Myanmar Business Today - Vol 1, Issue 45

www.mmbiztoday.com

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

December 12-18, 2013 | Vol 1, Issue 45

Government to Look to
International Companies on Dawei
Italian-Thai Development’s role halted but not over, officials say
Oliver Slow

by ITD and that once this was

M

invited to apply for licenses.
“No company in the whole
Contd. P 8...
Myanmar Summary

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Soe Zeya Tun/Reuters

yanmar will open
tenders for international companies to be
involved in the Dawei Special
Economic Zone (SEZ), after
it was revealed last week that
Italian-Thai Development, the
group initially responsible for
the main development of the
site, will no longer be key drivers of the project.
Speaking at a press conference in Yangon last week, U Aye
Myint, chairman of the Dawei
project said that two companies
formed by the Myanmar and
Thailand governments, named
Special Purpose Vehicle (1)
and (2), would take a lead role
in the multi-million dollar
development.
He added that due to the sheer
scale of the development, which
involves building a deep-sea
port and key infrastructure,
international companies would
be invited to apply for tenders
on the project, including ITD.
“They can keep working if
they want, but they will have
to compete with other international observers,” he said.
U Set Aung, chairman of the
Dawei zone, said that the committee was undergoing a review
of the work already completed

A man carries a sack of rice on the banks of Yangon River. The government has set targets to increase rice export and catch up with
neighbouring countries Thailand, Vietnam and Cambodia.

Myanmar Looks to Double
Rice Export

Kyaw Min

million tonnes per year. By

C

to 15,000 tonnes, according to

urrently the basket case,
Myanmar was once the
rice bowl of Asia.
From 1961 to 1963, around
the time the country was taken
over by a Socialist government
which depleted the oncethriving economy, Myanmar
was the world’s largest exporter
of rice, shipping around 1.7

Agriculture (USDA) and while
there has been some increase
in export – it exported 690,000
tonnes last year, making it the
ninth largest exporter in the
world – the country still has a
Contd. P 6...

Myanmar Summary

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Contd. P 6...

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December 12-18, 2013

Thein Sein Makes Maiden
Philippines Visit

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

Board of Editors

up their grievances with
China during the ASEAN
meetings next year.

Editor-in-Chief - Sherpa Hossainy
Deputy Editor - Oliver Slow

Reporters & Writers
Sherpa Hossainy, Oliver Slow,
Kyaw Min, Shein Thu Aung, Phyu Thit Lwin, Htet Aung,
Su Su, Aye Myat, Daisuke Lon, Yasumasa Hisada

Myanmar Summary

Art & Design
Zarni Min Naing (Circle)

DTP
May Su Hlaing

Translators
Shein Thu Aung, Phyu Maung

Advertising
Tay Zar Zaw Win, Seint Seint Aye, Moe Hsann Pann
Advertising Hotline - 09 7323 6758

Subscription & Circulation
Aung Khin Sint - aksint2008@gmail.com
092043559
Nilar Myint - manilarmyint76@gmail.com
09421085511
Files

Managing Director
Prasert Lekavanichkajorn
pkajorn@hotmail.com

Email
Editor - sherpa.hossainy@gmail.com
Special Publications - oslow99@gmail.com
Advertising - sales.mbtweekly@gmail.com
Designer - zarni.circle@gmail.com

Phone
Editor - 09 42110 8150
Deputy Editor - 09 3176 9529
Designer - 09 7310 5793

Publisher
U Myo Oo (04622)

22A Kaba Aye Pogoda Rd, Bahan Township,
Yangon, Myanmar.
Tel: 951-2301568, 951-2301569, 951-2301570
Fax: 951-8603288 ext: 007

Distributor (Bangkok)
Penbun Distribution Co., Ltd.
Tel: (662) 6158625-33 Fax: (662) 6158634

Su Su

P

resident Thein Sein
visited the Philippines last week,
his maiden visit to the
archipelago.
During his three-day
visit, Thein Sein met his
Philippine counterpart,
Benigno Aquino III, in
an attempt to bolster ties
and also discuss trade,
investment, agriculture
and visa-exemptions.
The visa agreement is
expected to allow Filipinos to enter Myanmar
without gaining a visa
can already enter the
Philippines visa-free.
The Philippines were

a harsh critic of Myanmar’s former military
government, but the two
countries have softened
ties since Myanmar began
making reforms to tentatively work towards a fully
democratic system.
Thein Sein also visited
areas ravaged by the recent Typhoon Haiyan that
ripped through the country last month, leaving an
estimated 5,000 dead and
many others still missing.
Myanmar was one of
about 60 countries to give
aid to the country in the
wake of the crisis, with
Philippine Foreign Secretary Albert del Rosario
saying that Myanmar’s
aid had reached about

$100,000 as well as seven
tonnes of food and other
relief goods. During his
visit, Thein Sein brought
additional aid.
During his talks with
Aquino,
Thein
Sein
discussed
Myanmar’s
hosting of ASEAN in 2014
and it is thought that he
seeked support for the
hosting.
A close ally with China,
Myanmar’s navigation of
that relationship will be
crucial in the near future
as a number of ASEAN
members are at loggerheads with China over
land disputes. According
to some reports, the
Philippines and Vietnam
are expected to bring

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SME Centres to Open to Aid Growth SCG Provides Education
Kyaw Min and Htet Aung

S

mall and Medium Enterprise (SME) Centres will
open in Myanmar’s major
cities to aid the development of
the sector, which is seen as key
to the economy’s growth.

ment to encourage their growth.
“For the development of our
country’s economy, allowing
term is vital,” said U Mya Theik
an entrepreneur with an SMEemploy fewer than 25 people
should be allowed tax exemption,” he added.
The SME law is expected to
be implemented in early 2014,
sources say.

Reuters

open in the capital city of Nay
Pyi Taw, with further openings
expected in early 2014.
“SMEs do not only play a key
role in the state’s progress, but

than also support local employment,” said U Win Aung,
chairman of Federation of
Chambers of Commerce and Industry (UMFCCI). “Therefore,
the growth of SMEs is vital,” he
said, before adding that a key
role for the government is to
establish an SME law.
SMEs make up more than 90
percent of registered companies
within Myanmar, and local
businesspeople involved in the
sector are urging the govern-

Myanmar Summary

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Assistance to Students

Oliver Slow

S

iam Cement Group (SCG)
last week awarded education assistance to 100 high
school students in Mon State
as part of its SCG Sharing the
Dream Programme, which is in
its second year in the country.
The award ceremony, which
was hosted at the Strand
Mawlamyine Hotel, recognised
students, SCG said, who had
proactively contributed to their
communities and exhibited
good academic records, with
each student receiving funding
of up to K200,000 ($$200),
to cover their school fees and
supplies.
“Education is essential towards ensuring that children
will grow up to form new
generations of ASEAN citizens
who are ethical and knowledgeable in the future,” said Chana
Poomee, country director, SCG
Myanmar. “On behalf of SCG, I
would like to congratulate our
young scholars who received
the grants today. I believe that
they deserve a bright future
and hope that they will pursue
higher education and use their
talents to support their families
and communities,” he added.
Last year’s programme offered 99 grants to students
from Yangon, Mawlamyine and
Kyike Mayaw, but that number
has doubled in 2013, in what is
SCG’s centenary year.
In October, SCG invited high
school students in 9 Standard
(Grade 10) and 10 Standard
(Grade 11) and living in Yangon
and Mon state to apply for the
chance to be included in the
scholarship, with students selected from Mawlamyine, Kyike
Mayaw, Mudone, Paung and
Chaung Sone townships in Mon

State.
SCG also rewarded students
who received scholarships in
2012, and went on to do well
in the following academic
year, with additional grants in
recognition of their academic
achievements.
SCG Sharing the Dream is
SCG’s ASEAN sustainable development initiative and it has
granted scholarships to more
than 5,000 students in ASEAN
countries, including Myanmar,
Indonesia, Thailand, Vietnam,
Philippines, and Laos.
Myanmar Summary
Siam Cement Group (SCG)

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Myanmar ‘Ready’ to Host SEA Games
continues to take place in
the country.
It was announced that
eleven new hotels had
opened in Nay Pyi Taw
last week, in time for
the games. The hotels
were named as Mya Nan
Yang, ACE, Thurizza,
Jade Royal, Aye Chan
Thar, Pearl Thiri, Excel
Capital, Mahn Myanmar,
Mingalar Thiri, New Ayar
and Jade City.

Myanmar Summary

Reuters

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A worker outside the Wunna Teikdi Stadium in Nay Pyi Taw.

Oliver Slow

M

yanmar is “100
percent ready”
to
host
the
Southeast Asian Games,
way in the capital Nay Pyi
Taw on December 11.
Htay Aung, sports ministry director, told AFP
had successfully been
held and that the country,
which is only just emerging from 50 years of
military rule, is ready to
hold the event - the biggest sporting event in the
country’s history.
The tournament, which
brings together athletes
from Southeast Asia’s
ten-member
countries,
was handed to Myanmar
in 2010, shortly before
the government began
introducing a range of
economic and political
reforms aimed at pulling
the country from decades
of stagnation.
It left a country with
little infrastructure that
has struggled to cope
with the sudden surge of
interest from overseas
visitors who have been
intrigued by the unique
changes taking place in
the country.
However, the tournament has given the
government an incentive
to invest heavily in infrastructure in the capital.
One example is the
newly
built
Wunna
Theikdi Stadium, located
in Nay Pyi Taw, a 30,000
seat football and athletics
stadium, which hosted
the opening ceremony.
According
to
Htay

Aung, 6,000 athletes and
3,000 journalists are due
for the games, as well as
“hundreds of thousands”
of local fans. The majority
of events will take place
in Nay Pyi Taw, while former capital Yangon will
host some events such as
Chess and Weightlifting,
and Sailing events will
take place in Ngwe Saung.
Mandalay will also host
some football matches.
The Games, which are
the 27th version of the
event, are seen as an opportunity for Myanmar to
showcase that it is able to
cope with the increased attention that it is receiving.
Vice President Nyan
Tun has urged athletes
to “strive for a golden age
of Myanmar sports… improving the reputation of
the country and making
history to be regarded as
sporting heroes.”
Despite the overall optimism, some government
concerned about the
country’s ability to host
the event, according to
the AFP report.
“There are many things
to be done even though
many ministries are involved,” said one governnot to be named. “Hotel
rooms cannot be enough
because many foreigners
and visitors will come,”
he told AFP.
Myanmar’s hosting of
the Games has already
from rival countries who
have criticised the decision to drop some more
mainstream sports and
replace them with ob-

scure Myanmar pursuits
such as Chinlone, while
some international observers remain concerned
about ethnic violence that

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usi;f yoGm;rnf[k od&onf/

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Will Thai Protests Impact Myanmar Tourism?
Regional observers say yes, but skepticism within country

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Oliver Slow

Reuters

T

he
anti-government
protests that took place
in Bangkok and other
cities in Thailand last week
could boost visitor numbers
in Myanmar in 2013, industry
observers say.
According to Southeast Asia
trade newspaper TTR Weekly,
countries like Myanmar and
Vietnam could attract tourists
who do not want to travel to
Thailand due to fears around
the violence.
Late last month, protestors
took to the streets in the capital city of Bangkok in protest
against an amnesty bill that
would mean that former Prime
Minister Thaksin Shinawatra
can return to the country,
despite being sought for corruption charges within the country.
That bill was introduced by
the current government, which
is headed by Thaksin’s sister
Yingluck – who many believe
acts as a puppet for her brother
- and, while the proposal has

the protests could have on the
country’s tourism market.
“Myanmar is too much of a
niche destination at this stage
to appeal to the throngs that
head to Thailand – frankly,
many of the beach-and-beer
crowd won’t even know where
Myanmar is,” said Marcus Allender, founder of travel website
Go-Myanmar.com. He added
that the most recent protests to
hit Thailand in 2010 led to an
upsurge in tourist bookings in
Bali, Indonesia.
While skeptical about the
short-term impact Thailand’s
situation can have, Allender did

for a long time, or there was another coup, then over the years
you could potentially see Myan-

said TTR Weekly.
However,
travel
observers within Myanmar remain
skeptical as to what impact

from long-term instability in
the neighbouring country.
“The whole issue between the
rural poor and urban elite in
Thailand has rumbled on for
years. If the problems continue

Thet Zin, founder of Living
Irrawaddy Travel Service, also
expressed reservations on the
long-term impact of the Thailand situation on Myanmar’s
tourism, adding that it could
have a negative impact on tourists to Myanmar getting visas.
“Myanmar doesn’t position
itself as a cheap country to
visit [like Thailand], so we do
not think that Thailand’s issue will have a big impact on
Myanmar. In fact, we are quite
disappointed that this whole
incident could actually delay
the visa agreement between
Thailand and Myanmar, which
was supposed to begin this
month,” she said, referring to
an agreement touted to begin in

long way to go before it catches
up with neighbouring countries
Thailand and Vietnam, which
exported 7 million and 7.2
million tonnes respectively last
year.
In an interview with Bloomberg last week, Toe Aung Myint,
director general of the department of trade promotion for
the Ministry of Commerce,
revealed that the government
plans to see 2.5 million tonnes
in export in 2014-2015, almost
doubling to 4.8 million tonnes
in 2019-2020.
Myint pointed to an increase
in demand around the world, in
particular neighbouring China,
as one reason for the expected

surge in growth.
“We see promising opportunities in the sector because
the global rice market grows
and China demand increases,”
he said, before adding that
Myanmar has the resources to
expand their production to the
desired level for export.
Other factors however question how quickly Myanmar can
adapt to the increased demand.
In a World Bank study, which
looked at the study of logistics
in country’s around the world,
with a particular focus on infrastructure, Myanmar ranked
129th in the world in 2012.
Thailand was placed 38th, Vietnam 53rd and Cambodia 101st.
This perception is supported
in practice. In Myanmar, load-

ing a 20,000 tonne vessel with
rice takes eight days, double the
amount of time in Thailand or
Vietnam, Kiattisak Kanlayasirivat, director at Ascend Commodities SA told Bloomberg.
“Myanmar certainly has the
potential to become one of the
leading rice exporters, if not the
leading one in the medium run,”
said the report. “It is one of the
few countries in the region that
faces no land, water or labour
constraints – and it is strategically located, having China and
India as neighbours.”
More than 70 percent of Myanmar’s population is employed
in the agricultural sector and
the rice industry contributed
13 percent to gross domestic
product in 2011.

opposition, protestors took to
the streets calling on Yingluck
to stand down.
After heated protests, at the
time of publication quiet had
largely been restored to the
capital, in part due to the King’s
Birthday celebrations which
took place on December 5.
“Travel industry leaders have
voiced deep concern over the
current political unrest, pointing out that if it continues
another week, the trade should
brace for cancellations and a

December,whereby citizens of
Thailand and Myanmar could
visit their neighbouring country
visa-free.
Myanmar Summary

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Plans to Upgrade Rubber Quality for Export
entrepreneurs are not trained

Files

up to the required standards.
Earlier this year, the EU lifted
all remaining sanctions against
Myanmar, meaning that the
number of countries Myanmar
could export its rubber to
increased. However, U Khaing Myint said that European
customers only purchase the
international-standard rubber,
so it is crucial for Myanmar to
ensure better production of the
product.
Myanmar exports its RSS1,
RSS3, RSS5 and MSR20 rubber
materials, with the bulk of exports being sent to China, India,
Malaysia and Singapore. In the

Myanmar is planning to improve the quality of its rubber in order to increase the income from exports.

Phyu Thit Lwin

T

he production of rubber
lacks quality control in
Myanmar at present,

higher prices in the world market, according to sources from
the Myanmar Rubber Planters

and Producers Association
(MRPPA).
“Since the high quality rubber
cannot currently be produced
within Myanmar, the price it is
sold for when exported abroad
is low,” said U Khaing Myint,
secretary of MRPPA. He added
that the amount of high-quality

Vietnam Group Eyes
Kyaiktyo Cable Car
Kyaw Min

A

Vietnamese company has expressed interest in
investing in a cable car project at Mount Kyaiktyo, the site of one of Myanmar’s most famous
sites, the Golden Rock in Mon State, source say.
Oman Investment Fund has already held meetings
with members of the government including members of

Twin and Electric and Industry Minister U Naing La
We Aung.
“Vietnam wants to invest in running a cable car at
Kyaiktyo and establish factories in Mon State,” said
Truong Hoang, adviser for Oman Investment Fund. He
added that the Mon State government had informed
the company that if they wished to make an investthe project.
Located just a few hours from Yangon, the Golden
Rock is one of Myanmar’s most popular tourist destinations, particularly for domestic Buddhist tourists.
Myanmar Summary

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rubber being produced within
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last year and that now, an estimated 20 percent of the rubber
produced is of high quality.
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tonnes were exported, bringing
in $260 million, and MRPPA
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950,000 for 2013-2014.
Myanmar Summary

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How Much Would It Cost to Immunise
All Children in 2014?
As income from natural
resources grows, there’s “an
opportunity” for the Myanmar
government to channel it into
social development and this
could be done “for a relatively
small amount” of government
money, it added.
Ongoing reforms may have
made Myanmar a darling of the
West – a far cry from a couple of
years ago when it was a pariah
state – but the country’s spending on education, health and
social welfare is still measly.

Thin Lei Win

A

ccording to two recent
reports by the children's
agency
UNICEF,
it
would take a mere 0.9 percent
of revenues from two new projects to immunise all children
in Myanmar in 2014 – some 1.5
million under two years of age.
It would cost an estimated
$11.4 million for 6.76 million
doses of vaccines covering a
wide range of preventable diseases and this could be funded
entirely by government revenue
from the Shwe project in western Myanmar and Zawtika in
the south, said UNICEF.
Released in November, the
reports take an interesting
look at how income from
natural resource projects could
rich but impoverished country,
which has emerged from half a
century of brutal military rule.
Analysts and observers have
long
criticised
Myanmar's
management of its immense reserves of gas, oil, gemstones and
timber as “opaque” – the kind
of environment in which kleptocracies thrive as leaders and

year, a huge majority of them
younger than one month, said
the aid agency.
The current immunisation
rate in Myanmar is fairly high
– around 80 percent, although
UNICEF says data isn’t always
reliable – but there’s no reason

why every single child couldn’t
be vaccinated, considering the
amount of money Myanmar is
earning and could earn from
natural resource projects.
“Children are the most
precious resources of the
country. They must be the
reforms,” said Bertrand Bainvel, UNICEF’s representative in
Myanmar, in a report. Reuters
Myanmar Summary

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issues since plans were announced.
The
Myanmar
government has attempted to
convince the Japanese government to play a role in the
project, although it is thought
that Japan is more interested
in the Thilawa project closer to
Yangon.
Villagers in the region have
also complained about the contamination of their water due to
mining in the area.

Khettiya Jittapong/Reuters

how much ITD spent on this
SEZ,” said Set Aung.
Due to the cease of operations

According to reports, less than 1 percent in revenues from two projects, the Shwe pipeline in the west of the country and Zawtika in the south,
would allow all children in the country to be immunised against deadly diseases.

brought about by the review, an
estimated 1,200 local workers
will be out of work until the
work begins, labour leaders
have said.
The project has been hit by

their own , leaving the rest of
the country in poverty.
Despite its natural riches, Myanmar is Southeast Asia's poorest country. About one-third of
its 60 million people live on less
than $1.25 a day.
“Myanmar is blessed with an
abundance of natural resources
which can be turned into meaningful, sustainable, impactful
social investments right now,
starting with children,” one of
the reports said.

world can do this project as the
sole developer. We need to determine how much the ItalianThai company has invested in
this project by a due diligence
assessment,” he said.
International audit companies Ernst & Young, Deloitte
and PricewaterhouseCoopers
(PWC) have been invited to
submit proposals for the due
diligence assessment said Set
Aung, with the work expected
to be completed by April 2014.
According to reports, ITD has
said it invested around $189
million in Dawei and expected
a full reimbursement of those
costs, plus interest.

Reuters

as a percentage of GDP, the
government spent 0.76 percent
on health, 1.46 percent on
education and 0.01 percent
on social welfare, according to
UNICEF. Almost all vaccines
are currently purchased with
donor funds.
Social spending has seen increases in recent budgets but
it’s important to remember the
base was extremely low. Aid
workers said in 2007 that the
government spent only $0.70
per person on health.
“Despite improvements, the
country’s under-5 and infant
mortality rates are the highest
among ASEAN (the Association
of SouthEast Asian Nations)
member countries, and many of
these deaths are preventable,” it
added.
Around
56,000
children

Workers at an industrial site in Dawei region.

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S
d
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aMumif; od&onf/

9


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The Surprising Potential of
Myanmar-Mongolia Relations
Bangladesh, and Laos – that
give it more options than
Mongolia has in this regard.
Both Mongolia and Myanmar
ence of their larger neighbors
by cultivating relations with
other states, including North
America, Europe and Australia.
Mongolia has been pursuing
this course quite successfully
since the 1990s, and Myanmar
has been leveraging its own
newly established democratic
credentials to improve ties with
the West after decades of isolation. Mongolia and Myanmar
are likely to travel similar paths
in this regard.
Notwithstanding all that
potential, there are important

WM

countries that could ultimately
limit cooperation. Dr Julian
Dierkes has produced a handy
table comparing Mongolia and
Myanmar on a number of measures, which highlights their

The Oyu Tolgoi mine, located in the Gobi Desert, is one of the largest copper projects under development.

Brandon Miliate

management

I

Mongolia is widely recognized
as a post-communist success
story, having pursued economic
and political opening simultaneously, surviving the transitions
intact, stable and distinctly
democratic. Today, Myanmar
continues to pursue political
liberalisation, and has been able
to quickly reap the international

n November, Mongolian
President Tsakhiagiin Elbe-

to Myanmar as part of his tour
of Southeast Asia. This was the
of state to Myanmar since diplomatic relations were established in 1956. While in Yangon
and Nay Pyi Taw, Elbegdorj
met with Myanmar’s President
Thein Sein, following which
they released a joint statement
of cooperation.
Elbegdorj also met with Aung
San Suu Kyi, gave a wellreceived speech at the University of Yangon, and met with the
newly established MongolianMyanmar Business Council.
This visit will likely serve as
a starting point to increased
Mongolia-Myanmar cooperation, and support the deepening
of diplomatic and economic
ties.
Mongolian-Myanmar
relaAny comparison of the two
countries would point to a
myriad of potential avenues for
cooperation. Most importantly,
however, is ample scope for
mutual cooperation and policy
learning between Ulaanbaatar
and Nay Pyi Taw on democratic
governance, natural resource

and

foreign

transition, including sanctions
relief and increased economic
and diplomatic ties with the
US and Europe. In this regard,
Myanmar may be able to learn
from Mongolian successes and
pitfalls in how to manage political opening and economic liberalisation. In fact, Thein Sein
congratulated Mongolia on its
successful democratisation and
presidency of the Community
of Democracies in 2012-2013.
Likewise, Elbegdorj noted
Myanmar’s unprecedented efforts at democratisation, and
extended his country’s support
rule of law and human rights.
Mongolia and Myanmar are
leading emerging markets for
natural resources. Mongolia’s
Oyu Tolgoi mine is one of the
largest copper deposits currently under development, while
Myanmar’s largely untapped

supplies of natural gas and
metals has already attracted
the attention of international
businesses, not to mention governments eager to access these
reserves. However, as I pointed
out in a previous article, both
governments are also keen to
balance international invesand both have had to respond
to public demands for transparency and environmental
protections. The potential for
Mongolia and Myanmar to not
only learn from each other in the
but also to coordinate their
policy decisions, was pointed
out by recent pushes for an “M3
alliance” between Mongolia,
Myanmar and Mozambique as
three countries with quickly
growing economies, bordering
BRICS nations, keen to balance
resource investment against
political and societal concerns.
Mongolia and Myanmar already share important foreign
policy and security concerns.
Both are relatively small states
when compared to their large
neighbors. Mongolia has to
contend with its two powerful
neighbors: China and Russia.
Myanmar also borders two
great power neighbors – India
and China – but also a number
of smaller states – Thailand,

internal security challenges,
while Myanmar is still trying to
manage ongoing inter-ethnic
strife in its territory. Myanmar
is a country of 60 million people, while Mongolia has only 5
percent of that number (about 3
million). As a landlocked state,
Mongolia’s trade is limited by
port access and international
infrastructure; Myanmar, as a
coastal state, has more freedom
in this regard. Finally, the sheer
physical distance between them
will limit some aspects of their
potential cooperation.
ences between these two countries, but there are also many
potential venues for increased
cooperation and mutual policy
learning and coordination.
ences, the space between them,
Mongolian-Myanmar relations
ultimately remains to be seen,
but recent developments suggest cause for optimism.
The Diplomat
Myanmar Summary

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k

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a&muf&Sdvmjcif;jzpfonf/
&efueEifh aejynfawmfokYd rGe*vD;,m;
k f S
f kd
or®w a&muf&SdvmcJNh yD; jrefrmEdiiawmf
k f H
or®wOD;ode;f pdeEifh awGUqHum yl;aygif;
f S
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vkyfaqmifa&;udpö&yfr sm;udk aqG;aEG;cJh
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f kd
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a&Smufrr sm;udk [efcsunpm aqmif&uf
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jrefrmEdkifiHESifh rGef*dkvD;,m;EdkifiHwdkY
taejzifh tjyeftvSef twk,lavhvm
p&mrsm; jyKvkyf&mwGif o,HZmwrsm;
tm; pDrHcefYcGJrIomru ay:vpDqHk;jzwf
csufr sm;qdkif&mudkvnf; avhvmoGm;&
rnfjzpfaMumif; od&onf/

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HR Development Key for 2015 AEC: Adviser
Htet Aung

Myanmar Summary

M

yanmar should focus
on boosting its human
resources capacity to
prepare itself for the ASEAN
Economic Community (AEC) in
2015, according to Dr Aung Tun
Thet, the presidential economic
adviser.
“In preparation for the upcoming AEC in 2015, companies
should promote the technology
sector and increase its human
resource capacity,” said Dr
Aung Tun Thet, before adding
that measures should also be
taken to enhance the skill set of
employees.
“Our country is full of natural
resources. If we have enough
money, then the technological

Reuters

Htoo, an entrepreneur. “In this
situation, we face a big challenge when it comes to competing with foreign companies,
so at the present time workers
should focus on being competent in their jobs,” he added.
Employment agencies have
also revealed that they are
expecting an increase in employment fairs in the coming
years, as an increasing number

Coca-Cola is just one of many international companies moving into Myanmar.

of foreign companies look towards Myanmar as a business
destination.
“Before 2015, we will arrange
a number of discussions and
shows that are hosted with the

aim of giving Myanmar youths
job opportunities in foreign
companies,” said Ko Kyaw Zan,
from a Yangon-based employment agencies. “I would like to
advise Myanmar youths to use

BBC to Open Myanmar
Bureau
Oliver Slow

B

anned during the
country’s military
rule, British Broadcasting
Corporation
(BBC), one of the world’s
most recognised media
companies, will open a
bureau in the country
next year.
It was announced last
week that the Ministry
of
Information
had
given permission for the
company to return to the
country.
“There are many BBC
bureaux across the world.
But few are as hard
fought-for as this one,”
said Peter Horrocks,
BBC’s director of global
news on his blog.
The BBC was an unmilitary junta that ruled
the country until 2011,
but the decision to allow

operations within the
country is the latest
in a raft of changes to
the
country’s
media
landscape.
In August 2012, a longstanding pre-censorship
board was disbanded and
formerly exiled media
outlets including Democratic Voice of Burma
and The Irrawaddy have
returned to the country
to begin operations.
Myanmar Summary

ppftpdk;&vufxufwGif ydwf
yifwm;jrpfxm;cJhaom urÇmrS
trsm;qH;k todtrSwjf yKxm;onfh
rD'D,mukrÜPDrsm;xJrS wpfckjzpf

onfh British Broadcasting
Corporation (BBC) onf vm
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aMumif; od&onf/
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tcsKdUrSm vkyfief;vkyfudkifaqmif
&Guf&eftwGuf cufcJaomtae
txm;wGif&SdaeaMumif; bDbDpD
owif;Xme 'g½dkufwm Peter
Horrocks u ajymMum;cJhonf/

these opportunities carefully,
otherwise we cannot compete
with foreign workers who will
come to Myanmar in 2015,” he
added.

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ausmrS axmufjy cJhonf/
f

FEATURE

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Automotive: A New Booming
Sector in Myanmar?
Pongsak Kiatpathomchai

M

yanmar is the second
largest country in
Southeast Asia after
Indonesia but it is one of the
poorest nations in this region.
The country has experienced
changes over the past 50 years
of military rule. The most

election in 2010.

Growth segments
According to the data released
by the RTAD, around 85 percent
of total vehicles are motorcycles
which mainly are Japanese and
Chinese brands. Motorcycles
have a steady growth rate of
8-10 percent per annum and are
expected to continue with this
growth rate in the future. However, passenger car and commercial vehicles which received
import regulation are expected
to have 15 percent growth per
annum in the coming years

From 1998-2008, Suzuki
formed a joint-venture company with the government and
produced 4,800 vehicles. After
that, the permit was cancelled
by the government. Approximately 8,500 units were
produced during 2008-12 by
JVs with the government and
Cherry, Tata and Isuzu.
In 2013, the automotive production industry has started to
global players foreseeing higher
demands of passenger cars have
planned to build either showrooms and/or manufacturing
sites in Myanmar of which the
market’s key players are the
Japanese brands.
On the other hand, Nissan
is partnering with Tan Chong
Motors to build the largest
automobile assembly plant in
Myanmar. The new plant will
open in the Bago region in 2015
to produce Nissan Sunny cars.
With 300 workers, it will have a
capacity to assemble more than
10,000 vehicles a year.
TTAS, a joint venture between
Toyota Tsusho Corp and local Aye and Sons has recently
opened its second service center
in mid-2013 in Shwe Than Lwin
Industrial Zone in Hlaing Tharyar township. By the end of this
year, there will also be a Toyota
service centre in Mandalay.
showroom by a consortium of
four companies in May 2013:
Mitsubishi Motors, Mitsubishi
Corp, Yoma Strategic Holding
and First Myanmar Investment.
The group also plans to establish service centres in Mandalay
and Nay Pyi Taw in the future.
Other global car makers are
also jumping into Myanmar.
Ford Motor Co partnered with
RMA Group and Capital Diamond Star group to open a new
Ford show-room provides a full
range of activities from sales
and service to spare parts.
General Motors has recently
Pte Ltd, an existing exclusive
dealer of Chevrolet and Opel
Motor Ltd, a local distributor
of pharmaceutical products, in
mid-2013 for the distribution,
sales, and service of Chevrolet
vehicles in Myanmar. No clear
dates have been announced as
of when it will operate.
The most recent move is
Volkswagen which opened its

Damir Sagolj/Reuters

Relaxing regulations
The vehicle import regulation
was relaxed after the election
during 2010-11 by making
easier the import of commercial vehicles; trucks over
three tonnes and buses over
15 seats. However, major lifts
started from September 2011
when the breakthrough rule
implemented – the “Old car
substitution program” – allowing the application for car import permits to substitute older
cars (initially those 20-40 years
old) for newer models (those
manufactured after 1995).
From May 2011, any Myanmar citizen aged 18 years and
up could import one unit of
passenger car under his/her
own name, only for personal
usage. The imports of passenger
car for commercial purposes
were still limited. As a result,
the latest lift was implemented
from May allowing individuals
or companies to import light
trucks less than three tonnes.
Currently, in Myanmar there is
no import limits on any kind of
vehicle for commercial purpose.
The changes in import regulations resulted in the number of
total vehicle registration jump
from around 2 million units
(before 2010) to 3.8 million
units up to July, according
to the Road Transportation
Administration
Department
(RTAD). However, within the
four wheelers population, all of
the vehicles are still used cars
imported mostly from Japan.

compared to only 4-5 percent
growth before 2012, as analysed
by Solidiance, an Asia-focused

A seller waits for customers at a saloon for newly imported cars in central Yangon. Saloons with newly imported vehicles recently mushroomed
across the country offering everything from Indian micro cars to super expensive Rolls Royce models. It is much easier and cheaper to import
cars nowadays. The incredibly complicated and expensive procedure has been replaced with something more affordable. As Myanmar opens up,
the most immediate physical changes are on its streets, as new cars begin plying roads long dominated by rattletrap buses and rusting taxis.

October through a partnership
– although non-exclusive –
with Yoma Strategic Holdings.
More carmakers from China,
India, and Korea are also eyeing the Myanmar market. All
investments from car makers
will be developing the market
to speed up the growth in the
years to come.
Given that the automotive
industry has only just begun,
the selection of a good local
in this initial stage as they understand market characteristics
and consumer behaviour in a
way that most newcomers do
not. Not only foreseeing a lot of
sales promotional campaigns
in the short term, Solidiance
also expects to see all players
educating the market about the
importance of after sales services by coming to authorised
service centres and/or using

genuine parts in the long term.
As a result, marketing communication about maintenance
costs can be seen when local car
sales is reaching to a limit.
Automotive lubricants
gain interests
Thanks to the potential
growth of the auto industry, the
related products like lubricants
have drawn high attention from
global brands. Currently, there
are more than 200 lubricant
brands registered in the market.
Solidiance projects that the
market size of automotive
lubricants which was 52 million litres in 2012 would reach
80 million litres in 2016 as a
consequence of vehicle growth.
The majority of Myanmar
people go for cheap lubricants
(non-synthetic), but updating
cars to newer car models would

“The changes in import regulation
resulted in the number of total vehicle
registration from around 2 million
units (before 2010) to 3.8 million units
up to July.”

Myanmar Summary

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NyD ; td r f o H k ; twG u f o mjzpf a M umif ;
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&&SdEdkifcJhonf/ ,cktcg jrefrmEdkifiHwGif

FEATURE

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make the market aware of better
quality. Owners of vehicles from
2007 and after are now no longer using mineral as they used to.
Asian brands particularly from
Singapore, Thailand, China and
Korea are the strongest players
in Myanmar’s lubricant market,
but the global brands have now
entered the market to sell their
products through joint ventures
with the local distributors, as
opposed to establishing their
own operations in the country.
However, strong players in automotive lubricants are mostly
Asian brands particularly from
Singapore, Thailand, China and
Korea.
An obvious challenge encountered in the lubricant market is
tion on promotional campaigns
such as free gifts and lucky
Reuters

tions are getting more prevalent
to the eyes of customers, it is
cant companies particularly in

Cars at an auto showroom in Myanmar.

its brand positioning.

the Senior Consultant at Solidiance, an Asia-focused growth

Still some time to boom
Overall, the Myanmar automotive market outlook is positive – thanks to the loosening of
regulations, growing industry
and investments from global
players. However, high-end
vehicles and related products
will not be growing anytime
soon and will remain a small
market when compared to the
other ASEAN countries. Used
vehicles and entry-level level
cars will remain the majority
of the market. Players of after
sales products like auto parts
and lubricants are still playing
on pricing and promotions.
From a business perspective,
the few years from now are the
years to set up the automotive
businesses in Myanmar until
the real boom takes place in the
next 10 years.

expertise centred on automotive/industrial
application,
technology, healthcare and
green technology.

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litres in 2016 as a consequence of
vehicle growth.”
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REGIONAL BIZ

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Martin Petty

A

with record 22.3 percent growth
from January to October in
tourism, a sector accounting
for 9 percent of gross domestic
product (GDP), and big infrastructure spending.
That
could
be
wishful
thinking.
Images of streets crammed
with whistle-blowing demonstrators seeking to topple Prime
Minister Yingluck Shinawatra
jar with "Amazing Thailand"
tourist advertisements. About
16 billion baht ($497.82 million)
has been lost through holiday
cancellations this month alone,
just as peak season begins, says
the Tourism Ministry.
The protests could also add to
delays in the injection of 2 trillion baht ($62 billion) into the
economy through infrastructure projects that have been on
ice for months, bogged down in
legal limbo from an opposition
party challenge.
"Real concerns come via
further delays in infrastructure
spending and impact on tourism, the two most likely drivers
of Thai GDP next year," Credit
Suisse economist Santitarn
Sathirathai wrote in a research
note.
"These two components are
likely to be sensitive to political
and government stability," he
said, adding that a snap election
could return a weaker coalition
that would struggle even more
to push through big spending
plans.
Thailand's baht currency, now
the fourth-weakest in Asia, is
another factor. Even before the

has seen governments toppled,
protesters shot, buildings and
buses set ablaze, and airports
and shopping malls seized by
demonstrators.
cial markets typically swoon
and rebound.
The bloodiest political violence in a generation erupted
in April and May 2010, but
that year; stocks rocketed
40.6 percent and the economy
bounded ahead by 7.8 percent,
its best growth in 15 years.
Private investment jumped 14
percent and exports rose nearly
30 percent.
Tourists returned to Thai
beaches in near-record numbers, up 12 percent that year.
"The majority of foreign
investments are not in Bangkok," says Teeranan Srihong,
president of Kasikornbak Pcl,
referring to the manufacturers at the heart of Thailand's
economy whose factories stud
surrounding provinces.

Reuters

s anti-government protests roil Bangkok, the
president of Thailand’s
largest petro-chemical company is already seeing scattered
disruptions to business.
"We have taken into account
the possibility of prolonged
political problems and we think
it could hurt our businesses
next year," said Bowon Vongsinudom, president of PTT Global
Chemical Pcl, after days of protests including the occupation
of the Finance Ministry.
While Thailand’s economy,
Southeast Asia's second largest,
typically shows remarkable resilience to political turbulence,
there are factors this time
around that suggest the unrest
could exacerbate already softening business conditions.
Consumer
spending
has
slumped this year and exports,
worth 60 percent of Thailand's
ging amid weak global demand.
The government had pinned its

protests, it looked vulnerable
to the US Federal Reserve's
expected winding down of its
$85 billion a month monetary
stimulus measures.
The monthly correlation
between the baht and 2-year
US Treasury yields has been
at record highs, which means
the currency already looks
ripe for a fall when the Fed
eases its stimulus measures. So
foreign investors who poured
into Thailand over the past six
months as they avoided more
troubled markets such as Indonesia and India now have two
reasons to leave: higher U.S.
rates and domestic political
concern.
Political turmoil isn't always
a drag on Thailand's economy
which has weathered eight

Anti-government protestors march through downtown Bangkok.

government demonstrations.
But Bajoria acknowledges
there are some risks.
"If there's an escalation or
a snap election called, then it
would create uncertainty that
would certainly make people
edgy for a while," he said.
Thailand's latest economic
data - a snapshot of the economy
before the protests - have been
largely worse than economists
expected, with factory output
declining for a seventh successive month in October, down
4.08 percent from a year earlier
and a month-to-month decline
of 0.85 percent.
Exports fell 0.7 percent in October from a year earlier and the
central bank on Wednesday cut
its 2013 GDP growth forecast to
3 percent, from a scaled down

“Images of streets crammed with
whistle-blowing demonstrators seeking to topple Prime Minister Yingluck
Shinawatra jar with “Amazing Thailand”
tourist advertisements.”
"Thailand will be an attractive
destination for foreign investors over the long term."
There's a nickname for
Thailand".
"Those who follow Thailand
are aware how it has bounced
back and right now, I don't see
any major negative impact," said
Rahul Bajoria, an economist at
Barclays Capital in Singapore,
referring to six days of anti-

3.7 percent seen last month.
Its surprise quarter-point
interest rate cut to 2.25 percent
stretched the baht's losses to
0.3 percent to a 10-week low of
32.10 to the dollar on Wednesday and economists expect a
further weakening as foreign
Foreign investors sold a net
$1.5 billion in Thai shares this
month. But these pressures
were well in place before the

protests took hold.
Viboon Komadit, chief marration, which runs Thailand's
biggest industrial zone, said
investors were prepared to
weather political storms.
"We've been through Thai
political turmoil for years,"
Viboon told Reuters. "The
international community will
understand, political volatility
is part of development under a
democratic system."
Reuters
Myanmar Summary

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rlwnfaeaMumif;vnf; od&onf/

REGIONAL BIZ

15

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China Imported Gas Price Hike May Boost Imports
gas shipped in tankers, domestic sales prices would be 31.45
yuan per gigajoule, according
to the MOF, which industry experts converted to around 1.20
yuan per cubic metres.
The price adjustment is an
apparent follow-up to Beijing’s
move in June to raise gas prices
for wholesale distributors selling to non-residential users by

Chen Aizhu and Judy Hua

C

hina has hiked the price
of imported natural gas
by more than a quarter
backdated to July 1 as it tries
to encourage more deliveries
by pipeline and ship to cover
a winter shortage of the fuel,
industry experts said.
The world’s top energy user
has been in a severe gas shortage since early November that
has forced rationing and the
suspension of supply to some
industries as it tries to guar-

to a statement on the Ministry
of Finance website.

narrow its losses from selling
imported gas below cost and
lion yuan ($3.27 billion) every
year from 2014.
PetroChina recorded a loss of
42 billion yuan last year for sell-

Shamil Zhumatov/Reuters

and transport use.
“This is a small step in domestic gas pricing reform toward
ensuring adequate supplies of
gas in what could be a colderthan-expected winter,” said
Gordon Kwan, head of oil and
gas at Nomura Research.
Beijing is also expected soon
to introduce other reforms in
pricing the cleaner-burning fuel
to boost imports and encourage
the development of China’s
shale gas resources.
The average sales price for
imported pipeline gas will be set
at 1.11 yuan ($0.18) per cubic

national scale in three years.
Top oil and gas producer
PetroChina said in August it

low prices as mandated by the

A Chinese worker walks past gas taps of the Kazakh stretch of the new 1,833-kilometre
outside Almaty.

The ministry did not provide
a comparison, but based on a
previous rate of 0.88 yuan per
cubic metre set in July 2010,
this would mark a 26-percent
increase.
“It (the price increase) will

help big gas importers like
PetroChina mitigate their losses
from selling Central Asia gas
and LNG at below cost,” Kwan
said.
ral gas (LNG), or super-chilled

Banco do Brasil Looks to Asia for
$1 Billion Loan, Sources Say
Guillermo
Parra-Bernal

S

tate-controlled Banco
do Brasil SA, Latin
America’s
largest
bank by assets, is in talks
with a pool of lenders to
raise at least $1 billion in
a syndicated loan transaction, two sources with
knowledge of the deal has
said.
Banco do Brasil is seeking to attract Asian investors to the deal, said one of
the sources, who declined
the transaction is in the
works. A second source
said the loan would have
two portions of three and
four years, respectively.
if market conditions turn
out favorable, the amount
raised could go "north of
the $1 billion mark." None
of the sources detailed the
targeted cost of borrowing
for both tranches.
The second source added
that the Asia-based units

of JPMorgan Chase &
Co, NP Paribas SA, HSBC
Holdings Plc and Standard Chartered Plc were
a chance to participate in
the deal. Banco do Brasil
declined to comment on
the loan plans.
Many Brazilian companies are actively marketing fundraising deals in
international
debtmarkets before the end of the
year, with state-controlled
oil producer Petróleo
Brasileiro SA and mining
giant Vale SA considering
the sale of global bonds
within weeks.
Vale, Petrobras and
Banco do Brasil could
obtain fresh funds for
investments and other
corporate purposes earlier than usual to mitigate
fundraising risk ahead of
the presidential election
in Brazil next October and
the US Federal Reserve's
expected tapering of years
of monetary stimulus.
Reuters

Myanmar Summary

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NP Paribas SA , HSBC
Holdings Plc ESifh Standard
Chartered Plc wdkY tm&S

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PetroChina imports LNG
and also operates the country’s cross-country gas pipelines from Central Asia and
Myanmar.
China, the world’s fourthlargest gas user, is encouraging
greater use of the lower-carbon
fuel, with consumption set to
triple by 2020.
Reuters

Myanmar Summary

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f S

REGIONAL BIZ

16

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Work Ethic, Comic Hero Make Koreans
Hot Shots in Car Design

Myanmar Summary

Norihiko Shirouzu
and Hyunjoo Jinwon

I

n today’s auto industry,
where famed Japanese
quality and durability are
increasingly a given, design is
king and, among designers,
South Koreans are hot property.
From General Motors’ bold
Chevrolet Camaro to the quintessential British gentlemen’s
Bentley, more top models

at automakers in the United
States and Europe, and even
at Toyota Motor, as well as, of
course, at Hyundai Motor and
Kia Motors.
Theories for this Korean wave
vary: from Hyundai’s rise and
the nation’s work ethic, to a
societal emphasis on external
beauty – Korea has a thriving
cosmetic surgery industry – and
the impact of a 1990s comic
book and TV series called “Asphalt Man”, which starred local
heartthrob Lee Byung-hun as a
young car designer. The aspir“a lot of kids, including me, at
the time,” said Sangyup Lee,
who is in charge of exterior
design and advanced design at
Bentley’s main studio in Crewe,

Lucy Nicholson/Reuters

of a group of designers from
South Korea, which some have
dubbed “Asia’s Italy” for its
impact on car design, fashion
and aesthetics.
As competition in the industry
becomes ever more cut-throat,
partly as gaps in quality and
technology narrow, automakers
need bolder, edgier designs to
ent pool, South Koreans stand
out.
Designers, including Sangyup
Lee, Jinwon Kim and Jay Jong-

College of Design in Pasadena, California.

in northwest England.
Four years ago, Lee led a
Korean-Russian-Brazilian team
that redesigned the new Camaro for launch by GM in 2009.
He later moved to Volkswagen
and then to the German group’s
Bentley unit. Another member
of the Camaro team was Steve
Kim, a Korean native, who is a
director at GM’s design studio
in Seoul. The two used to work
in the basement of Lee’s house
in a Detroit suburb, often late
into the night tossing around
to conjure up the new Camaro.
At GM, the Detroit automaker
that bought failed Daewoo
Motors in 2002, close to three
dozen Koreans are among
several hundred professionals
working at the main US studio
in Warren, Michigan – and are

“K-team”.
Tim Lee, GM’s global manufacturing chief and China unit
chairman, says most global
brands are now equally capable
on quality and technology.
“What sets us apart? Great design and (economies of) scale,”
he said, noting a successful auprices.
At Toyota, Jinwon Kim led
the design of the FJ-Cruiser,
an edgy sport utility vehicle.
Mercedes-Benz designer Hubert Lee, American-born but
who grew up in Seoul, masterminded the styling of the CLS
luxury coupe, and Jay Jongwon
Kim is a rising talent at Opel,
one of the design brains behind
the Monza concept car that won
plaudits at this year’s Frankfurt
auto show.
“Koreans are extremely good
designers, well trained and

disciplined,” said Chris Bangle,
a former BMW design chief who
now runs a design consultancy
in Italy.
Bumsuk Lim, a Korean native
and a professor of car design at
the Art Center College of Design
in Pasadena, California – widely
regarded as the Harvard of auto
design – says the rise of Korean
designers is a result of a turn in
the global industry. “In most
mature markets people have
moved on and cars are generally nothing more than a means
of transportation,” he said. “In
Korea and, increasingly, China,
people still dream of owning
cars and they’re considered
a status symbol,” making car
design a desirable profession.
In a typical class of 12-15 students at the Art Center, more
than half are Asian, and half of
those are Korean, noted Lim,

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d

REGIONAL BIZ

17

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Macau’s Junket Operators Prowl
SE Asia to Expand VIP Business

Reuters

Wealthy
Chinese
gamblers are a growing presence in Asia’s
emerging casino hubs
as Macau's junket operators use their home
base as a springboard
to grow their highroller business across
the region.
"The junkets are very
aware and are looking
all over Asia to expand.
It's the biggest expansion phase ever right
now," said Ben Lee,
Asia gaming consultant
at Macau-based consultancy IGamiX.

A gambling table at a casino in Macau.

Farah Master

O

Solaire’s plush oceanfront casino in Manila,

the dealers speak Mandarin,
the players are Chinese and revenue from high-roller gamblers
is rising rapidly.
"It's almost not in the Philip-

pines. It's more like you're
in Macau," says Francis
Hernando, the Philippine gaming body's vice president for
licensed casino development.

just one way the junket
operators - which earn
commissions
from
casinos to attract "big
whale" gamblers - are
responding to pressures at home as Beijing strives
to turn Macau into a massmarket tourist destination.
Caps on the supply of gaming
tables that Macau's casinos can
install and new rules that make

it harder for wealthy punters
to remain anonymous are
two of the regulatory changes
prompting the junkets to alter
their business model.
As a result, the proportion of
Macau's gaming revenue from
VIPs has fallen to its lowest
share since 2006, while spending by middle-class, massmarket gamblers - who do not
rely on Macau's idiosyncratic
junket system - is surging.
Armed with extensive customer networks and deep pockets
thanks to monthly turnover of
up to $9 billion, the junkets are
now trying to repeat the Macau
formula in countries such as
Cambodia, the Philippines and
Vietnam.
Suncity, Heng Sheng Group,
David Group, Tak Chun, Jimei
Group, Golden Group, Mega
Stars and Golden Dragon are
some of the Macau junket operators scouting opportunities
overseas.
Emerging casino hubs in
Southeast Asia have lower

INTERNATIONAL BIZ

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Holiday Weekend Sales Dip on Discounts,
E-Commerce Jumps
H

eavy discounting took
a toll on US retail sales
during the Thanksgiving weekend as shoppers spent
almost 3 percent less than they
did a year earlier, according to
data released by an industry
group.
That could be an indication of
retailers. One bright spot this
weekend, according to the data,
was e-commerce as online sales
soared.
The National Retail Federation (NRF) estimated the average shopper spent $407.02 over
the weekend, or 3.9 percent less
than during the same weekend
last year, because of lower prices it said would persist through
the rest of the season.
"Retailers will continue to
aggressively promote their
looking to entice today's very
budget-conscious and valuefocused shopper," said NRF
Chief Executive Matthew Shay.
The NRF said 141 million people went shopping at least once
during the holiday weekend, up
from 139 million last year. But
total spending was expected to
reach $57.4 billion for the fourday period - which includes
Black Friday, the biggest shopping day of the year - down 2.8
percent from $59.1 billion over
the same weekend in 2012.
The big deals will also dent
"Sales will go up, but gross
margins are going to be down.
Doorbusters were what people
were shopping for, more than
Ron Friedman, retail practice
Marcum LLP.
The Thanksgiving weekend
is an early gauge of consumer
mood and intentions in a season
that generates about 30 percent
of sales and nearly 40 percent of

But many have given modest
forecasts for the quarter. WalMart Stores Inc said it expects
no growth in its US comparable
sales, and Macy's Inc didn't
raise its full-year sales forecast
despite strong numbers last
quarter.
The shorter holiday period
this year - there are six fewer
days between Thanksgiving and
Christmas compared with 2012
- prompted retailers to begin
earlier than usual, something
Shay said likely pulled some
the week.
The NRF stuck to its forecast
for retail sales to rise 3.9 percent for the whole season.
Chad Hastings, the general
manager of Town East Mall in
Mesquite, Texas, near Dallas,
said shoppers were even more
focused this year on specials,
noting a higher correlation between the timing of doorbusters
his mall over the weekend.
"Retailers are doing whatever
they can to get that wallet share
earlier," Hastings said. Town
East Mall's anchor tenants include J.C. Penney, Macy's and
Sears.
ComScore Inc, an analytics
17.3 percent on Thanksgiving
and Black Friday, outpacing
sales growth at brick-andmortar stores. ComScore has
forecast a 16 percent jump in
online sales for the season,
helped by greater use of mobile
devices.
The most visited e-commerce
sites in order were those of
Amazon.com Inc, eBay Inc,
Walmart, Best Buy Co Inc and
Target Corp, comScore said.
Retailers are also being aggressive online as they look to
which falls on December 2 this
year. Cyber Monday is the biggest sales day of the year for
e-commerce.

“Retailers will continue to
aggressively promote their
in-store and online offerings,
looking to entice today’s very
budget-conscious and valuefocused shopper,”

Reuters

Phil Wahba

Shoppers walk past a Barneys store in New York.

J.C. Penney Co Inc and Macy's
were among retailers that had
already begun their "Cyber
Monday" sales on Sunday,
looking to keep the momentum
going. Target was calling the
occasion "Cyber Week."
The NRF predicted 131 million
Americans would shop online
on Cyber Monday, compared
with 129 million last year.
found overall shopper trafFriday fell 5.2 percent and that
ent stores, doing more online
research beforehand.
But shoppers spent more
money in the stores they did
go to, and Shelley Kohan, vice
president, retail consulting at
RetailNext, said that a website
good enough to make shoppers
want to visit a store is more
crucial now than ever.
"Shoppers have more options," Kohan said.
Reuters

Myanmar Summary

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INTERNATIONAL BIZ

19

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GrainCorp Rejection Tarnishes Australia’s
Reputation as “Open for Business”

Reuters

The US is the largest foreign
investor in Australia, with a
stock of foreign direct investment approaching $150 billion.
Marquardt said he recognised
the ADM decision was a statistical anomaly, but "nonetheless
we are concerned about its
impact."
Of major concern is the role
played by politics and public
opinion in the ADM deal. The
purchase had previously been
approved by Australia's competition regulator and analysts
had expected it to proceed.
But it was unpopular with
farmers and many voters and
had stoked divisions between
Abbott's Liberal Party and its
junior partner, the rural-based
National Party.
"The new government is seemingly more sensitive to factors

in the country.

Jane Wardell

A

ustralia's "open for business" sign is swinging
precariously in the wind
after the government blocked
a A$2.8 billion ($2.6 billion)
takeover of GrainCorp by US
agribusiness giant Archer Daniels Midland (ADM).
The surprising decision to bow
to pressure from grain growers is likely to spook foreign
investors, who already think
that pushing a deal through in
Australia is tough, international
lawyers and bankers who work
in mergers and acquisitions
said.
Treasurer Joe Hockey rejected
the deal - the third-biggest
takeover by a foreign company
in Australia to be blocked - after
the Foreign Investment Review
Board (FIRB) had failed to reach
a consensus recommendation.
Citing national interest, Hockey said domestic grain growers
were concerned the takeover of
a company handling a third of
Australia's wheat production
would reduce competition and
impede their businesses.
Although the rejection does
not set a legal precedent because prospective foreign deals
are judged by FIRB on a caseby-case basis, it reinforces the
perception Australia is not as
open for business as it likes to
think.
"We need to be careful about
the message we are sending,"
said Malcolm Brennan, a spe& Wood Mallesons, where he
advises clients on Australia's
foreign investment regime.

"There are so many myths out
there and we are in competition
with others for deals."
In reality, FIRB passes the
vast majority of deals it reviews.
It rejected just 13 of more than
2012, all related to real estate.
for Australia's Warrnambool
Cheese and Butter Factory
Holdings Ltd, Canada's largest
dairy maker Saputo Inc found
its A$515 million bid quickly
waved through by the FIRB.
Aware of the potential repercussions of the ADM rejection,
Prime Minister Tony Abbott
said he wanted to "make it absolutely crystal clear that we are
open for business, we are open
for foreign investment".

a deal goes to FIRB it is the end
of the deal," said Brennan.
Scott
Weldon,
director
research and trading at Duxton Asset Management in
Singapore, said the bid was
rejected on "potentially reasonable grounds" because of
GrainCorp's national strategic
importance and dominance in
the market.
"We would hope this does not
ing smaller foreign investments
into the agricultural sector,"
Weldon said. Duxton manages
around $430 million in agricultural assets for its clients.
The American Chamber of
Commerce in Australia said
it was very concerned about

“We would hope this does not
reflect a change for policy affecting smaller foreign investments
into the agricultural sector,”

and smaller farmers' ability to
do business, which constitute a
large portion of their supporter
base," said Weldon, of Duxton
Asset Management.
Parallels could be drawn with
the intense political debate that
surrounded the landmark $15.1
billion acquisition of Canadian
company Nexen Inc by stateLtd earlier this year.
That purchase resulted in a
policy backlash by the Canadian
government, which raised the
bar for future acquisitions by
state-owned enterprises of its
vast oil sands reserves, limiting
them to minority stake holders.
Adam Strauss, a partner at
Herbert Smith Freehills, a law
Ltd in a potential buyout by
its Chinese parent, Yanzhou Coal Mining Co Ltd , said
the ADM decision highlighted
the need to play a political as
well as an investment game.
"I think a lesson for foreign
investors is really about managing stakeholders in the media
and politics so you don't lose
control of the way the deal is
perceived," Strauss said. "ADM
probably lost control of the
debate and failed to win those
stakeholders over in terms of
Reuters

foreign investment applications
since his conservative Liberal
Party-led Coalition government
took power in September.
the reality does not weigh heavily enough on the perception.
"Chinese and other Asian
investors are of the view that

the signal the ADM decision
sends to other potential foreign
investors.
"Like many others, AmCham
had been watching this particular investment application
carefully, knowing it would
inevitably have a real impact on
American and foreign perceptions of Australia as a place to
invest," Niels Marquardt said.

Myanmar Summary

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Myanmar Business Today - Vol 1, Issue 45

Myanmar Business Today - Vol 1, Issue 45

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Myanmar Business Today - Vol 1, Issue 45