Last week, I visited Yangon, Myanmar, with a delegation comprising members mainly from the professional services sector. During the visit we met with locals, foreign investors and Hong Kong businessmen. We could all see the boundless opportunities for economic development there. Since opening up its market for economic development in 2011, Myanmar has achieved remarkable results in foreign investment and economic growth, with the economy increasing by more than 8 per cent in the past two years.
 
This year, Yangon also mapped out its long-term urban planning vision up to 2040, in which 77 major infrastructure projects will be developed, and providing connections to neighbouring countries such as China, India, Thailand and Vietnam. In light of the development trend in this region as well as China’s “Belt and Road”initiative, it is time for Hong Kong people to think seriously about how we can capitalise on our advantages in the professional services sector to seize and expand on these opportunities, for both career and business development.
 
The delegation paid a visit to the Mayor of Yangon, followed by meetings and exchange activities with representatives of the Yangon City Development Committee and the Union of Myanmar Federation of Chambers of Commerce and Industry. The delegation also conducted business-matching and built up connections with the local businesses with the assistance of the Hong Kong Trade Development Council (HKTDC). We also visited some of Yangon’s major infrastructure projects, including the first international container port in Myanmar created through foreign investment, as well as the Thilawa Special Economic Zone (TSEZ), so as to enhance our understanding of the concession policies (e.g. tax concessions) for foreign investment in the TSEZ. In addition, we also visited a number of mixed-use hotel, commercial and residential development projects in downtown Yangon.
 
Yangon has huge potential for the development of architectural and infrastructure projects. As large-scale development projects are only in the early stages, local standards for infrastructure and architectural design are still being developed. Many local projects, therefore, have used design standards from neighbouring or Western countries for their advanced knowledge and relevant experience. This has presented enormous opportunities for professionals and businesses from other countries to expand their services there. In fact, during our visit, we came across many overseas professionals from the United Kingdom, Australia, Japan, Singapore, Vietnam, Malaysia and other countries who have entered the local market. We also made special arrangements to meet with some Hong Kong businessmen who are expanding their businesses actively in Yangon. They all gave very positive comments on the future development of the city.
 
Myanmar is rich in natural resources such as timber, precious stones, minerals and natural gas. Its labour costs are also very low. Despite this, its industries were not well developed in the past. Therefore, the government has in recent years been committed to attracting foreign investors to set up factories there through the development of special economic zones and industrial parks. Judging from what we saw on our visit, even though these facilities are still in the early stages of construction, they have already gained momentum with the participation of many foreign investors, including some from Hong Kong. Currently, both locals and foreign investors are waiting for the outcome of the general election in November.
 
During the visit, we also introduced Hong Kong and our professional services sector to the local government and business sector, and acquainted them with our strengths and success stories. We aim, through communication, contact and friendship, to assist interested Hong Kong professionals and investors who are looking for opportunities to enter Myanmar’s market.
 
May to October is the rainy season in Myanmar, which is why it was constantly raining during our visit. Road conditions inside and outside the city are not very satisfactory. We were often stuck in traffic, which the locals said is not an uncommon phenomenon. Nevertheless, people in Yangon gave us a good impression through their friendliness and hospitality. When we arrived at meeting places or local restaurants on rainy days, people would always hold umbrellas for us and were very friendly. I chatted with the locals and learnt that crime rates in Yangon are low, and that they not only have a strong sense of belonging to their country, but are also optimistic about its future development. Although the people there live a modest life, they are very generous when it comes to making offerings to their gods.
 
As the Secretariat for the Working Group on Professional Services under the Economic Development Commission of the Hong Kong Special Administrative Region Government, the Development Bureau has been collaborating with the professional services sector to seek development opportunities for industry, and to open up more career opportunities for young professionals. This visit to an emerging and potential market was one of the initiatives proposed by the Working Group, and was jointly organised by the bureau and the HKTDC.
 
The delegation consisted of representatives from construction and related industries and the legal, accounting and company secretary sectors, as well as Hong Kong businessmen. It is worth noting that we organised a similar delegation to visit Nansha and Qianhai in July this year to get a better grasp of the development opportunities there. We will continue to take forward our work in this area.