SET willing to help establish nation's capital market

The Stock Exchange of Thailand is more than willing to help the establishment of Myanmar’s very first capital market, according to a SET official.

Chanitr Charnchainarong, SET’s executive vice president at Issuer & Listing Division, told Myanmar Eleven in an exclusive interview that SET is ready to give any assistance to Myanmar for the launch of Yangon Stock Exchange.

“We’d love to work in every reform. We’ll focus on the human capacity-building, building the people, clustering the people, as we understand that well,” he said.

Chanitr emphasised the role of capacity-building in the establishment of the capital market. 

“Without the people, we cannot do anything. Our earlier MoU with the Central Bank of Myanmar is to help the human capacity,” he said.

As part of several activities to help establish YSE, SET and LS Horizon, a Thai law firm, jointly organised a seminar on the role of the capital market in the country’s economic development in Nay Pyi Taw on Tuesday.

Maung Maung Thein, Deputy Minister for Finance, delivered the opening speech, adding that the seminar came at a very appropriate moment as Myanmar attempts to achieve the goal of launching a stock exchange.

“Capital markets are very important engines of growth for the economic development because without them, we cannot raise convenient capital for the development of our economy,” said Maung Maung Thein.

On the government’s preparations, Maung Maung Thein said, “We are preparing everything for that. Now we have securities exchange laws [in place] and we have formed a preparatory committee. At the same time, we are trying to adopt rules, directives and orders which are required for a successful operational stock exchange.”

The Deputy Minister, however, admitted that setting up a proper stock exchange would be difficult.

“We are not aiming [for] the perfect stock exchange. We are just trying to lay down a good foundation. If we are trying to aim at the perfect stock exchange, that will not be possible because a stock exchange usually takes years to develop. What we are aiming for is just to start a new capital market,” he said.