World Ballroom, Centara Grand at Central Wrold

Bangkok, Thailand 23 Aug 2019

Excellencies, Distinguished Guests, Ladies and Gentlemen,

It is pleasure to address you on this occasion of the Myanmar Insight Seminar 2019.

I understand that this year’s Seminar is expected to attract a record number of participants. This gives us all cause for celebration and I would like to congratulate the organizers of the event:

• the Ministry of Investment and Foreign Economic Relations;
• the Myanmar Investment Commission;
• the Royal Thai Embassy in Yangon; and
• the Thai Business Association of Myanmar.

The founding fathers of the Independent Union of Burma laid down firm foundations for a foreign policy based on mutual understanding and mutual respect, and on a commitment to the peaceful resolution of issues of mutual concern. Our relations with Thailand, a neighbour with whom we share many experiences and cultural affinities, is one that we particularly cherish.

It is my sincere belief that the friendship between our countries will be strengthened in the years ahead as we face the challenges of a fast changing world that provide us with many opportunities for joining hands to make our region more prosperous and more people friendly.

I am sorry I cannot be with you in person. However, to the Thai business community in attendance today, I would like to extend a warm invitation to visit Myanmar frequently that we reciprocate the loving kindness and hospitality with which you have always welcomed us to your country.

Excellencies, Ladies and Gentlemen,

Today’s Myanmar Insight Seminar is intended to serve two distinct but equally important purposes.

Firstly, the Seminar has been designed as a platform for Myanmar officials and experts to provide you with first-hand updates regarding our latest economic policies, laws, and regulations, pertaining to foreign investment.

Secondly, the Seminar has been structured to give Thai businessmen already present in Myanmar the opportunity to share their experience and investment-related success stories, of which there are many, with other Thais.

We believe that by sharing these positive stories, we can assist prospective Thai investors in their preparations to enter the Myanmar market.

Excellencies, Ladies and Gentlemen,

Thailand is one of the great development success stories of the past few decades. In one generation you have successfully transitioned into an upper-income economy with a sustained strong growth and a record of impressive poverty reduction. Myanmar, which is seeking to take full advantage of Asia’s continuing rise, looks forward to learning from and working with Thailand for the benefit of both our peoples.

I believe that despite the multidimensional challenges that our country faces, we have been successful in striking the right balance between national stability and economic development, as evidenced by our sustained high rates of economic growth.

Our medium-term macroeconomic outlook remains favourable. According to the Asian Development Bank, Myanmar's GDP is expected to grow by 6.6% in 2019 and by 6.8% in 2020 – amongst the highest in ASEAN - with continued broad-based growth supported by an expanding manufacturing sector, together with strong performance in the garments, services, wholesale and retail sectors.

Major new capital investments combined with an appropriate fiscal policy are expected to boost further growth in the short term, while a range of structural reforms undertaken recently will support growth in the medium and long term.

I am particularly pleased to report that bilateral border trade between Myanmar and Thailand topped 2.28 billion U.S. dollars as of May of the current fiscal year.

In line with this expansion in cross-border trade, we have seen a rise in our agricultural and fishery exports, together with increased imports of cosmetics, food products, machinery and raw industrial goods, such as cement and fertilizers, from Thailand.

Keeping in line with economic growth, the proportion of our population living below the national poverty line has halved from 48.2 percent in 2005 to 24.8 percent in 2017. I am particularly happy that this reduction in poverty is visible in both rural and urban areas.

As incomes rise in Myanmar, there is a greater demand for consumer goods from Thailand due to their affordable prices, high quality and easy accessibility.

Excellencies, Ladies and Gentlemen,

Thai investments have grown from year-to-year benefitting from the closer cooperation between our countries in both the public and private sectors. The Royal Thai Embassy and the Thai business community in Myanmar can be proud of their success in promoting both economic engagement and people-to-people relations.

I was particularly pleased to hear that Thailand’s National Oil Company, PTEE Exploration & Petroleum, expects to spend upward of US$3.3 billion in 2019, pursuing activities in the Zawtika Gas Field in the Gulf of Moattama. I understand that some 55 per cent of this will be channelled towards investments required for more regular production and storage expansion, including the construction of a tank depot for oil and liquefied petroleum gas and related facilities.

Our ACMECS Master Plan seeks to promote connectivity and synchronization, combined with smart and sustainable development. In line with this commitment, I am very pleased to note that both Myanmar and Thailand will soon be issuing licenses to logistics companies for the transportation of goods overland through the Yangon (Thilawa) - Myawaddy- Mae Sot - Bangkok (Laem Chabang) route.

The launch of the Thailand-Myanmar Trade Centre in Yangon should also provide an excellent opportunity to showcase both Thai and Myanmar products.

Excellencies, Ladies and Gentlemen,

Myanmar has been implementing a number of significant social, political and economic reforms aimed at creating new and exciting opportunities for international investors, reforms that will enhance our productive partnership with Thailand.

Many of you will be aware of our Myanmar Sustainable Development Plan (MSDP). To complement our MSDP, and to provide further strategic guidance, we have also launched a new Myanmar Investment Promotion Plan which seeks to achieve dynamic, harmonious and inclusive growth while creating a more equitable and prosperous society through the promotion of responsible, quality investment.

Importantly, as Myanmar continues its transition to a market-based economy, rule of law must serve as a foundation for an inclusive and vibrant society that safeguards the rights and interests of all our people.

Excellencies, Ladies and Gentlemen,

At the invest Myanmar Summit held earlier this year we shared with over 1600 participants a wide range of new and exciting investment projects set to be implemented throughout Myanmar. Much more information will be available when we launch our new Project Bank, a digital one-stop-project-information-centre, housing key information relating to strategic infrastructure projects planned for development.

Once our Project Bank is complete, access to key information will be available at the click of a button. The Project Bank is already making a significant contribution to the transparent screening, prioritization, appraisal and financing of major projects, and will contribute towards creating a more secure investment enabling environment in Myanmar.

Continuing our commitment to promote Myanmar as a premier investment destination within ASEAN, within Asia and even beyond, we have also updated various legal frameworks, including major revisions to both the Myanmar Investment Law and the Myanmar Company Law to be in line with international best practice. The changes are now contributing to an increased flow of foreign investment into Myanmar.

We have digitalized the entire company registration process through the establishment of MyCo — an electronic registration system through which companies can now be incorporated online without needing to be physically present at the registrar’s office. We are also firmly committed to maintaining the highest levels of transparency and will continue to improve the quality and accessibility of investment-related data being made available to the public online.

As a result of these and many other reforms, I am convinced we will be able to attract investments that will serve as the key drivers of Myanmar’s economy and provide investors with.

Excellencies, Ladies and Gentlemen,

I believe the Myanmar Insight Seminar, now in its fourth year, has been proven as a very worthwhile event. It has attracted those seeking to expand their business networks as well as those seeking to gain a first-hand insight into the immense investment potential which Myanmar has to offer.

Your investments will be welcomed enthusiastically. Your support to Myanmar’s economic development for a brighter future will be met with strong commitment and cooperation on our part.

I invite you to join us on an exciting journey to a prosperous future.

I hope this seminar will be fruitful and enjoyable for all of you, all of us.

Thank you.