Opening Remarks
By
Dr. Ahmad Faisal Muhamad
Ambassador of Malaysia
At the Seminar on
“Strengthening Regulatory and Supervisory Capacity
Of Banking Sector in Myanmar: Drawing Form East Asia Experiences”
Nay Pyi Taw
9 July, 2012
Organised by
Central Bank of Myanmar
Myanmar Economic Resources International (MERI)
Sponsored by
Malayan Banking Berhad
H. E. U Hla Tun, Union Minister of Finance and Revenue
H.E. U Win Than, Deputy Union Minister of Finance and Revenue
Mr. U Than Nyein, Governor of Central Bank of Myanmar
Mr. U Nay Aye, Deputy Governor of Central Bank of Myanmar
Mr. Abdul Farid Alias, Maybank’s Deputy President/Head of Global Wholesale Banking
Distinguished Presenters and Seminar Participants,
Excellencies, Ladies and Gentlemen,
Mingalaba, and a very good morning.
It is indeed a pleasure for me to be here with all of you this morning and to be given the honour to expend a few words at this opening ceremony of the seminar on “Strengthening Regulatory and Supervisory Capacity of Banking Sector in Myanmar.” Before I proceed, I would like to record my deep appreciation to the organisers, the Central Bank of Myanmar and Myanmar Economic Resources International (MERI) for their kind invitation. I also wish to express my gratitude to the sponsor, Maybank, which is represented here by Mr. Abdul Farid Alias and Mr. Abdul Malek Mohd Khair— who is the Head of Maybank’s Representative Office in Yangon. Thank you Maybank, for your generosity in supporting this seminar, which is part of MERI’s project on “Modernisation of Banking Sector in Myanmar: Drawing from Asian Experiences.”
Ladies and Gentlemen,
Myanmar is a country in transition. Over the last one year, it has grabbed the attention of observers the world over with the startling pace and extend of its democratic reform. However, the journey for this beautiful and rich nation has only just begun. It will undoubtedly be long and arduous.
Only slightly more than a week ago, President Thein Sein announced that the government is embarking on the second wave of reform, which will be focused on the economy. This is a clear indication of the government’s full understanding that political reform must engender positive dividends for the ordinary people on the street. Ultimately, the bread and butter issues are the most fundamental. All the changes that are taking place must lead to improvement in the livelihood of the ordinary people. Political liberalisation must therefore be accompanied with social and economic development. It is within this context that the seminar we are opening today is extremely timely and crucial. Without a doubt, the development of sound and healthy banking sector is essential in efforts to promote economic development.
The banking sector plays a crucial role in driving economic activities. The intermediary function of banks in the form of saving and lending, serves as the basis for resource mobilisation between households/individuals and firms, which in turn drives economic activities. If we use the human body as the metaphor: a bank is the heart and capital is the blood that circulates through various organs. From this perspective, we can clearly understand that if the banking sector is strong, the economy will be healthy and vibrant.
For a country like Myanmar, a modernised banking sector with a strong inbuilt regulatory and supervisory capacity is a necessary condition to ensure efficient resource mobilisation for production, distribution and exchange of goods and services, which would consequently lead to a more prosperous economy and higher living standards.
Ladies and Gentlemen,
The distinguished presenters who will contribute in the seminar hail from Malaysia, China and Singapore. These countries provide quite a diverse spectrum of experiences not only in terms banking sector development, but also in enhancing the regulatory and supervisory capacity. I am certain that our distinguished presenters will relate their knowledge on the basis of their own countries’ experiences, which hopefully will add to strengthen your understanding and capacity to further enhance this country’s banking sector.
In conclusion, I would like to congratulate and again express my appreciation to the Myanmar Central Bank, Maybank and MERI for successfully organising this seminar. I hope that all of the participants will find this seminar useful and that their understanding, confidence and expertise will be somewhat enhanced after this. I wish them all the best. Have a good seminar.
Jizut Timba De.
Thank you.