However, the initial excitement faded as Myanmar encountered challenges with its fragile political economy. The country grappled with issues like insufficient infrastructure and regulatory uncertainty, even after Nobel Prize winner Aung San Suu Kyi assumed office following a landslide election victory. Ongoing political tensions and the 2017 conflict in Rakhine further deterred foreign investors, causing Myanmar to fall out of favour.
In 2015, Melvyn Pun was appointed CEO of Myanmar-based Yoma Strategic Holdings (SGX:Z59
) . At that time, the country’s outlook was promising, with economic growth averaging 6% annually, supported by economic reforms and the lifting of sanctions.
Pun recalls the excitement in the country, with hopes of becoming one of Asean’s “darlings”. Yoma hosted many leaders from Fortune 500 companies who sought to uncover opportunities in Myanmar. The Singapore-listed company also attracted eager investors wanting to capitalise on the growth of this frontier market, just a three-hour flight away from the city-state.
