Myanmar is undergoing a historic transformation as the country moves towards closer integration into the dynamic Southeast Asian economy and prepares for a handover of power. Part of the challenge is improving the country’s infrastructure ahead of the predicted upswing in economic activity and educating its citizens with the latest technology trends.
“People are looking towards economic growth with the new government. We have no choice but to invite foreign direct investment,” said Myanmar-Japan Thilawa Development Limited (MJTD) President & CEO Takashi Yanai.
Set up as a joint venture in January 2014, MJTD developed and operates Thilawa Special Economic Zone-A, the first industrial park in in Myanmar.
Takashi said there has been growing interest from several companies in the manufacturing sector, including several from Japan.
One advantage Myanmar offers is its geographical location. K.K (Kyaw Kyaw) Hlaing, Chairman of Smart Group, believes his country can capitalize on its proximity to its Southeast Asian neighbors, as well as to China and India. Smart Group is a one-stop provider for companies in the oil and gas, marine and offshore, engineering industries.
A strong advocate of the Japanese concept of kaizen, or continuous improvement, Hlaing expressed his desire to partner with Japanese companies for the many benefits that Myanmar can derive from them.
Hlaing believes in the KAIZEN philosophy and how there is a preference to work with the Japanese in order to build more opportunities for Myanmar: “We have a population that made up mostly of young people. It would be great if we could get the universities to work under the same model from the Japanese,” he said.
Meanwhile, Wynn Thein, Managing Director of Kaung Myanmar Aung (KMA), believes his country has an abundance of opportunities as entrepreneurs display the fastest rates of growth over recent years. He added that investment in IT infrastructure is vital to facilitate economic growth.
Marking its 30th anniversary this year, KMA is a diversified group involved in hotels and real estate development, shipping and mining.
Osamu Ikeya, General Manager of garments maker Musashi-Fusoh, has said the people of Myanmar have overcome their hesitation to work with foreign companies and have become more open to business partnerships. He has also witnessed how well the younger generation has adapted to ever-changing technology.
