The pace of Myanmar’s development will depend in large part on its success in attracting foreign investors to help modernise the country. But setting investment policies to encourage responsible investment, economic growth and inclusive financial markets will be a challenge. Michael Drexler, senior director of Investors Industries for the World Economic Forum, discusses some of the challenges faced by the country in creating a financial and economic ecosystem conducive to development.
It is known that Myanmar's banking system is among the world's most antiquated, crippled by two decades of sanctions and disastrous socialist policies. How long do you think it would take for the country to establish a financial service system? What are the areas to closely look at?
To quote Nobel-winning quantum physicist Niels Bohr, “Prediction is very difficult, especially if it is about the future.” In this spirit, we will not attempt to put precise timelines on the establishment of something as complex as a financial service sector. What can be said, though, is that a healthy financial service system will grow in line with the demands arising from economic growth and increasing prosperity – and this is also what will affect the development of various areas of finance.
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