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Phila Siu

Foreign investors can expect to feel safer and do business more easily in Myanmar under the incoming government led by Aung San Suu Kyi, who is determined to cut barriers to entry and ensure the rule of law is strong, a senior legal adviser to Suu Kyi says.
Robert Pé said although the military government had implemented steps to attract foreign investment in the past few years, the country remained a difficult place to do business.
"Firstly, there are too many regulations. You have to get permits or permissions for just about everything," Pé said.
For example, companies establishing offices in Myanmar had to register at the local police station, he said.
"We need to reduce the amount of regulation and just make it easier for businesses to operate, both foreign and domestic businesses."
Pé said the many permits required to operate had made it easy for civil servants to ask for bribes, with the root of that problem being that civil servants were "grossly underpaid".
"And when I say civil servants, that includes judges. It is very hard to survive on what they are paid and so it is important pay is improved," he said.
A reduction in the level of corruption would help achieve a level playing field for all investors, he said.
Land ownership is also a problem.
Pé said foreign investors who wanted a long lease on land needed to get permission from the Myanmar Investment Commission. Usually leases are for 50 years and can be extended twice, with each extension for 10 years.
But Pé said only sizeable investments were able to secure long leases. Small investments typically only obtained a lease for one year from private owners.
"The practice at the moment is that landlords typically require the whole year's rent to be paid up front. That's not an ideal trading environment. And if you set up a business, say a restaurant or a bar, after the first year the landlord is going to double your rent," he said.
"We need to make it much easier for domestic and foreign investors. That's why reducing regulation is key and reducing bribery is also key."
Albert Oung, founding chairman of the Hong Kong Myanmar Chamber of Commerce, said businessmen in the city should take advantage of the many business opportunities Myanmar offered.
"The tourism infrastructure in Myanmar, such as hotels, is only about five per cent of that in Thailand, our neighbouring country," Oung said, indicating the scope for development was huge.
According to official data, the number of tourists to Myanmar soared by almost four times between 2011 and last year, from 816,369 to three million. While the jump was a big one, by comparison, about 24 million people visited Thailand last year - eight times that number.
Oung said Myanmar should not chase recklessly after increases in gross domestic product. What the country needed to develop first was a strong education and legal system, he said.
"Don't pursue industrialisation blindly," Oung said.
 


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Focus

Reforms are coming for foreign firms in Myanmar, Aung San Suu Kyi's legal adviser says

Robert Pé, legal adviser to Aung San Suu Kyi, in Central. Photo: Sam Tsang

Myanmar military should accept Aung San Suu Kyi has mandate for reform, says her legal adviser

Suu Kyi's legal adviser Robert Pé in Central. Photo: Sam Tsang

Myanmar's constitution prevents NLD leader Aung San Suu Kyi from replacing Thein Sein as president. Photo: AFP

News

Hong Kong

Politics

Election winner is 'determined to make life easier for foreign investors'


Foreign investors can expect to feel safer and do business more easily in Myanmar under the incoming government led by Aung San Suu Kyi, who is determined to cut barriers to entry and ensure the rule of law is strong, a senior legal adviser to Suu Kyi says.


Aung San Suu Kyi

Reforms are coming for foreign firms in Myanmar, Aung San Suu Kyi's legal adviser says

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Election winner is 'determined to make life easier for foreign investors'

Election winner is 'determined to make life easier for foreign investors'