7 minute read
An Interview with: Thura Soe Paing
An interview with...
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Thura Soe Paing
(Bristowe 1992)
We have ORs in all corners of the world, including Myanmar… a country of some mystery. We had a chat with Thura to find out a bit more about living in the largest of the mainland Southeast Asian states
How long have you lived there and did you know the country as Burma?
I actually left Burma when I was very young with my family, as my father worked for the UN, and we only went back during Christmas and summer holidays. After my time at Reed’s, I lived in London for many years until my wife and I left in 2007 for Beijing. We then moved to Myanmar in 2010.
The international name of the country was changed by the military government in 1989, arguing that Burma was a colonial name which didn’t reflect all the ethnic races that make up the country. In the local language, the name had always been Myanmar, a bit like the Ivory Coast being Cote d’Ivoire and Madras is now Chennai.
Many ORs will recognise the name of Aung San Suu Kyi, but can you update us on the current political landscape today?
Politics has always cast a long shadow over Myanmar. The country gained independence in January 1948 but, after much political conflict, it fell under military rule in 1988. This resulted in crippling sanctions for decades because there was no democracy and no freedom of speech; at the same time, trade and engagement were encouraged with countries like Vietnam and China in the hope that it would bring about better democracy and human rights.
Then in 2012, Myanmar became the darling of the world after the military decided to relinquish power. Aung San Suu Kyi and her party came to power following the 2015 general election. Her official title is State Counsellor, but she is effectively the incumbent Prime Minister. The constitution drafted by the previous military government doesn’t allow her to be the head of state.
However, since 2018, the country’s profile has been somewhat tarnished. The Rohingya crisis is, of course, very serious and very sad, but it had been brewing for many years. What is important to know is that it is an ethnic issue and not a religious one. If you visit Yangon or most cities in the country, there are Hindu temples next to churches and mosques of all denominations which have been co-existing for generations.
For the ORs who would like to know more, I can recommend a book called The Hidden History of Burma by Thant Myint-U. It’s an easy read and not too history heavy.
How has the country changed since you got back in 2010?
It’s night and day. It is easy to forget how far Myanmar has come in such a short space of time.
There was no free media and press, only official ones. You needed special approval to buy a SIM card, and it cost USD800 for locals and USD1500 for foreigners! The internet connection was terrible and the military government would cut it off whenever they wanted, not to mention the regular power cuts. There were no ATMs and no credit-card terminals anywhere; you had to fly to Bangkok in Thailand every now and then to do a bank run.
Now there are more active SIM cards in Myanmar than the number of people, with over 80% smart-phone penetration – that is higher than most European countries.
And what has been most remarkable are the opportunities that are now available for young men and women which really weren’t there in 2011.
That is a big cultural and economic change in such a relatively short period of time. What were the main drivers?
Our religions, philosophy and cuisine are greatly influenced by our neighbours: India, China and the rest of Southeast Asia, to bring about a diverse culture. Indeed, Indian dishes such as biriyani and parathas are as much of our culture as noodles and roast duck. From a business perspective, this diversity means that things are changing for the better. More companies are putting efforts into corporate governance, gender equality, environmental checks, transparency, and proper accounting practices. This was, initially, driven by the requirement of external investors, financiers, and foreign partners, but now many companies are using it also as a way of attracting and retaining talent. I would say that all the recent positive changes have come from opening up and re-engaging with the international community.
You run your own boutique corporate finance company – how does that work in Myanmar?
My company is more of a multi-disciplined advisory firm. We offer management consulting for both local and foreign companies, and market entry work for businesses setting up in Myanmar – from manufacturing to financial services, as well as straightforward M&A work. As an entrepreneur, I set up one of the first mobile financial service providers in Myanmar and now I very much enjoy being a mentor in a few incubator and accelerator businesses; it has been very rewarding to watch their young men and women develop into experienced professionals.
How has the pandemic affected Myanmar and working life?
The Myanmar government put in place some really strict measures to prevent and contain the spread of the virus and to protect the general population. Borders were closed and domestic travel restricted by the end of March; however, there was never a full lockdown. Amazingly, in a population of over 50 million, there were only six Coronavirus-related deaths in the country; of course, testing hasn’t been as widespread, so it is hard to know the full extent of the pandemic. The fact that there haven’t been big surges in hospital numbers, seems to indicate the situation is under control so far.
There has been a dramatic effect on the economy though: huge supply-chain disruptions, with most exports stopped and factories closed – some permanently – and reduced tourism. As always, the poor will suffer the most with no savings and no safety nets.
Things are returning to normal, schools and offices are open again, so I am cautiously optimistic. But – like many countries - it will still take time for things to improve.
What does the future hold for Myanmar?
I am optimistic for the future; the potential is there. We have a young and educated population, but we still have a long way to go.
Much of the changes needed will take a long time and will not just happen in one government or be carried out by one person. We need more international engagement, dialogue and assistance in all areas. The country and the economy will greatly benefit from more responsible investors engaging in Myanmar. Boycotts and sanctions will take us back to where we were, which is in the hands of dictators and unsavoury investors.
In the World Bank’s Global Economic Prospects 2020 report, it stated that although economic growth for Myanmar is forecast to slow to 1.5% due to COVID-19, this could rebound to 6% by 2021 (on a par to the growth in 2019 of 6.3%).
What do you do to relax when not working?
I play a golf! Myanmar is not quite the golfing destination like Thailand, but there are a few good courses around Yangon, both old and new. Eating out in Yangon is also getting better with more and more good bars and restaurants opening up. Our equivalent to the pub is a teashop – they are generally open from breakfast time to late in the evening and I enjoy the local art scene which is developing as well.
I would recommend ORs visit the country; we have everything from great beaches to ancient sites. Your tourist dollars will make a positive impact to and, if timing allows, it would be my pleasure to buy any OR a pint of Myanmar’s finest in Yangon.
Thura’s bio
1987-1992 Reed’s School 1992-1995 London School of Economics, BSc 1996-1996 Boston University, MSc 1997-1998 Boston Consulting Group (London) 1998-1999 Citibank (London) 2000-2007 Consultant and various start-ups 2008-2011 Strategy 613 (Beijing) 2012-2014 Frontier Technology Partners (Yangon) 2014-2016 Golden Rock Capital Pte Ltd (Yangon) 2016- All Myanmar Advisors (Yangon)
