Thai investors told to get into Myanmar now

Serge Pun, chairman of conglomerate Serge Pun & Associates (Myanmar), foresees another nine good years to come, with President Thein Sein’s strong commitment to political and economic reforms.
If either Thein Sein or opposition leader Aung San Suu Kyi wins the election, continued improvements are promised under clean leadership.
“In a general sense, I think everything is good. But first, you should not invest any money, but your time – three days to Yangon and Nay Pyi Taw. Smell the opportunities. If you can’t smell anything, don’t go. You’re not businessmen,” he told a Bangkok Bank seminar on “Invest in a New Myanmar: Time to Take the First Step!”
The seminar was meant to update the bank’s clients on the current situation in Myanmar, with that country’s reconnection to the world after more than five decades of isolation.
He said Myanmar now needed factories to fulfil the government’s aim to create 4 million jobs. Meanwhile,
Myanmar has more resorts than in Thailand, but it welcomed only 300,000 visitors last year and expects 700,000 this year. Thailand’s expertise would ensure success in the two areas.
“True, the infrastructure is poor, but it can be improved very quickly. With enough money, this can be directed to the right place,” he said.
With abundant resources and a diligent workforce, he sees opportunities everywhere. The warnings are that Thai investors should think for long-term gain and should not pay bribes to get things done.
In a way, he said Western investors who poured money into Thailand over the past 35 years should be applauded for helping bring about long-term changes in the Kingdom. He acknowledged that Asian investors tended to think short-term and neglect environmental responsibility.
“Don’t think short-term or you will be negatively affected somehow, and manage your expectations well.” He added that with good leadership resulting from the general election, along with help from the world, Asian brothers and neighbours, “I know we can all prosper together.”

OUTLOOK
Pisanu Suvanajata, Thailand’s ambassador to Myanmar, added that the outlook for the next three years looked bright, as the country was opening next year for the Southeast Asian Games for the first time since 1969, and then becomes Asean chairman in 2014. This opening paves the way for further reforms, and Thai business can expect smooth sailing thanks to good bilateral relationship between the two countries.
Thai and Myanmar leaders so far this year have had three discussions on cooperation in economic development. The ambassador sees no reason the relationship should be sidetracked, at least over the next three years.
“Thai investors should establish a strong foothold now. Nobody knows what will happen after the general election, [and if things turn out as positively as expected] they will face competition from global heavyweights. Then it could be too late,” he said.
He also said he was sure that within that three-year time frame, such obstacles as unclear rules, high operating costs and incomplete legal amendments would have been removed.