RANGOON — Burma's military regime cannot improve the country's economy by favoring people who have close ties with the generals and who monopolize businesses, according to respected Burmese economist Dr U Myint.
“As long as the government and its cronies are controlling the country's economy we will face the same economic situation even in the year 3010,” U Myint said.
The economist raised criticism against the government's economic policy in a speech “The Role of the Private Sector in the Changing Political Economy beyond 2010,” during a seminar that was organized in Rangoon by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Aug. 14.
U Myint was a lecturer and dean at the Institute of Economics and Institute of Education in Rangoon. He also served as the director of the economic section of the Ministry of Foreign Affairs. Later, he headed the research section at the United Nations Economic and Social Commission for Asia and the Pacific. He is currently a member of the Myanmar Academy of Arts and Science.
Stressing the importance of the role of entrepreneurs in economics, U Myint said that Burmese businessmen have the abilities and skills to make profit, but he asked, “How are they going to change their intention to make the benefit of the public sector? How can they make the private sector stronger?”
This year, the regime has handed over numerous state-owned enterprises to businessmen close to the generals under the pretext of “privatization.”
However, U Myint said such transfers can lead to “pocketization” instead of privatization.
During the seminar, retired ambassador Hla Maung suggested that Burma should follow the economic reforms of Asian countries such as Japan, South Korea, Taiwan, China and Vietnam, which have transferred businesses to the private sectors focused on exports.
According to observers of the Burmese business community, domestic investors hope that economic policies will be relaxed in the post-2010 election period, creating conditions conducive to proper investments.
“Everyone lives with hope,” said UMFCCI General-Secretary Dr. Maung Maung Lay.
Businessmen close to the regime include Tay Za, Zaw Zaw, Aung Ko Win and Nay Aung, who have received control of lucrative businesses in banking, air line, electric energy, construction and other areas.
An engineer close to IGE, a company owned by Nay Aung, the son of Aung Thaung, Minister for Industry No 1 who is protege of Burma's junta chief Snr-Gen Than Shwe, said businessmen who have acquired state-owned enterprises focus on their own profits rather than the national interest.
“They have to cut the trees when they see green forests. Otherwise, someone else will take it. That's the only thought they have. Currently they are rushing into signing big projects, which they have been granted already, before the election takes place. No one knows what will happen after the election,” he said.
“As long as the government and its cronies are controlling the country's economy we will face the same economic situation even in the year 3010,” U Myint said.
The economist raised criticism against the government's economic policy in a speech “The Role of the Private Sector in the Changing Political Economy beyond 2010,” during a seminar that was organized in Rangoon by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Aug. 14.
U Myint was a lecturer and dean at the Institute of Economics and Institute of Education in Rangoon. He also served as the director of the economic section of the Ministry of Foreign Affairs. Later, he headed the research section at the United Nations Economic and Social Commission for Asia and the Pacific. He is currently a member of the Myanmar Academy of Arts and Science.
Stressing the importance of the role of entrepreneurs in economics, U Myint said that Burmese businessmen have the abilities and skills to make profit, but he asked, “How are they going to change their intention to make the benefit of the public sector? How can they make the private sector stronger?”
This year, the regime has handed over numerous state-owned enterprises to businessmen close to the generals under the pretext of “privatization.”
However, U Myint said such transfers can lead to “pocketization” instead of privatization.
During the seminar, retired ambassador Hla Maung suggested that Burma should follow the economic reforms of Asian countries such as Japan, South Korea, Taiwan, China and Vietnam, which have transferred businesses to the private sectors focused on exports.
According to observers of the Burmese business community, domestic investors hope that economic policies will be relaxed in the post-2010 election period, creating conditions conducive to proper investments.
“Everyone lives with hope,” said UMFCCI General-Secretary Dr. Maung Maung Lay.
Businessmen close to the regime include Tay Za, Zaw Zaw, Aung Ko Win and Nay Aung, who have received control of lucrative businesses in banking, air line, electric energy, construction and other areas.
An engineer close to IGE, a company owned by Nay Aung, the son of Aung Thaung, Minister for Industry No 1 who is protege of Burma's junta chief Snr-Gen Than Shwe, said businessmen who have acquired state-owned enterprises focus on their own profits rather than the national interest.
“They have to cut the trees when they see green forests. Otherwise, someone else will take it. That's the only thought they have. Currently they are rushing into signing big projects, which they have been granted already, before the election takes place. No one knows what will happen after the election,” he said.
