Positive shift
MYANMAR has already done a lot to reconnect with the international community and win investment, but return to democracy is not complete and more political and economic reforms are needed, its trade minister said. Myanmar has opened up to the outside world with astonishing speed since a civilian government took of ce last March after ve decades of army rule, releasing political prisoners and launching democratic reforms.
The prospect of the end of Western sanctions has prompted a surge of interest from investors who view the former Burma as one of Asia's last "frontier markets."
But asked whether he thought Myanmar has done enough to get US sanctions lifted, U Soe Thane said: "A lot of things we have done, but many more we have to do in the near future. The democratic process is not nished yet."
"We have a lot of things to reform and lots of things have to change: laws, regulations and institutions, not only in the political sector but also in the economic sectors."
U Soe Thane, who leads Myanmar's rst of cial delegation at the World Economic Forum after ve decades of isolation, said he was encouraged by dozens of meetings with leaders and executives at the annual gathering.
"I met a lot of people here, other ministers and CEOS, more than 20, and we discussed co-development," he said.
"Our location, our market and resource potential are important for them so they are willing to invest in our country."
Nobel Peace Prize winner and opposition leader Aung San Suu Kyi said in video address to the forum earlier last week that the minister's presence was a sign of positive changes in the country.
She said the nation has not yet reached its "great transformation," but an election in April could bring that point closer and preparations for the polls kept her from attending the summit.
Years of economic mismanagement by the military coupled with US and European sanctions have left the economy in tatters with infrastructure that is rudimentary at best and about a third of its 60 million people living on a dollar a day.
But the country’s rich gas deposits and other natural resources, large and young workforce, and a potential as a tourism destination barely touched by development are making it an attractive target for companies seeking to grow while mature economies struggle.