Nyo Myint on Myanmar’s potential | KBZ Group | Video

Transcript

50 years back and Myanmar was the Pearl of Asia – one of the region’s leading economies. While most of its neighbours have seen their economies skyrocket, Myanmar languished, and now has Southeast Asia’s lowest per capita GDP. But times are changing. Nyo Myint, Senior Managing Director from KBZ Group discusses the challenges Myanmar faces today, and how KBZ Group’s CSR activities are contributing to the country’s success.

World Finance: Nyo; tell us, what are the challenges that Myanmar faces today?

Nyo Myint: Myanmar faces major challenges in political, economic, and also social arenas.

In the political arena, we have transitioned from a military government to a democratic government very recently. Therefore we have many political challenges, but we believe we are now on the right track. Political prisoners have been released, and our government has re-engaged with international communities. Now we are in the process of developing a people-centric government to move the nation forward.

For the economic arena, the major challenge is to create a fully developed financial sector. Now the Central Bank of Myanmar has recently been granted full autonomy, after the separation from the Ministry of Finance. I believe a strong financial sector will create a vibrant economy for the country.

For the social sector, we have to focus on solving the ethnic conflicts in Myanmar. We have many minorities with diverse religious beliefs and cultural differences; it is very important to create a more harmonious society in order for the country to grow.

World Finance: And tell me more about the economic arena; what potential is there for growth, and what role are businesses going to play in that?

Nyo Myint: Myanmar is the largest country in continental Southeast Asia, which has an abundance of natural resources, and has a population of almost 70 million people. Myanmar has been closed to international businesses for 50 years, so the potential for growth is huge. I believe the sectors that will have first rate development and most potential are oil and gas, electric power generation, agriculture, and telecommunications.

Political prisoners have been released, and the Myanmar government has re-engaged with international communities

World Finance: What catalysts are needed then to unlock Myanmar’s potential?

Nyo Myint: One of the major catalysts is that more multinational companies need to enter and operate in Myanmar. So it will bring many positive knock-on effects on the whole business world and the economy of Myanmar.

Another catalyst is that more Myanmar-born ex-patriates return to the motherland with skills and technical expertise learned abroad, and contribute to the growth of the country.

World Finance: Let’s take KBZ Group as a case study. You’re one of the most successful businesses in Myanmar; what is your business philosophy?

Nyo Myint: Although we have grown in size, we are always focusing very much on giving back to the communities we work in. We believe doing the best for the people is a good business philosophy.

Our KBZ Group is well known for our best CSR initiatives in the country, and due to our latest contribution for various projects in health, education, religion, social, and disaster relief, we have been recognised as a most charitable company in the country.

Moreover, we are very much proud and feel honoured for being the highest tax payer in Myanmar for several years now.

World Finance: KBZ Group is also a heavily diversified conglomerate; what’s the key to your success?

Nyo Myint: In our KBZ Group we also want to serve the interests of our stakeholders, including our customers, our suppliers, and our employees.

We consider every one of our employees to be a part of our extended family

We believe that doing good for the people is a good business practice, and will pay dividends in the long run. In order to do that, we want to create the best corporate culture, based on merits, accountability, and transparency.

We consider every one of our employees to be a part of our extended family. We provide most comprehensive compensation package programmes, which include daily transportation, education assistance, generous pension and healthcare plan, a lucrative annual bonus, and so on.

World Finance: And how do you position the group in the transitional period that Myanmar’s going through?

Nyo Myint: KBZ Group is the industrial in banking, aviation, and issuance. Our entities are regarded among the people as being the best in Myanmar. Our strong ties with our people, and our domestic reputation, will continue to keep us in a strong position during this transitional period.

We are also exploring various ways to collaborate with reputable international companies through possible strategic alliances or joint ventures, in order to keep our company competitive internationally.

Our aim is to continue as a major player within Myanmar, but also to expand our presence throughout the region.

World Finance: Nyo Myint, thank you very much.

Nyo Myint: Also thank you very much.