Bangkok--27 Jun--Bangkok Bank
The Greater Mekong Subregion (GMS) has the potential to become one of the world’s fastest-growing areas, according to Bangkok Bank President Chartsiri Sophonpanich.
Mr. Chartsiri was speaking during the leaders’ panel discussion at the recent Greater Mekong Investment Forum in Bangkok, organized by Euromoney and co-sponsored by Bangkok Bank.
Together, GMS economies Thailand, Myanmar, Laos, Cambodia, Vietnam, and the southern Chinese provinces of Yunnan and Guangxi, represent a market of around 350 million people who are increasingly being connected by banking, trade, investment and infrastructure.
“Economies in the subregion are becoming more integrated and connected than ever through border trade, investment and exchange of services, and we need to maintain and enhance that commitment. Thailand is well-placed to work with its neighbors because of our capital surplus and management know-how, and with our close cooperation the whole subregion can benefit.”
Each country in the GMS has unique comparative advantages which they can use to progress further and benefit their people. The more GMS members are able to work collaboratively, drawing together on their full range of experience and knowledge, the better the outcome of this process will be.
Bangkok Bank is ready to provide its support, with a strong understanding of international business, a growing international network of 25 branches and one representative office concentrated on Southeast Asia and China, and an involvement with GMS countries that goes back more than 50 years.
During the two-day forum, Bangkok Bank organized a range of activities including a workshop on the GMS’s economic transition presented by Dr. Narongchai Akrasanee, a former Thai commerce minister and senator, while senior bank executives participated in panel discussions on business opportunities and growth potential in the subregion.
Many inquiries at the Bangkok Bank booth at the forum were about Myanmar. Bangkok Bank has been established in Myanmar since 1995 with a representative office. While currently there are no foreign-bank branches in Myanmar, the Myanmar government has indicated it will open up its banking sector and Bangkok Bank will apply to open a branch when that happens.
Bangkok Bank’s Myanmar specialists gave advice on setting up a business there, the regulatory environment, including the Foreign Investment Law, and business opportunities for Thai companies.
They noted that Myanmar has an abundance of natural resources, particularly oil and gas, and is opening up to the world economy. Thai businesses should be aware of Myanmar’s strengths in natural resources, labour availability and preferred market access, as once international sanctions have been lifted on investment, there will be many opportunities for Thai companies to provide assistance.