Organizer: ISEAS - Yusof Ishak Institute

Type/Location: Hybrid/Singapore

Description:

In October 2019, speaking at the Myanmar Global Investment Forum in Tokyo, Aung San Suu Kyi stated “Myanmar is in the process of transforming an opaque, non-competitive, connection-based economy into a larger, more transparent, more competitive, rules-based economy.” Despite commitment to and efforts made for a responsible investment agenda, legacy issues and implementation gaps dogged the National League for Democracy government. The Covid-19 pandemic compounded challenges. When the military seized power in February 2021, the State Administration Council emphasised business recovery in its roadmap. The reality, however, presents a dire landscape. The military’s brutal crackdown on widespread opposition to the coup has destabilized the country. The coup and its aftermath have caused a steep deterioration in the investment climate. Many foreign companies have suspended operations or are in survival mode. Several have invoked force majeure clauses to exit. The Financial Action Task Force added Myanmar to its blacklist in October 2022, heightening ongoing concerns for due diligence amid other constraints of continuing operations in Myanmar.

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