Myanmar opposition leader Aung San Suu Kyi has called for responsible investment that would lead to inclusive growth in the underdeveloped Southeast Asian nation, the first time that she has publicly laid out her economic priorities in a speech closely watched by foreign investors.
Myanmar, which has seen a huge increase in inflows of foreign investment since it began transitioning from military rule to democracy three years ago, is gearing up for general elections in 2015. Though she will not be able to run for president under Myanmar's current constitution, Ms. Suu Kyi has clearly stated her intent to run for the top post. A government-led committee has been formed to amend the document - making it crucial for top investors to understand the likely shape her economic policies will take, should she become Myanmar's leader in two years.
Speaking to hundreds of investors and corporate executives in Singapore on Saturday, Ms. Suu Kyi urged businesses to push for transparency in their dealings with Myanmar enterprises.
"I am asking for caring, intelligent investment," said Ms. Suu Kyi. "We've got to look to rural development, to small and medium enterprises," to ensure equitable growth and development in Myanmar, she added.
Many foreign investors now only work with the biggest Myanmar companies, often complaining about a lack of skilled workers or competent small businesses to partner with. Ms. Suu Kyi's comments signalled her intentions to lift Myanmar's local businesses and develop its largely agrarian society, areas that some investors - particularly those interested in large scale, lucrative infrastructure and energy projects - might be hesitant to enter.
Ms. Suu Kyi was speaking at the Singapore Summit, held for the second year in the city-state, bringing together diplomats and business leaders from the Association of Southeast Asian Nations to discuss growth and development in Asia.
Her audience included regional executives of U.S. banks Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch, global giants General Electric, GlaxoSmithKline and Exxon Mobil as well as crucial regional business leaders like James Riady, chief executive of the Lippo Group and Ratan Tata, chairman of Tata Sons Ltd.
Ms. Suu Kyi, in a half-hour long keynote address, also referred to Myanmar's resources - its huge oil and gas, timber, tin and copper reserves, to name a few - as both a benefit and a curse for the country.
"Sometimes I wish we hadn't had (such rich energy reserves)," she said. "I want to depend on our human resources, on the resources that come from unity and understanding."
These energy resources remain one of the most attractive investment opportunities for many global corporations and particularly for Myanmar's neighbors, including China.
Chinese corporations are involved in many large-scale energy projects in the country, including a $2.5 billion oil & gas pipeline, completed this year, capable of supplying 440, 000 barrels of oils a day and 12 billion cubic meters of gas to China's southern Yunnan province. Other planned Chinese projects, particularly the Myitsone dam in the northern Kachin state, and a copper mine development in Monywa, central Myanmar, have been met with much opposition and controversy.
Rural communities in Myanmar continue to be afraid of the potential environmental impact of these large projects, and the subsequent impact on their livelihood. The Myitsone dam project was suspended in late 2011, though China hopes to restart the project under Myanmar's new government in 2015 and a committee, backed by Ms. Suu Kyi, recommended the copper mine project go ahead though it was met with months of sustained protests last year.
As in other high-profile speeches, Ms. Suu Kyi continued to criticize Myanmar's current government of not having done enough to materially change the lives of many of Myanmar's rural communities, and said that the country's leaders have also not pushed hard enough for peace between all ethnic groups.
"When we talk about Burma in transition," she said, using the colonial name of the country before it was changed by its military government in 1989, "I would like national reconciliation to be at the top of the list."
"I am afraid that there are members of our government who think of the transition in economic terms," said Ms. Suu Kyi, "But I think that the success of our genuine reform would depend on how much inclusiveness we can create in our society."
By SHIBANI MAHTANI
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