Myanmar Welcomes Delegates to the World Economic Forum in Naypyidaw

The three-day Word Economic Forum, East Asian edition is happening in Naypyidaw, Myanmar. The head of WEF Asia Sushant Palakurthi Rao said that the ongoing gathering is by far the largest. An estimated 900 delegates from more than 50 nations around the world are attending the forum. World leaders, business giants and decision makers are in Myanmar to discuss pertinent issues. Rao pointed out that the numbers show how high the international community’s interest on Myanmar is at this moment.

Myanmar at the spotlight

The theme of the forum is “Courageous Transformation for Inclusion and Integration.” President Thein Sein opened the forum on Thursday. He will be heading the discussions on development opportunities in Asia along with the Prime Minister of Laos Thongsing Thammavong and the Prime Minister of Vietnam Nguyen Tan Dung. Burmese leader Aung San Suu Kyi will address the forum sometime during its course. The agenda includes other nations in Asia, but the main focus is on the host country that is now facing the challenges of maintaining a transitional democracy after almost half a century of military rule.

This is the first international gathering of its kind that Myanmar has hosted. Tourism Minister Htay Aung said that “This is our show. This is our performance to the world,” referring to the task of hosting the international forum.

Foreign investors are welcome

Now that the rule of the military junta has ended, Myanmar is keen on attracting foreign investors to the country. Incumbent President Thein Sein initiated a number of drastic economic and political changes since coming to power in 2011. With these initiatives, most of the sanctions from the West were lifted and Myanmar is once again a potential place to do business for many investors.

Nay Zin Latt, adviser to Pres. Thein Sein said that the attention give to Myanmar indicates that the world is recognizing the country’s potential. Investing in Myanmar could drive the economy to a better state and provide job opportunities for its citizens as well.

60 million potential consumers

Very recently, multinational beverage company Coca-Cola has opened a new plant in the country – its first after decades of absence. Unilever has also announced that in a few weeks time, it would start manufacturing toiletries in Yangon, the capital mainly for the use of the domestic market. Both companies are offering job opportunities to the locals.

According to a government official, a number of important people are trying to set up a meeting with President Thein Sein. Myanmar’s appeal to foreign investors primarily centers on the fact that there are about 60 million untapped potential customers they can market their products to. In addition, the country’s population could be a source of cheap labor resources.

Existing hurdles

Forum participants were advised of certain restrictions that they would experience during their stay such as lack of 3G connectivity for smartphone users and lack of cash machines. They were also advised that credit card transactions are not available. Given these limitations that could pose challenges in business operations, investors entering the country should expect many hurdles along the way. Moreover, Myanmar lacks adequate business infrastructure, do not know private sector and business enterprise, and its legal framework is somewhat opaque.

Photo Credit: The Uppatasanti Pagoda in Naypyidaw, Myanmar