||Asean Affairs 15 July 2013
Thai bourse and KPMG support Thai business investment in Myanmar
The Stock Exchange of Thailand (SET) and KPMG hosted a seminar on the legal system and accounting practices in Myanmar for listed companies, financial advisors, legal advisors and auditors to prepare for business expansion into Myanmar.
Today, SET and KPMG, one of the world’s leading audit firms, jointly organized a seminar titled “Interesting Issues Related to Myanmar’s Legal and Accounting Practices” to offer information and insights about legal and accounting practices of the CLMV countries (Cambodia, Laos, Myanmar and Vietnam), which is a potential growth market, continuously attracting foreign investors into their manufacturing and marketing sectors. The Thai bourse plans to organize seminars to further promote Thai business expansion into regional countries, which is in line with its strategy to make Thailand the “Gateway to the Greater Mekong Subregion” and the center for connecting investment with regional countries having high growth potential. Today’s seminar was well-received by firms, which have been aware of the need to prepare investment plans, as well as professionals who expect to work with companies expanding into Myanmar.
SET Executive Vice President Chanitr Charnchainarong said: “The Thai bourse continues to encourage local businesses to expand into the region, especially Myanmar, which has recently been the most popular trade and investment destination for foreign investors. The government of Myanmar has been developing its financial system and related infrastructure to facilitate the entry of foreign investment and businesses. So far, a number of Thai companies have made headway into Myanmar, while others are preparing themselves. Thai firms have been enjoying considerable advantages over rivals from other countries in terms of familiarity and confidence in Thai products, after consumers in Myanmar have enjoyed various Thai goods for a long time.”
“At the same time, SET is ready to be a place for fund-raising to help local companies expand aboard, both for new investment and expansion of existing projects. Regulations were amended in late 2012 to allow Thai businesses to utilize the Thai capital market to raise funds for expansion abroad. Amending SET rules to allow listing of holding companies with foreign-based core firms supports regional business growth.”
Yasuhide Fujii, Managing Partner of KPMG Advisory (Myanmar), added: “At the beginning, parts of the process might not be as smooth as they should have, but Myanmar is really developing in many ways towards international standards. The contents discussed in today’s seminar will benefit participants, who can use all information in pushing their organizations to grow further. A number of companies from various countries have already set foot in Myanmar and Thai operators should not waste any more time and miss an important business opportunity.”
Wirat Sirikajornkij, Partner, Tax Head of Legal services, KPMG Thailand, said: “The government of Myanmar has adjusted laws and procedures to attract investors into the country. Therefore, we all should monitor the situation there closely, because complying with local laws or hiring any advisor with accurate knowledge about Myanmar will definitely make everything much easier.”
SET is standing ready to promote and support Thai businesses to expand into regional countries through its “Gateway to GMS” strategy. Furthermore, this year, SET will organize “Thailand Focus 2013 – Connecting to New Investment Frontiers” in order to restate the country’s significant role in the Greater Mekong Subregion, especially in the areas of manufacturing and finance.