Myanmar Business Today - Vol 2, issue 3

mmbiztoday.com

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

Fiscal Crisis Looms Over Myanmar
Sans Public Finance Reforms

January 16-22, 2014 | Vol 2, Issue 3

Myanmar One of The Top Countries
to Invest in 2014, But Risks Remain
The only country to significantly improve its risk profile last
year: analysts
Kyaw Min

M

said in a report.

Soe Zeya Tun/Reuters

(LRERA), Maplecroft said Myanmar has made strides through
reforms to address issues such as corruption, rule of law, the
regulatory framework, respect for property rights and corporate

LRERA scoring system,” said the report.

Josh Wood

T

ax reform may not be
sexy, but Myanmar’s

consolidation. A combination of
well-intentioned reforms and

position. If the current methods
structured quickly, a debt crisis
is a real possibility.

At present, Myanmar’s public
debt as a percentage of gross
cially estimated at 45.7 percent,

Myanmar, with its long history
of instability and economic mismanagement, could maintain
the good graces of global capital
markets if public debt remained
Contd. P 6...

Myanmar Summary

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Contd. P 6...

clarity around essential issues such as foreign ownership limits and
land leasing rules.
Contd. P 22...
Myanmar Summary

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kd kd
G f kd f hJ
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Maplecroft u ppfwrf;wpfckwGif azmfjyxm;onf/
tqdkygtwdkifyifcHvkyfief; ESpfpOf avhvmoHk;oyfaom ig;Budrfajrmuf Legal
and Regulatory Environment Risk Atlas (LRERA)
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Contd. P 22...

LOCAL BIZ

2

Myanmar Business Today
mmbiztoday.com

January 16-22, 2014

Package for Myanmar

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

Board of Editors
Editor-in-Chief - Sherpa Hossainy

Reporters & Writers
Sherpa Hossainy,Kyaw Min, Shein Thu Aung,
Phyu Thit Lwin, Htet Aung,
Su Su, Aye Myat, Daisuke Lon, Yasumasa Hisada

Art & Design
Zarni Min Naing (Circle)

DTP
May Su Hlaing

Translators

taking place, he said.

Phyu Thit Lwin

I

n a string of generous
aid packages Japan

$100 million (¥10 billion)
in additional aid to Myanmar to support the country’s peace process and
help national reconciliaAt a press conference in
Yangon, Japanese Ambassador Mikio Numata
said Tokyo plans for the

Shein Thu Aung, Phyu Maung

anmar’s war-torn ethnic
areas.
The
aids
will
be
contributed
through
Japanese NGOs running
in Myanmar and upon

ethnic groups.
Nippon
Foundation
Chairman Yohei Sasakawa,
who co-hosted the press
conference, said he saw
the need for help during

Advertising

“I saw the refugees and
they told me they do not
cine or shelter,” Sasakawa
said. “First of all, we will
and staple medicines.”
The fund will be extended only after ceasethe security of the work
groups who are to work in
ing Kachin state where
armed clashes are still

billion in foreign debt
owed by Myanmar and
bridge loan to clear the
Southeast Asian nation’s
arrears with international
After decades of military
nic rebel groups, Myanmar has begun a process
of political reform and
with former combatants.

Tay Zar Zaw Win, Seint Seint Aye, Moe Hsann Pann
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Email
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Adam Dean/NY Times

Phone
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Tel: (662) 6158625-33 Fax: (662) 6158634

Myanmar Summary

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vlrsKd;pkr sm;tMum; aqmif&Guf
vsuf&dSa om Nid r f ; csrf ; a&;azmf
aqmif r I vky f ief ; BudK ;yrf ; tm;
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ü vkyfudkifv suf&Sdonfh *syef
NGO tzGUJ tpnf;rsm;rS wpfqifh
ay;tyfoGm;rnfjzpfN yD; ? jrefrm

tpdk;& w&m;0ifoabmwlnDrI
&&Sdvmygu wdkif;&if;om;vlrsKd;pk
rsm;rSmvnf; vufcHaom tzGJU
tpnf;rsKd;jzpf&rnfjzpfonf/
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wifEdkif&ef
&nf&G,faMumif;?

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pmcsKyfrsm;csKyfqdkEdkif&eftwGuf
udkvnf; BudKqdkrIwpfcktaejzifh
aqmif&Gufjcif;jzpfaMumif; *syef
tpdk;& jrefrmEdkifiHtrsKd;om;
jyefvnfoifjh rwfa&;qdi&m txl;
k f
udk,fpm;vS,f ajymMum;csuf
t& od&onf/

3

LOCAL BIZ

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January 16-22, 2014

The
International
Monetary Fund in its
recent country report said
Myanmar’s economy will
grow 6.75 percent in the
by natural gas sales,
construction and foreign

Myanmar Summary

U Aung/Xinhua

plan for 2014-15 targets

Aye Myat

T

he

Myanmar

paring to submit
its state budget bill for
March) to the ongoing
parliament sessions for
The State Budget Bill
2014 and Taxation Bill
2014 are also expected to
be submitted, according

The 9th parliament sessions resumed on January

Financial
Commission
in Nay Pyi Taw last week
that more funds could
be allocated to the local
enues of more than K16

billion), he said, adding
ment shared about K1.5
and loaned more than
K25 billion ($25.5 million) to them.
The estimated gross domestic product (GDP) for
2014 is K66.197 trillion
($67.55 billion), accord-

the rest.
In
the

upcoming

the health and education sectors would see
increased budget allocation, stressing the need to
to tax payers if more tax
The president also disclosed that in the coming
employees’ salaries will
be raised along with pension and other allowances
on a proportional basis.
drawing up a “peoplecentred plan” in a bid to
year 2014-15, he said.
commission that the plan
will conform to the need
of Myanmar and its political, economic and social
relations with neighbouring countries.

human resources, and
double domestic producder to reach an 8 percent
gross domestic product
growth.
sectors
as
industry,
agriculture,
infrastructure, energy, mining,

earned the rest. Of the
total expenditure, the

communication.
Myanmar’s draft national

The goal for growth of

the agriculture sector, 10.4
percent in the industry sector and 12.4 percent in the

percent for Yangon, 12.4
percent for Mandalay and
28.2 percent for Nay Pyi
Taw.

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vTwfawmfaqG;aEG;yGJwGif 201415 b@ma&;ESpftwGuf EdkifiHh
toHk;p&dwfrlMurf;udk wifoGif;
oGm;&ef jyifqifaeaMumif; od&
onf/
2014 EdkifiHhtoHk;p&dwfESifh
taumufcGefrlMurf;rsm;udk vTwf
awmf w G i f wif o G i f ; oGm ;zG,f&dS
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2013-14 b@ma&;ESpfwGif
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w&m;0iftcsuftvufr sm;t&
od&onf/

4

LOCAL BIZ

mmbiztoday.com

January 16-22, 2014

Scomi Energy Wins

Using ‘Myanmar’ Diplomatic
Courtesy: US

Contracts in Myanmar
Htet Aung

M

formerly known as Scomi Marine Bhd, has secured
two contracts worth $27.9 million from Petronas

solid control, well bore cleanout, drilling waste management

area for SESB, the company said.
Petronas, PTTEPI and Daewoo.
With this award, SESB’s operations continue to grow in
Myanmar and push the group’s orderbook to $1.58 billion.
Myanmar Summary

[k ,cifu od&SMd uaom rav;&Sm;tajcpduf
k
Scomi Energy Services Bhd (SESB) onf Petronas Carigali
Myanmar Inc (PCMI) ESifh Petronas Carigali (Hong Kong) Ltd
(PCML)wdkYrS tar&duefa':vm27.9rDvD,Hwefzdk;&Sdonfh vkyfief;oabm
wlnDrIudk &&SdcJhaMumif; od&onf/
tqdkygvkyfief;oabmwlnDcsufrsm;rSm oHk;ESpfwmoabmwlnDcsufjzpfNyD;
SESB taejzifh PCMI ESifh ZlvivwGif vkyief;pwifaqmif&u&efarQmf
kd f
f
G f
rSe;f xm;aMumif;vnf; od&onf/
PetronasESifhyl;aygif;vkyfaqmif&onf h twGuftvGefyif0rf; ajrmufaMumif;
ESifh2004ckESpfwGifvnf;rdrdwdkYtaejzifh urf;vGea&eHw;l azmfrvyief;rsm;udk
f
I k f
vnf; aqmif&ucaMumif; SESB pDtD;tdkjzpfol Shah Hakim Zain
G f hJ
u ajymMum;cJonf/ SESB onf jrefrmEdiiwif 2003 ckEpuwnf;rSpí vkyf
h
k f H G
S f
ief;rsm; aqmif&GufcJhonf/
Scomi Marine Bhd

Susan Walsh/Reuters

The contract awards are for a period of three years. SESB
expects work to start with PCMI in July.
“We are pleased to work together with Petronas once again

Shein Thu Aung

T

name Myanmar instead
of Burma as a “diplomatic
courtesy” to the Asian country,
the State Department said last
week, in a sign of reconciliation.
Myanmar’s military junta
name to “Myanmar” in 1989,
saying that the old term
“Burma” was a legacy of British
colonialism and implied that
the country belongs only to the
ethnic Burman majority.
The opposition and exiles

pendence day. The statement
made no mention of “Burma.”
Deputy State Department
reporters that “it continues to
refer to the country as Burma,”
according to an AFP report.
the country as Myanmar as
a diplomatic courtesy,” she
added, citing President Barack

in solidarity by calling the nation Burma.

in 2012 when he alternated
between the two.
“I don’t think there’s a confusion,” she said.
In October, Kerry said the
longtime pariah state’s dramatic political reforms were
“exciting” but still “incomplete.”
As part of its reconciliation
with Myanmar, which included

State John Kerry twice referred
the Southeast Asian country
as “Myanmar” in a statement
marking the country’s inde-

and ended most economic sanctions on the resource-rich and
strategically placed country.

seeing it as a symbolic step to
create an entirely new country,

Myanmar Summary

tar&duefEdkifiHtaejzifh jrefrmEdkifiH
udk Burma tpm; Myanmar [k
&Hzef&cgwGif toHk;jyKNyD; jrefrmEdiiokYd oH
H
k f H
wref,Ofaus;rIoabmxm;tm; jyo
jcif;jzpfaMumif; od&onf/
jrefrmEdii ppftpdk;&rS Edii w&m;
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0iftrnftm; Myanmar [k 1989
ckESpfwGif ajymif;vJcJhonf/ Burma
[laomtac:ta0:rSm NAdwdo QudkvdkeD
pepf v uf a tmuf okdY usa&muf p Of u
oHk;EIef;cJhjcif;jzpfNyD; Burman vlr sKd;
trsm;pkuk d &nfñTef;íac:a0:oHk;EIef;cJh
jcif;jzpfaMumif; od&onf/ ,if;odkY EdiiH
k f
trnftm; ajymif;vJac:a0:oH;k EIe;f rI
tm; jyif;xefpGm qefYu sifcJhMuNyD; EdkifiH
topfwpfcktjzpf wnfaxmifvdkaom
oP²mefwpfctjzpf ½jI rifchMJ uovdk tar
k
&dueftaejzifhvnf; Burma [kyif
qufvufac:a0:cJonf/ odkYaomfvnf;
h
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*Refu,f&Du jrefrmEdkifiH vGwfvyf
a&;aeY tm; *k P f j yKajymMum;&mwGif
Myanmar [k &nfñe;íoHk ;EIef;cJonf/
T f
h

LOCAL BIZ

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mmbiztoday.com

January 16-22, 2014

Completes first rights issue; demand drives additional public offering
new ordinary share for

Kyaw Min

F

irst

Myanmar

shares held.

Other projects include
the expansion of existing
operations in the tourism

-

ment holding company
in Myanmar, has started
to issue an additional
250,000 new ordinary
shares to the public citing
from existing shareholders and a “broad interest”
from the public.
The company started
Thursday
last
week
at a price of K10,000
($10.15) each, it said in a
statement.
On January 8, FMI completed the rights issue of
2,500,000 new ordinary
shares at an issue price
of K10,000 per shares
to existing shareholders.
Shareholders were entitled to subscribe for one

has for FMI’s long-term

10 business days, and
FMI said the public can
place their subscriptions
through the FMI Share
Department and Trading
Centre by 6pm on January 22.
Shares will be allotted

Wai, chairman of FMI.
“The additional share

the building up of FMI
Air following the grant
of a temporary air opera-

market capitalisation and
enlarge its shareholder

in

basis and subject to the
sole discretion of the
board on the allotment,
the company said. Proceeds from the additional
share issuance will be
growth and expansion of
existing businesses of the
FMI group of companies,
it said.
“Our decision to launch
more shares is due to the

Foreign Bank Operations
by 2014 “Unlikely”
Phyu Thit Lwin

F

the public, and this is a
strong testament to the

discussion and no exact time has been set, a top

“We are still holding dialogues about the issue [of
foreign banks operating in Myanmar]. The reports
that foreign banks will be allowed to operate in 2014
through JV with local banks are absolutely wrong,” the
Myanmar Business Today on condition of
anonymity.
tor more and we are waiting for the Currency Law and

“You need proper laws, rules and procedures to
launch foreign banks. The Currency Law is still on the
way to be enacted. So, it is unlikely that foreign banks
of Myanmar, said.
Myanmar entrepreneurs say it is impossible for local
the interest rate is also high. “If foreign banks can start
their operations local businesses will start growing,” an
entrepreneur said.
Myanmar Summary

jrefrmEdiiwiEiijH cm;bPfrsm;zGi&efcijhf yKom;rnfjzpfaomfvnf;
k f H G f kd f
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vuf&SdtcsdefwGif4if;udpötwGufaqG;aEG;qJtqifhwGifom&SdaejyD;
cGifhjyKrnfhtcsdeftwdtusrod&ao;aMumif;jrefrmEdkifiHbPf rsm;
toif;rSajyma&;qdkcGifh&SdolwpfOD;u Myanmar Business Today
odkUajymonf/

opportunities for more
Myanmar nationals to be
part of FMI’s growth and
success as we embark on
a number of transformational projects in the
country.”
The capital raised from
company projects that include the Thilawa Special
Economic Zone (SEZ), in
which FMI has committed
to subscribe for between
5 and 9 percent of the
Myanmar consortium.

The funds raised from
also be used to help increase the paid up capital
of Yoma Bank.
Last month, FMI, along
with Yoma Strategic
companies to distribute

Meeyahta

Interna-

mixed used property deYangon comprising two
a retail shopping mall, a

are underway to construct
a 46-room international
standard hotel with conference and banquet

high-end condominium.
“We want to further
strengthen our cash position so that we can proac-

Golf Estate, FMI said.

operations and create
start-up
opportunities
in the next two to three

jrefrmEkdifiHü &if;ESD;jrSKyfESHrIvkyf
ief ; rsm;aqmif & G u f a eonf h

who is also the chairman
of Yoma Bank.

Contd. P 19...
Myanmar Summary

First Myanmar Investment
(FMI) ukrÜPDonf ukrÜPD

vuf & S d t pk & S , f , m&S i f r sm ;tm;

&S,,mwpfcvQif usyf 10000
f
k
EIe;f jzifh &S,,mtopf 2500000
f
udkatmifjrifpGm a&mif;csay;EkdifcJh
onfhtwGuf txl;*kPf,l0rf;
ajrmufaMumif;od&onf/
ukrÜPD vuf&Sdtpk&S,f,m
&Sifrsm; wpfcJeuftm;ay;rI?
trsm;jynfolwkdY pdwfyg0ifpm;
ukrÜPD
rIwkdYaMumifh FMI
taejzifh ykHrSeftpk&S,f,mopf
pkpkaygif; 250000 ukd tpk
&S,f,mwpfckvQif usyf 10000
EIef;jzifh Zefe0g&Dv 9 &ufaeY
rSpí trsm;NynfotwGuf xyfrH
l
a&mif;csoGm;&ef pDpOfxm;onf/
tpk&S,f,mrsm; xyfrHa&mif;csrI
ukd ½H;k zGi&uf 10 &ufwmtwGi;f
hf
xyfrHzGifhvSpfay;oGm;rnfjzpfNyD;
&S,f,m 0,f,lvkdolrsm;taejzifh
Zefe0g&D 22 &uf nae 6em&D
FMI
xufaemufrusapbJ
ukrÜPDtpk&S,f,mXmeESihf &S,f
Contd. P 19...

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mmbiztoday.com

January 16-22, 2014

Govt Employees to Get Pay Hike
According to an announce-

Shein Thu Aung

T

-

employees starting the

Thein Sein at a Financial Commission meeting in the capital

dent said.

salaries will be increased by
K20,000 ($20) in the coming
in April.
“Those carrying out the duincreased allowance from time
to time. The increase follows
Sein, who is also chairman of
the commission, said.
Pensions and other allowances will also be increased
proportionately, he added.
The proposed pay rise will be
submitted to the upcoming parThis is the third time Presi-

2011.
Myanmar Summary

Soe Zeya Tun/Reuters

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0efxrf;rsm;tm; vpmwdk;jr§ifhay;oGm;
xdirp&dwr sm;jrifwufvmrIukd umrd&ef
k f I
f
h
ESifh vlaerItqiftwef;wd;k wufvmap
h
&eftwGufjzpfaMumif; or®wOD;odef;pdef
will lead to a quick drying up
of the existing trickle of foreign

system, the amended foreign
suicide.

and a tax-to-GDP ratio of only

In the 18 months remaining
in Thein Sein’s term, the army
-

-

reasonable changes to ensure

There is growing concern that
the rents on which public debt
has so far been kept at bay

term. Simultaneously, he must
sustain the reformist momen-

present system of tax and spend
is reformed and regularised,
Myanmar’s credit rating will
start to sink.
The biggest worry for Myanfrom natural resources. Thanks
to a rich endowment of natural
gas, oil, jade, precious gems,

would be the introduction of
greater transparency within the
mar are not centrally collected
and accounted for by the Min-

be undertaken before the 2015

of gems, exploitation of oil and
gas, running public utilities and
undertaking industrial farming
try of Mines, the Ministry of Oil
and Gas and so on.
then authorised to allocate the

direction.
put capital into Myanmar; they
and may momentarily attract
the interest of foreign capital, a
debt crisis would quickly send

Introduced with lukewarm appassing on the remainder to the

Myanmar. To encourage foreign

are at present strong, they
guard against mounting public
nature, demands a rethink of

SOEs would go a long way to-

inadequate infrastructure is
the most pressing concern of

much-needed legal framework
upon foreign export earnings.
Gas sales alone account for an
estimated 15 percent of GDP.

To be sure, such a transformation will take time. But a simple
publishing of each minister’s
budgets, the contracts they un-

from state-owned enterprises
his administration – as well as
continue the longer-term projects, many of them necessar-

and contributes to Myanmar’s
perennial abysmal position in
global corruption rankings.
ous junta are suspected of directing millions of unaccounted
for dollars towards family and
crony businesses through their
powerful positions, draining

Myanmar. The country clearly
needs new and better roads,
more power, and new and
expanded ports to sustain longtransparency and a more reasonable taxation system would
the risk of future default and

the passage of the Myanmar
gain.

strategies.
better managed? It is a question
with multiple answers, few of
them easy and hardly any of
them popular. But President
Thein Sein and his ministers
slightest hint of a debt crisis

ment is certainly fairer but also
short-sighted. Now, both local

and for the sake of justice and
must be reformed. Centralised

possibility of an extension
thereafter. For a country with
no consumption taxes and a
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be asserted, the estimated
thousands of other ministerial
accounts must be put on public
record, and SOEs must be liable
to same rules and taxes which

Josh Wood is a Visiting Research Fellow at the Myanmar
Development Institute’s Centre
for Economic and Social Development (MDRI-CESD). He
also manages the Crawford
School’s Myanmar Development Program at the Australian National University.

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7
January 16-22, 2014

mmbiztoday.com

LOCAL BIZ

8

mmbiztoday.com

January 16-22, 2014

interfere in Myanmar’s internal

Aye Myat

C

hinese

Ambassador

to further expand people-topeople contact and cultural

to

strengthening coordination and
cooperation international and

last week stressed on the

Yang said China always supof peaceful coexistence,” which
were initiated by China, Myanmar and India in 1950s.
“The Chinese side always
respect the choice and decision
made by the Myanmar people
in terms of political system and

the main tone of the relations
between the two countries.

“China wants to see a peaceful, stable and prosperous Myanmar which is in line with the
interest of the people of Myanmar, China and other countries
in the region,” he said.
-

Kiyoshi Ota/Japan Times

(fraternal)
friendship
and
strengthening of win-win cooperation with Myanmar.
Yang made the remarks in his
speech at Myanmar Institute
for Strategic and International
Studies (MISIS) in Yangon.
Speaking on China-Myanmar
relations, Yang said mutual ben-

cooperation in recent years has
maintained a good momentum

assumption of ASEAN chairwill continue to be expanded
between the two countries, he
added.

strain in China-Myanmar relations following the Southeast
Asian nation’s unprecedented
political and social transforma-

Myanmar, Japan to Work on
Communications, Postal Services
Su Su

Noting that China’s neighbourhood is crucial to its securi-

M

Yang said the new generation of
the central leadership of China
attaches great importance to
the surrounding areas and peripheral diplomacy.

sectors.
It was discussed when MyanU Aung/Xinha

peaceful, stable and prosperous
that China will use its economic
-

Myanmar Summary
with Myanmar on hosting
the recently-concluded 27th
Southeast Asian Games has
strengthened the two countries’
relations.
In terms of building ChinaMyanmar relations, the ambassador raised a four-point
proposal:
to
continuously
deepen mutual strategic trust,
to continue to expand mutu-

yanmar and Japan will
cooperate in a range of
sectors including com-

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Institute for Strategic and
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Mum;cJhonf/

Communication Minister of
Japan Yoshitaka Shindo in Nay
Pyi Taw.
They also discussed Japan’s
nancial assistance to strengthen
Myanmar’s police force and
conducting technical courses
for Myanmar.
the Japan-Myanmar Parliamentarian Friendship League
Ichino Aisawa focused on Myanmar’s cooperation with the
Japan International Cooperaloan from Japan.

JICA has been cooperating
with Myanmar in building infrastructural projects and prothe ODA loan and assistance.
The Japanese aid projects
and airports as well as urban
Myanmar Summary

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&eftpDtpOfr sm;udkvnf; aqG;aEG;cJhMu
aMumif; od&onf/

LOCAL BIZ

9

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January 16-22, 2014

VDB Loi

Myanmar Summary

Kyaw Min

V

DB Loi, a Myanmar law and

doubled its presence in
the country by becoming

are made.”
Edwin Vanderbruggen,
VDB Loi’s partner in
charge
of
Myanmar,
said: “Our clients need
constant support in the
capital, particularly at the
outset of their project. We

with a fully operating ofstatement.
present in Yangon since
2012, where it employs

were able to secure premises that are extremely
central and spacious.”
including those focusing
on MIC permits, import

up its existing Nay Pyi

and operating licences.
“We will also be running

support hub to a fully

cal assistance work for the

its strategy of meeting
clients’ needs for prompt
ernment decision makers.
ministries to follow, some
of which we need to talk
to on a daily basis. There
is just nothing like actual face-to-face, personal
contact. You need to be in
Yangon for your clients,
but you need to be in Nay
Pyi Taw to get the client’s
managing partner Jean
Loi said.
“Time is essential on
that we can speed up the
process considerably by
where so many decisions

out of the capital,” Edwin
added.
VDB Loi had assisted
bidders in last year’s telecommunications licence
tender, as well as tower
companies and network
to one of the two licence
winners, Ooredoo, the

and operating licences.
Another area VDB Loi
has focused on for the
past year was oil and
gas. It assisted three of
the “supermajors” with
deepwater plays, and
giant Woodside on its two
farm-in transactions.
and energy engagements,

such as the Thilawa Speuse real estate projects.
ment projects, while its

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ajymMum;cJhonf/

LOCAL BIZ

10

January 16-22, 2014

Take Part in Myanmar’s Policy
Making Process

mmbiztoday.com

Oil Booms in Myanmar
Despite Political Challenges

G

companies that will be allowed

lobal

energy

sources

Prize-winning dissident who,
following
liberalisation,
is
now a member of Parliament
and a possible candidate for
president in 2015. While gener-

While

companies

gas production, she has also

for the rights – encouraged
by Washington, which has so
publicly signalled its blessing
of Myanmar’s liberalization efforts – others are urging a more
cautious attitude.
For one thing, critics say the
Burmese economy is widely
regarded as rife with cronyism:
many worry that the contracts

country’s resources for domestic use, rather than for export.
That could change the economics of exploration and drilling,

few dozen producers despite its
current status as a net importer.

been inextricably linked
since the dawn of the industrial
world another reminder of the
relationship between the two.
Myanmar, still known as
Burma by many, was ruled for
junta that kept it isolated from
nomic sanctions were imposed

Reuters

and while some Western energy companies were criticised
by human rights groups for
helping the regime elude the
sanctions, Myanmar’s economy
was by and large stagnant and
its considerable natural energy
resources largely untapped.
But recent liberalisation,
recognized by President Obama

jects funded by international

Shein Thu Aung

M

Thein Sein has urged
ment’s policy making process by

According to the president,
Myanmar will organise the

beginnings of unfettered oil
and gas exploration. Myanmar

American

of the country’s elite. And human
Myanmar, despite its reputation
as a home of tranquil Buddhism,
is in fact a hotbed of seething
tribal and religious tensions,
some of which occasionally erupt

like to see happen. Myanmar,
then part of the British Empire,
1880s. Most want to see it
return quickly to the global
stage, though only after human
rights and other concerns are
accommodated.
MIT Technology Review Custom

es industry by the ironic name
of the “Stalin basin” – enough
to put it among the world’s top

Another possible complicating factor in Myanmar’s oil
and gas picture comes from
Aung San Suu Kyi, the Nobel

reached $44.21 billion as of
partners

as

Myanmar Summary

Myanmar enacted a new forber 2012, replacing a 24-year
old similar law, with sweetened
terms and tax breaks for foreign

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a&muf&SdvmcJhNyD; jrefrmEdkifiH jyKjyif

“stakeholders”

Sein stressed the need to
build mutual trust between
management committee and
international donors.

Myanmar Summary
and tactics best suited for a local context.
At a meeting of the Central
Committee for Foreign Aid
in Nay Pyi Taw last week, the
lation that makes up 70 percent
of the total are priorities in the
scheme.
has been working on its framework on economic and social
Sein said it has set accessibility
of electricity and water, agri-

priorities for the last 26 months
of the current presidential term.
grants, loans and technical

-

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Phyu Thit Lwin

A

total of 414,007 foreign
mar’s famous Shwedcent from a year earlier and also

that the country’s many minority groups are protected as

that the pattern of energy de-

Cooperation Forum later this
month.
-

projects.

Western companies.
As a consequence, not all
tite for rapidly increasing their
trade with Myanmar: many are
waiting for more signs that the
commitment to democracy is

here daily. We hope we’ll get
Kying, a member of Shwedagon
Pagoda Board of Trustees, said.

the pagoda’s Board of Trustees.

from countries such as Brazil,
China,
Finland,
Germany,
India, Portugal, South Korea,

the Shwedagon Pagoda in 2012.
Visitor numbers to the pagoda in 2010 was 175,054, and

pagoda.

“Shwedagon Pagoda is a mustsee for all the tourists. People

designated as $8 per head.
The
Shwedagon
Pagoda

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Contd. P 11...

accommodates hundreds of
colourful temples, stupas and
tectural era spanning almost
2,500 years.
Myanmar Summary

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LOCAL BIZ

11

mmbiztoday.com

January 16-22, 2014

In
the
past,
passport issuing
and
renewing
process was mired
in
red-tapes,
bureaucracy and
corruption, while
many applications
were
arbitrarily
rejected.

new passport issuing centres in
Myanmar last week in addition
Yangon and Mandalay.
regions of Myanmar, and also
in the country’s capital Nay Pyi
of the Passport Department,
said.

tion authority when applying for
a passport as compensation for

2012, the department decided to

Kyaw Min

Zeya said.

of attempts taken by the Passport Department since 2012
to make it easier for Myanmar
citizens to get a passport, which
A Myanmar citizen will now
be able to get a passport in
10 days at a cost of K25,000
($25), down from 21 days and
K50,000 ($50) required earlier.
K19,000 at Myanma Economic
Bank and pay K6,000 for
-

Vivek Prakash/Reuters

of new passports

cessing and application forms,

pillar-78.
Myanmar signed a demarcation agreement with India in

Su Su

M

yanmar will stick to
the 1967 demarcation
of the Indian border
though a major Indian political
party has talked about annexing
the Kabaw Valley, Presidential
spokesman and Deputy InforThere are growing concerns
among the local people in border town Tamu as India’s BJP
party is pledging to annex the
region if it wins in the upcoming
general elections.

years without paying extra.
In March last
year, the authorities
introduced
a host of new
measures
aimed
at simplifying the
process to obtain
passports
which
included cancelling
one aspect which
forced applicants
to pay money towards an educa-

border area that remains to be
demarcated.
India suspended construction
of an integrated check post
ary 2, the Foreign Ministry announced in state-run daily the
New Light of Myanmar. Teams
from both sides carried out land
India’s construction of the
so called ICP near the border

yet been established.
Myanmar Summary

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a&;ygwDwpfcEifhy;l aygif;í 1967 ckEpf
k S
S
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ywfoufí aqmif&Gufom;rnfjzpfNyD;
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Kabaw Valley tm; odrf;ydkufrIESifh

Also, in September the passport department introduced
counter-corruption measures
including allowing people to
submit complaints to the passare asked for bribes in order to

getting medical care, a passport
will be issued within three to
ment said. The department is
ery of passports for applicants
Myanmar

currently

issues

religious, work, student, dependent, seafarer and business.
Myanmar Summary

vuf&Sd &efukefESifh rEÅav;wGif&Sdae
aom EdkifiHul;vufrSwfxkwfay;aom
pifwmrsm;tjyif aemufxyfEdkifiHul;

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aom Tamu wGif aexdiolrsm;taejzifh
k f
pdk;&drfrIrsm; ydkrdk&SdvmcJh&onf/
odkYaomfvnf; ESpfEdkifiHvHk;taejzifh
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FEATURE

12

mmbiztoday.com

January 16-22, 2014

Serves Its Final Meals
Manuel Roig-Franzia
material and workers to help
build the Burma Road, a famed
supply route for British soldiers
during World War II, John
Tinpe says.
By the late 1980s, the family’s world was coming undone.

T

meals at the big house in

Myanmar that her family ruled
for centuries. Maids took care of
that chore during her husband’s
stints as a high-ranking Burmese diplomat in Britain, India

Burma for a post in the Foreign
Ministry while his wife and
family had stayed behind in the

So friends of the princess –
“sao,” in Burmese – could be

In 1988, Burma was wracked
by demonstrations against political oppression, followed by a
bloody crackdown on protesters
and a coup d’etat. In the chaos,

her news that anxious winter of
turmoil and its ruling military
junta rebranded it Myanmar.
The sao and her husband would
be opening a restaurant in
Washington’s Chinatown. On
New Year’s Day, 1990.
in your life!” Sao Jane Nuwadee
Tinpe recalls her friends gasping. “Now you are opening a
restaurant?”
business named for the homeland they left behind. Their restaurant, Burma, was homage to
the country they remembered.
way – this intimate nook where
mayors and congressmen, artists and Burmese democracy

another location. The building’s
did not respond to requests for
comment.
just continuously losing the
gems in Chinatown,” says
Daphne Kwok, an AARP execuchaired

President

Obama’s
-

ers. “It’s a huge, huge blow.”
Burma feels like a secret, a
whisper in a city of shouts.
battleship-gray stairwell to ar-

bright yellow – sunshine defying the perpetual winter of the
stairs.
John Tinpe – a youthful
40-something who also works
as a “supernumerary,” or extra,
at major Washington ballet and
opera performances – greets his
guests in custom-made tailored
in and out of the room, her dark
black hair cut sharply in bangs.
displace the air around her. In
Burmese, her name – Nuwadee
– means “gentle waters.”

to scan all who come and go. In
this room, Tinpe has brought
kebab and former mayor
Adrian Fenty his usual chicken
curry. On a recent afternoon,
he was gently placing Burma’s
signature green tea leaf salad in
who was quietly ensconced in a
window seat alone.
asked, lifting a small nugget
from the salad with his chopsticks. Tinpe explained that he
was holding a toasted lentil, a
the ballet legend.

haunts populated by characters
who know mystery and intrigue.

be described in simple terms.
It is neither sweet nor sour. In
Burma, he says, they call it “the

times.
the restaurant, a
place that seats no
more than 70 at a
time in two rooms,
an aura of old-world
who died in 2005,
chief of mission at the
Burmese embassies
in Washington and
New Delhi, as well
as deputy permanent

proper British accent,
cated at Cambridge.
Lyndon Boozer, a
Washington-based 6th
telecommunications
lobbyist who has been close
friends with John Tinpe since
their college days at Bucknell,

town. It’s a huge, huge blow.”

Old friends were the original
patrons – diplomatic chums

the Tinpes’ fashionable apart-

wore an ascot.
“Mr Boozer, so glad you could
recalls his friend’s father say-

continuously losing the gems in China-

She trained cooks, drawing

Years ago, it was Tinpe’s

embodies the allure of this
place, one of those Washington

“Due to gentrification, we’re just

Settling in Washington, the
family thought, “What better
way to represent Burma than
with food?” John Tinpe says.
The sao culled the family
recipes that had once been pre-

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tJh'Dpm;aomufqdkifav;udk NrdKUawmf0ef
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Jonathan Newton/The Washington Post

Sixth Street NW space can be rehabbed to attract higher-paying
tenants, says John Zarni Tinpe,
the sao’s son. Tinpe says the

ironwork splayed across its window. But when the door swings

Myanmar Summary

he thought. “It was like meeting
a Burmese Cary Grant.”
The Tinpes blended internasao’s family, the Yangs, had
founded Kokang in the 1700s
after coming to the area from

were drawn by a menu that
sounded and tasted utterly exotic: caladish, a type of squash,
soup called mohingar, infused
with coriander and fried onslow-roasted with mangoes.
Kwok, the former head of the
ate there with Kiran Ahuja,
ers, and Chris Lu, assistant
Contd. P 26...

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John Zarni Tinpe uawmh rdom;pk
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taomufaumif;awGtjyif jrefrmEdkifiH
Contd. P 26...

REGIONAL BIZ

13

mmbiztoday.com

January 16-22, 2014

Number of transactions down 39pc in 2013 vs 2012
Yimou Lee

T

he number of properties

year to a 17-year low as a surge
in sales tax, designed to burst
ers in one of the world’s most

Despite steep discounts offrom 2012, according to the
number of sale and purchase

by more than a third last
and forecasters expect the
downturn to continue this year.
With local tycoons like Li Kashing warning of the impact on
his property business last year,
could drop up to 50 percent
Last February’s doubling of
stamp duty, or tax, on residential transactions to as much as
was designed to prick the city’s
property bubble. But it has
yet to stop the price of homes
creeping up: according to prop-

Bobby Yip/Reuters

since 2008.
That could change soon, making life tougher for the property

Myanmar Summary

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&rIta&twGufrSm vGefcJhonfhESpfwGif
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a&mif;cGefEIef;xm; jrifhwufvmrIaMumifh
jzpfaMumif; od&onf/
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39 &mcdiEe;f txd usqif;vmcJaMumif;
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Contd. P 14...

Contd. P 14...

Thai PTTEP Lifts 2014 Investment Plan

T

hailand’s PTT Exploration and Production Pcl
(PTTEP) said it plans to

ous estimate, with much of the

making KKD oil sands project
in Canada due to high costs
and expects to make a decision
within this year.
bilities. We may push ahead or
pull back. But I can’t tell more
details because we need to do

Mozambique.
PTTEP has an 8.5 percent
Area 1 project, which is expected to start producing LNG

Myanmar Summary

2018, PTTEP, Thailand’s top
oil and gas explorer, plans to
the $25 billion it planned for
PTTEP also said petroleum
sales are expected to rise to
lent per day (BOEPD) in 2014,
up from an estimated 292,000

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Production Pcl (PTTEP) rS ,ckEpf
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rnfjzpfaMumif; od&onf/

Mozambique &Sd

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LNG

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kd

The increase will mainly come
from the Zawtika project in
Myanmar, which is expected to
this year, it said.
Petroleum sales are expected

statement.
PTTEP also expects to conclude a deal to buy stakes in
PTTEP recently joined hands
with Indonesia’s Pertamina to
billion.

Reuters

Sukree Sukplang/Reuters

told a news conference.
Thailand is keen to secure
long-term energy supplies and
last month, PTTEP’s parent
company PTT Pcl signed a
preliminary deal with Anadarko
Petroleum Corp to buy 2.6
million tonnes per year of lique-

in 2018-2019.

REGIONAL BIZ

14

mmbiztoday.com

January 16-22, 2014

Reuters

Yoko Kubota

A

Reuters

nnual automobile sales
in Japan rose 0.1 percent

G

But all four measures reindustries slowed in De-

showed, mirroring a slowdown
second-largest economy lost
steam at the end of last year.
Index (PMI) dropped to 50.9
in December, its lowest since
August 2011, from 52.5 in NoNew business expansion was
the slowest in six months.
The PMI follows a similar
reau of Statistics, which showed
growth to a four-month low of
56.0.

that separates expansion in
China’s economy has regained
some momentum since midyear after a protracted slowdown. While it was expected to
reins in rampant credit growth
and demand for China’s exports
remained resilient into the
December quarter.
Beijing has said it will accept
slower growth as it tries to
reshape the economy towards
more sustainable growth, based
on consumer demand, after
three decades of breakneck
expansion led by exports and
credit.
China’s economic growth is
likely to come in at 7.6 percent

PMIs that showed China’s facber, suggesting the moderation
in the country’s growth in

of 7.5 percent and slightly below
the 7.7 percent in 2012. Data for

broad-based.

on January 20.

Reuters

Myanmar Summary

w½kwfEdkifiH 0efaqmifrIvkyfief;rsm;
taejzif h 'DZifbmvwGif zGUH NzdK;wd;k wufrI
aES;auG;cJhaMumif; ppfwrf;rsm;t& od&
NyD; ukefxkwfvkyfrIu@ESifh urÇmh'kwd,
tBuD;rm;qHk;jzpfaom w½kwfEdkifiH
pD;yGm;a&;onf 'DZifbmvwGif wdk;wufrI
EIef;avsmhu som;aMumif; od&onf/
G
Purchasing Managers’ Index
(PMI) ñTef;udef;rSmvnf; 50.9 odkY

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2
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6
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puf½kr sm; 'DZifbmvwGif vkyief;aqmif
H
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&Gurusqif;jcif;udk jyoaeonf/
f I

April.
“Since the new measure is still

Kong.

mass-market home prices will
drop up to 20 percent in 2014.
Ltd, the city’s second-largest deof up to 25 percent for a new
launched last weekend, one of
the steepest cuts seen since new

Price Cuts Ahead
Despite predictions that the
property market will remain in
the doldrums for some time,
face. It predicted prices could
rebound by up to 10 percent

city’s housing market. You
can see from the strong sales
responses for the recent new
project launches,” Cheung
Chiu Kwok-hung was quoted as
saying in daily paper the South
China Morning Post.
Analysts see little sign of that,
instead forecasting further

prices as new home construction projects are completed.
“There is zero chance that
property prices will go up this
year,” said CLSA property analyst Nicole Wong, adding that

as strong sales from September
countered earlier declines after
green car subsidies ended in
September 2012.
Sales in the world’s thirdbiggest auto market is likely to
continue growing year-on-year
but outlook is murky following
April when the sales tax will
Automobile Dealers Association
and Japan Light Motor Vehicle
and Motorcycle Association said.
Japan is set to raise its sales tax in
April to 8 percent from 5 percent.
660cc displacement posted
record annual sales of 2.1 million
year earlier, helped by new modJapan Light Motor Vehicle and
Motorcycle Association said.
In December, industry-wide
auto sales rose 25 percent to
two associations showed.
sales at top-ranked Toyota Motor
Corp, including the Lexus brand,
its worst year in more than a
decade.
Properties Ltd in September
posted a 14 percent fall in fulltrailing forecasts and marking

forced to price homes in newly
percent below those for sale in
older buildings.
“In 2014 there will be pressure to cut prices further for
said. Supply for new homes may
increase by up to 85 percent in
2014, she said.
of last year’s slowdown, last

Prices in the former British
colony remain among the highcool property prices in October
2009, no real impact had been
seen until the February increase
in stamp duty on residential
transactions.
Reuters

aMumif; cefYrSef;wGufc sufolr sm;u oHk;
oyfxm;onf/

and Nissan Motor Co increased
1.0 percent.
second biggest auto market, sales
2012, its best year since the boom
times before 2008. Industrythe world’s biggest auto market,
has yet to be announced.
Reuters
Myanmar Summary

2013 ckESpfwGif *syefEdkifiHü armf
awmfum;a&mif;cs&rIrsm;rSm 0.1 &mcdif
k
EIef;wdk;wufvmcJhNyD; armfawmfum;tpD;
a& 5. rDvD,Htxd a&mif;cscJh&
38
aMumif;vnf; armfawmfum;vkyief;ydi;f
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REGIONAL BIZ

15

mmbiztoday.com

January 16-22, 2014

Big Worker Bonus
Figure likely hit by estimated $1-billion special bonus
Miyoung Kim

Myanmar Summary

S

amsung Electronics Co
Ltd , the world’s largest
smartphone maker, has
reignited shareholder calls for
more returns after splashing
out on a special employee bonus
estimated at nearly $1 billion.
drew on its $50 billion cash pile
to mark 20 years of transformacompany – just two months afspending enough to increase its
The bonus, to commemorate
Chairman Lee Kun-hee’s “New
Management” strategy, hit
October-December operating
likely fell 6 percent on year and
18 percent from a record third

closer to 1 trillion won, or an
company’s 240,000 employees,
analysts say.

8.8 trillion won, to the lowest
July-September 2012.
“This (bonus) could increase
pressure from some shareholders to raise shareholder returns,
for more payout either in the
dends,” said Kim Kyung-yoon,
head of equities management
agers, which owns Samsung
shares.
Like most South Korean companies, Samsung has kept its

Manunphattr
Dhanananphorn

T

hailand’s national carrier
Thai Airways International Pcl said last week it

Reuters

billion).
Initial street estimates put the
lion won, but the extent of the
percent or less, which is a primary reason its shares are not

“No Transparency”
“We are not against paying
bonuses to workers but at least
the shareholders should get
as much,” said Mark Mobius,
ton Emerging Markets Group.
“They should really celebrate

sung Group in 1987 from his
thing except your wife and children” to transform Samsung
Electronics from a mid-tier
a global technology leader.

nothing to do with Samsung’s
be repeated, although there is
no transparency on this issue
and so no guarantees,” CLSA
note.
“Whether shareholders will
dend or share buyback remains
lyst is not holding his breath as

happen.”
years partly due to the compareturn policy, despite operating
Returns equal around 5.1
since 2007 when Samsung last
bought back shares, at which

cabin factor – the number of
seats sold – at 76 percent, acting
President Chokchai Panyayong
told reporters.
Thai Airways, whose president resigned for health reasons
quarter, hit by a lower pas-

year.
The airline is aiming for
cent this year with an estimated

time its rate of return was 15.8
percent.

and foreign exchange losses.
Reuters

Corp in TVs, Nokia Oyj in
mobile phones and Apple in
smartphones.
Lee, who turns 72 this week,
set the agenda for the future
in his New Year speech by
stressing the need to drop a
hardware-centric culture and
adopt new ways of thinking to
“In theory this (bonus) has

Myanmar Summary

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5 &mcdkifEIef; wdk;wufvmap&ef tqdkyg

Korean companies often top
up low salaries with bonuses.
to 50 percent of annual salary
that exceeds targets. It also offers up to 100 percent of basic
monthly salary to employees in
Reuters

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wdk;wufvmcJhaMumif;od&onf/

REGIONAL BIZ

16

mmbiztoday.com

January 16-22, 2014

Stakes in Local Banks
20pc stake allowed for strategic investor, without govt approval
ship has been allowed on a
case-by-case basis, such as the
72 percent in Bank of Ayudhya
, and 94 percent CIMB Thai
Bank, mostly as a means to
inject more capital.
promised reforms as part of a
“master plan” aimed at boosting
economic growth that was 5.42
percent last year, up slightly
from 5.25 percent 2012, which
Vietnam’s economy grew about
7-7.5 percent annually from
2004-2007.
Reuters
Myanmar Summary

vir.com

vmrnfhvrSpí AD,uferfEdkifiHtae

Ho Binh Minh and
Nguyen Phuong Linh

place.
It would raise the foreign

V

stakes in its banks from

into weak banks, it said, without elaborating. An SBV report

debt problem but is short of the
reforms experts say are needed
to strengthen its economy.

said there were 11 weak banks
in Vietnam, although it said
eight had been “restructured”.
Bui Kien Thanh, an independent economist and former

Phuong Nam. In those three
cases, the foreign bank got

ietnam will allow foreign

on February 20, foreign banks
could be allowed to buy majority stakes in domestic lenders
considered weak, and marginally greater shares than at
present in stronger banks. It did
not stipulate what constituted a
“weak” bank.
of incremental steps taken by
economy that has been stuck
in a quagmire, in large part due
tight lending that has hurt retail
growth and led to bankruptcies
of tens of thousands of small
businesses.
The State Bank of Vietnam
(SBV) last year set up an asset

20 percent.
The concept is similar to what
which had a debt crisis of its
own more than a decade ago,
although Vietnam’s solution offoreign stakes.
to 49 percent in Thai lenders,
while majority foreign owner-

appeal to foreigners because
stakes permitted in stronger
banks were too small and the
extent of the NPL problem in
Vietnam was still unclear.
‘Bad Debt Barrier’
“It doesn’t mean anything to

decide anything,” Thanh said.
“The chance to buy a 100-percent share of a weak bank is also
to pay a lot of money to buy a
bank with high rates of nonperforming loans... the biggest
barrier is bad debts.”

F

ord Motor Co and its local partners in China sold a total

said last week.
55 percent jump in October.
wholesale basis, up 49 percent from 2012, helped by Ford Focus, the best selling model in China
last year.
Ford partners with Chongqing ChangAn Automobile Co Ltd and Jiangling Motors Corp in
Reuters
Myanmar Summary

debt from lenders in return for
region’s highest ratios of nonperforming loans (NPLs).
According to the new decree,
tor” will be allowed a maximum
20 percent of a Vietnamese

into about 10 Vietnamese banks
– half of them listed – among
the nearly 40 in the country,
according to Thomson Reuters
data.
Among the foreign banks with
stakes in Vietnamese ones are
bank; Commonwealth Bank of

foreign ownership remains in

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Ford Motor Co

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S
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INTERNATIONAL BIZ

17

mmbiztoday.com

January 16-22, 2014

Martin Santa

E

December after a small

month, increasing the European Central Bank’s challenge

the economy.
cent since February 2010 and
prompted the European Central
Bank to cut its key interest rate
to a new record low of 0.25
Still, the eurozone is far from

the 17 countries then sharing
the euro stood at 0.8 percent
year-on-year in the last month

fered from the early 1990s.
ECB President Mario Draghi
said recently there were no
need for another rate cut, but

Eurostat showed.
December’s reading takes inlow of 0.7 percent in October.

risks, especially in peripheral
countries,” said Peter Vanden
economist, referring to the
bloc’s weaker members.
below the ECB’s target of closeto-but-below 2 percent carries
risks in the longer term because
mand, depressing the economy.
Reacting to the data, the euro

time being the ECB will keep
its monetary policy unchanged,
not much is needed to push the
central bank into action,” said
Analysts see the ECB staying
on hold at its rate-setting meeting on Thursday, while watching out for any action the bank
may take in reaction to current

Reuters

too early for the ECB to become

stuck permanently below one
percent and slips into a danger
zone for the economy.

Myanmar Summary

by the time the cheap longterm loans it has already made
expire. The ECB injected more
than €1 trillion into the banking

likely enact its Long-Term ReDecember 2011 and February
the next few months, which may

on speculation the ECB could
consider more steps to support

towards bank lending,” said

tranche of repayments is due in
late 2014.
Reuters

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US Safest Country
Michelle Conlin

L

ondon ranks as the top
city for foreign real estate

beating out last year’s winner,

New York, according to a surmore than 50 percentage points
many. This is the widest margin
since 2006.

Estate.
“stable and secure” country for

for capital appreciation. It also
leads the ranking for planned
real estate acquisitions in 2014,
with nearly 50 percent of respondents projecting a modest
size and 20 percent projecting a
“major” increase.

functioning capital markets for
both debt and equity that prothe

association’s

Chairman,

Reuters

Managing Director and CoInc.

Reuters

Myanmar Summary

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INTERNATIONAL BIZ

18

mmbiztoday.com

January 16-22, 2014

Emerging Market Investors Face Year
Mike Dolan

Myanmar Summary

A

central bank liquidity recedes in 2014, emerging

more anxious about local political risks – and how to spot them
early on.
had a rough ride since the
wind-down of its money printing last year. The looming withdrawal of easy cash worldwide
pushed the dollar and Treasury

Anindito Mukherjee/Reuters

tries most dependent on foreign
capital.
Emerging
market
bonds
posted only their third year in
the red since 1998 last year,
while emerging equities ended
year in three.
a beach strewn with political
detritus.
As competition for funds heats
up while their economies rapidly lose steam, political risks

of the major emerging markets
go to the polls in some format
this year.
“2014 will be a year in which
the return impact from idiosyning markets could increase
substantially,” asset manager

sudden, such as the Arab Spring
East and North Africa or the
more recent street protests in
For funds seeking to assess
system or scorecard is critical.

South Africa, India, Indonesia
and Brazil, the emerging econo-

“The prospect of these elections could potentially reduce
economies on a temporary basis,” it added, citing the threat

and Nigeria to the list last week
saw the two countries come in

‘Willingness to Pay’
The world’s biggest asset
manager Blackrock, for ex-

year, adding to brewing local

market peers. Only Venezuela
has a worse rating than Nigeria,
for example.
What’s more, Blackrock highlighted the growing political element in its risk ratings, citing
the recent unrest in Thailand

now ranks 50 countries in
corruption probe in Turkey or
the waning popularity of South
Africa’s and Brazil’s leaders.
South Africa and India hold
parliamentary elections in
2014, while Brazil and Turkey
Indonesia has both. In fact, 12

Jennifer Saba

his intentions public.
he said through a translator last
week.
philanthropy, does not hold
shares in the Times, nor does he
plan to buy any of its common
shares, he said, noting that the
meeting.

elections may be the easy bit,
political disruptions of the past
four years were rather more

The company, which publishes the namesake newspaper,
billion. Chen, who has been
mulling a bid for the prestigious
newspaper for the past two
years, said last week he thinks it
is worth $1 billion.
The Ochs-Sulzberger family,
which has owned the Times for
more than 100 years, controls
the company through a trust of
ing rights.
Global Times on January 5
asking readers not to take his
intention of buying the paper as

creditworthiness.
policies and banking stability,
but also captures the essence of
pure political risk under a head-

a trick or joke.
Chairman Arthur Sulzberger
Jr has said recently the Times is
not for sale. A New York Times
spokeswoman declined to comment on Chen.
is tearing down buildings and

entrepreneur to partner with to
make the purchase.
Reuters
Myanmar Summary

w½kwEiirS olaX;BuD;wpfO;D jzpfonfh
f kd f H
Chen Guangbiao taejzif h e,l;a,mhcf

said it had added an additional
ness to pay’ gauge to strengthen
monitoring.
red on this category when
Blackrock last updated this
index in October.
Reuters

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tBuD ; tuJ E S i fh awG U qH k v d k a omf v nf ;
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Shannon Stapleton/Reuters

C

hinese recycling tycoon
Chen Guangbiao dialled
back his ambitious plans
to buy The New York Times Co

creased demand for currency
and bond hedging.

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rIt&Sdefu sqif;oGm;vdrfhrnfjzpfaMumif;
vnf; od&onf/

-

INVESTMENT & FINANCE

19

mmbiztoday.com

January 16-22, 2014

is that the Fed has promised
to keep rates low until at least
respond sooner than this if they
see the writing on the wall.
While I see much danger in
both stocks and bonds at curmakings of a coming opportunity for those who are patient

there to be had.
David Mayes MBA provides
wealth management services to
expatriates throughout Southeast Asia, focusing on UK
Pension Transfers. He can be
reached at david.m@faramond.
com. Faramond UK is regulated
by the FCA and provides advice
on pensions and taxation.

David Mayes

A

else panics, as this will certainly
create some amazing buying
opportunities. At the moment
-

before the holidays, it is a good

my opinion is a safe place to
wait for these opportunities to

-

Alongside cash I see trend
following CTA funds (commod-

s we are now into 2014
and will soon be busy
-

at what kinds of challenges and
opportunities the coming year
may bring, and try to reduce the

Myanmar Summary

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twGuf t"dutaxmuftyHhay;cJhaom
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&GufEdkifcJhMuonf/
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k f k f
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k f G
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taeaumif;wpf&yfrm Federal Reserve
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2015 txd avQmhcsay;oGm;rnfqdk
onfhtcsufyifjzpfonf/ odkYaomfvnf;
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wd;k wufrr sm;tay: oufa&mufrvnf;
I
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&Sdvmvdrfhrnfyifjzpfonf/

way to hedge exposure in stocks
and bonds. If the stock and
bond markets continue to tick
ahead but also one fraught with
danger.
stock markets soaring to new
highs last year, a question many
are asking is if this year will see
prices higher has been the central banks of the world printing
money, and this is expected to

a portfolio with trend followers
(who typically do best in times
way to participate without fear
that all will be lost when we
tion point.
Picking tops and bottoms in
the markets is a losing game,
so I would recommend the
-

near zero interest rates and
there is a good chance that the
As for the bond market, this
has been teetering on the edge

in Myanmar in a number
of strategic sectors, and
our key strength is that we
are a partner of choice for
many international companies looking to expand
into Myanmar.”

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Ü D

equal amount spread across a
few trend following funds with
long track records (15+ years).
The remainder is best left in
cash so that if either the stock
or bond market do see a panic
there is ammunition to pull the
trigger when the bargains are

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Reuters

ing up dimes in front of a steam
roller. One good thing for bonds

of 25-40 percent split between

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Mitsubishi ESifh Hino trSwf

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rsm;wnfaxmifcJhNyD;jzpfonf/


20

mmbiztoday.com

January 16-22, 2014

Frontier Sustainable: Myanmar’s Opportunity
Indonesia, $77 in Laos, and $90

Dr. Maximilian Martin

M

yanmar

opened

its
tion center on January
5 in the new capital of Nay Pyi
Taw. This would be the main

Myanmar’s
chairmanship
comes at a watershed moment.
As a nation, leading the ASEAN
tion of the scale of opportunity
that has resulted from the reform process that has been occurring since 2011, showcasing
both the extent of the road thus
track for the planned national
election in 2015.
powerful. Myanmar’s term coincides with a delicate moment
for the apparel industry, which
is the leading export engine in
ing economies. For ASEAN
members such as Cambodia,
garment exports now account
for roughly 75 percent of total
merchandise exports and represent about 10 percent of GDP;
comparable statics are true of
other ASEAN members.
Despite this, apparel is an
industry routinely plagued by
poor working conditions and
lapse of the Rana Plaza factory
in neighbouring Bangladesh in

satisfy.
But how the apparel inpath, though its readymade
garment industry is still small.
factories currently operate in
the country, which is tiny when
compared to major sourcing
locations in South Asia. Myanmar earned about $917 million
in 2012, progressing from $770
million in 2011. Apparel exports
to South Korea.
The industry is growing fast,

higher cost locations such as
neighbouring Thailand. Factories are currently operating
based on a Cut, Make, Trim
aims to upgrade its production
systems from a contract manufacturing (more than 90 percent
of national factories) to Original
Equipment
Manufacturing
(OEM) and Original Brand
Name Manufacturing (OBM)
be supported by an adapted legfor export potential are about
$5-6 billion within a few years.
Most recently, the Myanmar
ment in the country’s garment
manufacturing industry. This
has generated major interest

than 1,100 workers, working
come under serious scrutiny.
The systemic issues the industry
faces were further highlighted
when the recent two-week nationwide strike for higher wages
in
Cambodia’s
readymade
garment industry was ended by
the police using force, killing at
least four protesters.
Myanmar now has South and
Southeast Asia’s lowest garment
to $68 in Bangladesh, $68 in

tors from China, Japan and

U Aung/Xinhua

and meetings of the Association
of Southeast Asian Nations
(ASEAN), which the country
will chair for one year in 2014.
It actually hosted the ASEAN
Coordination Committee on

faced rises in garment wages.
Based on size alone, Myanmar has lots of potential. It
is geographically roughly the
size of the state of Texas, or
Germany and Italy combined,
and contains about 60 million
inhabitants, as well a migrant
population. Myanmar is logisic equipment manufacturing
needs that other markets can

-

installed infrastructure are a
few additional features that
are critical to conditioning the
growth potential of the apparel
industry in Myanmar.
Yet there are problems on the

ity gains (economic, social,

seeks to seize the opportunity.
The migration to Myanmar of
the poor working conditions
that are routinely tarnishing the

by and large untapped. 20
percent of chemical inputs, up
to 40 percent of energy, and
up to 50 percent of water can

sourcing locations would be a
disaster. The risk of a growth
path that simply leads to a production cluster with thousands
of sweatshops, thus recreating

is redesigned, infrastructure
upgraded, and workers and
management
appropriately
-

associated with the apparel
industry in neighbouring Bangladesh, is real.
In fact, a respondent to an

this transformation has been
missing.
To help address this need,
Impact Economy – a global

recently conducted on the
future of the global apparel industry commented that one of
his worst fears is a “transfer of
the industry to Myanmar with
no local NGOs or unions, [and]
exploitation of workers.”
The good news is that a
sounder approach is possible,
one that links greater competi-

“Creating Sustainable Apparel
Value Chains”. The goal of the
report is to make the needed
industry stakeholders can start
to build a common way forward.
The structural frame laid out in
the report links greater resource
agenda that enhances working

mance. Although the textile and
garment industry has built a
long track record as an engine

Myanmar now has South and Southeast Asia’s
lowest garment wages at $30-35, compared to
$68 in Bangladesh, $68 in Indonesia, $77 in Laos,

impact.
For this industry transforma-

transparency across the supply chain; (2) using (impact)
tackle working conditions with

and $90 in Vietnam.
Contd. P 21...

Myanmar Summary

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u International Convention Center udk
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ukef 10 &mcdkifEIef;udkvnf; txnf
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Contd. P 21...

21


mmbiztoday.com

January 16-22, 2014

(4) understanding and reproducing the best practices of
frontrunner producers.
As the reform path continues,
Myanmar’s garment industry
has the potential to grow well
beyond $6 billion in annual
is successful and issues such as
compliance with basic worker
issues and factory safety stand-

ards, standardised payroll, and
minimum wages can be adable production is important for
social peace, attracting foreign

sure that the priorities of the
ASEAN roadmap in relation to
Community are properly implemented. American sanctions
initiated with an arms embargo

of which are critically needed
stantial sector growth.
Myanmar, in its role as chair
of the ASEAN this year, will
play a leading role in making

well as a ban on imports from
Myanmar, are now history.
The nation’s opening up to the
world after decades of closing
has the potential to usher in a
a year from 2014/15 to 2018/19,
U Aung/Xinhua

12 percent in 2000/01).
Myanmar is now in a position
ASEAN Vision far beyond 2015.
Combining humane working
conditions and simultaneously
mental footprint and competi-

Samrang Pring/Reuters

should be a key to the ASEAN
responding sector policies.
Maximilian Martin, Ph.D.
is the founder and global
managing director of Impact
Economy. Before founding the
global head and managing
director of UBS Philanthropy
Services. Dr. Martin also creon social entrepreneurship in
Europe.

Rana Plaza puf½HkNydKuscJhNyD; tvkyf

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22

mmbiztoday.com

January 16-22, 2014

biggest increases in legal and
strengthen the legal and regula-

Argentina, Bahrain, Bangladesh
and Egypt.
Maplecroft states that the

said Maplecroft Senior Analyst
Chris Laws.
Myanmar’s commitment has
resulted in a steady climb in the
ranking from worst position at
the bottom of the ranking in

countries is being curtailed by
factors such as a lack of respect
for the rule of law and property
tion, increasing regulatory

rd

and 5 in 2014.
Despite the modest shift in
th

resulting from instability.

Maplecroft forecasts that if
Myanmar sustains its current
the “extreme risk” category in
less than three years.

caution

notwithstanding

FT

Challenges remain
the

lack of rule of law and interference in business by a wide range

or strengthen their position
through the use of resource
nationalism, as witnessed in
Venezuela and Argentina in

including the military, continue
said.
Myanmar’s commitment to
upholding rule of law continues
ship of Myanmar Brewery Ltd,
between the military controlled

likely to be undermined, Maplecroft said.
“The country’s current lack of
ance still raises serious concerns
and it remains a challenging
place to do business,” Laws
said.
Resource or curse
Resource-rich
countries

As well as presenting major
ance and corruption can also
dance of natural resources,
Maplecroft added.
The legal and regulatory enhydrocarbon rich growth marrd
), Russia
th
th
), Indonesia (70 ), and the
Philippines (77th), meanwhile,
are categorised as posing a
Surprise inclusions
Senegal, Guatemala, Mozambique and Rwanda, meanwhile,
are among the countries with
report.
Legal mechanisms and regulatory structures are typically
well entrenched features of a
country that are not subject to

the “extreme risk” category in
the LRERA and include: Turkrd
), DR Congo (4th),
th
Myanmar (5 ), Central African
Republic (7th), South Sudan
(8th), Venezuela (12th), Libya
th
), Zimbabwe (14th), Iran
th
(16 ), Angola (19th
(21st) and Iraq (24th).
Legal and regulatory risks
impacting property rights are of
particular concern in resourcerich countries. Despite soften-

from 28th to 51st (1st place is considered the highest risk in the
LRERA), Guatemala went from
nd
to 61st, Mozambique 40th to
st
71 , and Rwanda 66th to 101st.
These decreases in risk were

the past year, societal unrest
and poor economic conditions
can act as risk multipliers in

-

“Company assets, especially
those in the mining and oil
and gas sectors, can become
subject to nationalisation and

-

ance, to reduce regulatory
hurdles, to combat corruption
Maplecroft said.

Risk hot spots
Aside from Myanmar (5th),
the countries posing the highest legal and regulatory risks
st
),
nd
North Korea (2 ), Turkmenird
), DR Congo (4th), Syria
th
(6 ), Central African Republic
(7th), South Sudan (8th), Eritrea
(9th) and Afghanistan (10th). A
further 16 countries are also
Maplecroft.
Outside of these markets, the
an increase in risk, due to facintroduction of destabilising
These include: Syria, which
dropped to 6th from 29th in
2010, Guinea (15th from 42nd),
Bangladesh (29th from 52nd),

), Mali
), Argentina (59th
from 78th) and Bahrain (122nd
rd
).
Rule of law, including
judicial independence and efnd

th

rd

rd

corruption and remains weak
in a large number of countries,
particularly in Asia, Africa and
the Middle East, Maplecroft
said.
This lack of rule of law continues to contribute to regime
instability in those countries
that witnessed regime change
during the Arab Awakening
of 2011, as well as many other
countries with potential for
societally forced regime change,
rd
),
th
Cambodia (28 ) and Viet Nam
rd
).
Since 2009 some of the

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Myanmar Business Today - Vol 2, issue 3

Myanmar Business Today - Vol 2, issue 3

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