election. If the country goes forward and forms a new government peacefully, the country's economic situation will be good. Business leaders are hesitant to invest now, but can make informed decisions at that time. We can’t predict the country's situation even a few weeks into the future, as so many things depend on the results of the election.”

Many issues facing the country will have to be resolved after the elections.

According to U ThanSoe, an economist and political candidate, “Myanmar's economy cannot be separated from the country's political situation. A lack of rules and regulations in business and the extremely high land prices are barriers to investment. The country's economy largely depends on how much we can improve these weaknesses.”

US engagement with Myanmar will be heavily influenced by the next few weeks. Assistant Secretary of State Daniel Russel was reported last week by Reuters as saying, "It is critically important that all parties accept the results of the polling. Our ability to assist the new Burmese government, let alone to look at relaxation of sanctions ... will depend on our assessment of the integrity of the overall process. The conduct and results of these elections will fundamentally shape our engagement with the Burmese government in 2016 and beyond."

Tourism has slowed, but is expected to pick up immediately after the elections.

Normally from October to March is the travel season for foreign tourists to Myanmar. However, tourist numbers of October were very low, as many tourists booked trips after the elections.

​