Amid global competition for natural resources, Myanmar remains one of the world’s few remaining frontiers whose potential is yet to be realized, said a Myanmar business leader in Seoul.
“In addition to its exquisite geographical location and untapped natural resources, Myanmar is also a young and dynamic country,” U Win Aung, president of Myanmar’s Federation of Chambers of Commerce and Industry, said in an interview with The Korea Herald last week.
U Win Aung, president of Myanmar’s Federation of Chambers of Commerce and Industry
Some 54 percent of its 60 million people are in the working-age group and the average salary is below $100 per month, he explained.
Win Aung visited Korea last week to participate in the Premium ASEAN 2013 seminar in Seoul, hosted by the Korea International Trade Association.
“Now is the golden time to invest in Myanmar, as it is now entering a phase of rapid economic and social changes,” he said.
Last year, the Southeast Asian country’s government revised the law to draw more foreign investment, exempting foreign investors from income taxes for a longer period and allowing them to own real estate. The revised law also forbids the government from nationalizing the property of foreign investors.
“The government and the private sector are working together to establish an investment-friendly environment,” he said.
Myanmar had long remained on the outskirts of the global economy, but since the establishment of a democratic government in 2011, it has been adopting an active open-door policy.
Foreign direct investment to the country soared to $40.4 billion as of January 2012, from a mere $8.5 billion in 1988.
“We have observed how Korea progressed rapidly by opening its market to the world and boosting foreign investment,” the chamber president said.
“This is the growth model we intend to actively apply to our country in the coming years.”
The businessman also stressed the importance of Korea as a leading investor state.
“There are a number of investor states which are taking keen interest in Myanmar and its potential, but we believe that it is Korea which truly understands the Asian way,” Win Aung said.
Even compared with other Asian competitors such as China and Japan, Korea has an upper hand in the market with its organized business system, advanced technology and diligence, he added.
“This is one of the reasons that Korean firms, such as the trading company Daewoo International Corporation, won the gas field project last year,” he said.
By Bae Hyun-jung (tellme@heraldcorp.com)