A committee to look into establishing a capital market in Myanmar will be set up this year according to officials from the Ministry of Finance.
Myanmar has recently opened up its economy to foreign investment as the country began a transition from military dictatorship to civilian government in 2011. It is now seeking to establish a capital market with the help of Japan’s Daiwa Institute of Research.
“We will try to bring about a capital market during this year. This market is very important for the country’s economic development. Having a capital market will enable the entrepreneurs to get access to wider sources of finance,” said Dr Maung Maung Thein, deputy minister for finance at a workshop in Yangon on Myanmar’s future in finance and banking.
The committee’s role is to firstly set up necessary infrastructures after which it will educate the public about the capital market, and the listing requirements for public companies, the deputy minister said.
“As this is a very important task, we shouldn’t be hasty. Nor should we wait until we have everything we need. We will have to start from what we have now. Then, we will gain experience and will try our best to improve our work,” added Dr Maung Maung Thein.
Myanmar is also preparing to establish the country’s very first stock exchange in 2015 with the help of Tokyo Stock Exchange. It has passed the Security Exchange Law on July 31 as the first step towards bringing about a capital market.
Source: Eleven Media