Bangkok--22 Apr--Siam Commercial Bank
SCB FIRST Privilege Banking, the premium service for Siam Commercial Bank’s affluent segment customers, hosted the ‘Myanmar 360° First Talk’ seminar as part of its endeavor to provide the privileges of ‘be-the-first’ in gaining brand-new experience and business knowledge for its customers as well as the general public. The seminar features expert speakers from Thailand and Myanmar as well as several successful Thai business owners in Myanmar. The discussion topics cover 360° views into many aspects that Thai business owners and investors need to know and get ready and be among the ‘first’ to expand business to Myanmar market. The event was attended by over 500 SCB FIRST customers and local entrepreneurs with strong interest in doing business in ASEAN’s new most promising market.
Yol Phokasub, Senior Executive Vice President and Head of Retail Banking and Business Banking Groups, Siam Commercial Bank said that “the establishment of AEC in 2015 represents a tremendous opportunity for Thai businesses to expand from domestic market with population size of 64 million to regional market with a hefty population of over 600 million. With its strategic geographic location, Myanmar is the connecting point between South Asia and South East Asia regions. Moreover, with its extremely long border with China, Myanmar plays a vital joint to a giant consumer market with a combined total population of 2,700 million or one-third of the world. In addition, Myanmar consumers have strong preference and confidence on products and services from Thailand, let alone long-standing close trade and historical relationship between the two countries, Thai investors are blessed with competitive advantage and should not miss a huge business opportunity in this new emerging market.”
‘Myanmar 360° First Talk’ seminar is the intention of Siam Commercial Bank to help prepare SCB FIRST customers, of which 70% is small and medium enterprise operators, with insightful, reliable information right from experts, while saving their time in seeking the right business partners, realizing new business n Myanmar and advice on how to deal with the limitations in coming up with the right budget planning. The seminar brings together guest speakers and experts who are knowledgeable about Myanmar in social and cultural perspectives, business strategy, rules and regulations in doing business, as well as tips for successful business from Thai business people who have over 40-year experience in Myanmar market.
The first session - “Take a close look at Myanmar while its closed society is opening up”, is a thorough overview discussion of the country’s social and cultural aspects, with guest speakers including Damrong Kraikruan, Director-General, Department of East Asian Affairs, Ministry of Foreign Affairs and U Win Aung, President of The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The discussion topics cover the progress of economic and social cooperation between Thailand and neighboring AEC countries, the uniqueness of individual lifestyle in Myanmar, the similarities and differences of consumer attitude and behavior between Thailand and Myanmar, the assessment of business climate, foreign fund influx, business opportunity both strength and weakness, competitors of Thai businesses, the trend of development of regulations and infrastructure, 10 Dos and Don’ts, as well as key trends of hot products in Myanmar.
In the second session - “Thailand-Myanmar Modern Trade and Investment Relations in the age of AEC”, Siriporn Nurugsa, Executive Director, Thai Overseas Investment Promotion Division, Thailand Board of Investment (BOI) shared an overview of current business and investment situation between Thailand and Myanmar, the potential and opportunity for Thai investment in Myanmar, the format of investment, the promotion, rules and regulations and investment privileges, while Michael Lim, Chairman, TODAY Group Myanmar, a key leader of marketing communication and media business network, provided the audience with insightful information on marketing strategies, both online and offline, to capture local consumers as well as regulations to be noted in doing product advertising in Myanmar.
According to Manop Sangiambut, Executive Vice President and Head of International Banking Business, Siam Commercial Bank, another speaker in the second session, who shared his overview of Thai businesses’ interest in investment in Myanmar along with support and services of the bank in investment in oversea market, “Siam Commercial Bank opened a representative office in Yangon in 2012. Our services encompass fund transfer to and from local partnering banks, international trade, import and export, currency exchange, advisory on investment and business matching, information support on rules and regulations on foreign investment as well as coordination with public and private organizations in Myanmar.”
The last session - “Make it Big at Myanmar” brought along business success stories at Myanmar from three Thai business people: Nattawin Pongpetrarat, Managing Director, Tharaphu Décor; Wichai Khemthongkham, Managing Director, Oriental Unique Co., Ltd. and Kraiserm Tohtubtiang, Marketing Director, Kuang Pei San Food Products Plc. The shared stories depicted the real experiences on way to success covering exploring business opportunity, local consumer preference on products and services, benefits of using local labour, local competitors, major operating costs like land, energy, transportation and distribution, process and procedure in doing business, how to deal with major obstacles such as property rent, infrastructure, attitude of authorized public officials, capital fund, culture, labour skills and investment laws.
“To achieve more tangible results from the seminar, SCB FIRST planned to host the exclusive ‘Myanmar 360° FIRST Trip’ during 19 – 21 May 2014 for our customers who have strong interest in doing business and investment in Myanmar. Participants will have a great opportunity to learn from real world environment, get to know local consumers, discuss with prospective business partners in retail, logistics and service sectors, as well as meet and seek for advice from the Ambassador, Minister Counsellor, and Counsellor of International Trade. Moreover, we organize exclusive cultural travel programs which include visit to Myanmar’s most famous sacred places like the Shwedagon Pagoda, the shrine of Bo Bo Gyi, etc.,” added Yol.
“Strengthening and expanding regional financial position will help drive ASEAN’ economic development reach the desired goals. As a leading financial institution of the region, Siam Commercial Bank is ready to step forwards along with Thai business sector and strives to take an active role in supporting Thai businesses, especially small businesses who is the key economic driver in both domestic and regional scales, to reach out and expend investment in other ASEAN countries. We are committed to be a ‘trusted financial partner’ who always stands beside our customers and support them in every stage of their business success,” concluded Yol.