Colliers International has observed Myanmar's government is taking a disciplined approach to public spending while adjusting inter-sectoral allocations that better align with the nation's expansion priorities; namely, the development and introduction of more infrastructure projects. 

U Soe Win's appointment as the new Minister for Planning and Finance, earlier this month, is a step in the right direction. And U Soe Win believes his ministry can achieve "a lot" before the next election in two years time. 

Soe Win's appointment to the position of Minister has raised nation-wide hopes that he will be able to provide leadership on much-needed economic reforms.

The government has already expanded the revenue base and rationalised both commercial and property tax rates. 

"We should not underestimate the challenges," Soe Win told reporters.

The new minister has said he will place great focus on improving the coordination between government ministries.

As a member of the party's economic committee and the National Economic Coordination Committee (NECC), Soe Win is respected by both the National League for Democracy and the business community. He is also a board member of the Renaissance Institute (RI), a think-tank which advises economic policy.

RI member, U Min Khin said Soe Win's banking and private sector experience made him the "right person" for the job.

Before his career in the private sector, Soe Win had worked at the State Commerical Bank and also at the Myanmar Foreign Trade Bank.  

For tangible and long-lasting outcomes, Min Khin added "realistic policy frameworks, empowerment, participative assistance and the support of stakeholders, inclusiveness, effective mechanisms to check and balance, transparency, and so on."

In a move to improve transparency and accountability, Myanmar has also taken steps by becoming a member of the Extractive Industries Transparency Initiative. The first report on Myanmar was a milestone in the transparency of Myanmar's extractive industries, which account for an estimated 6% of GDP and 24% of government revenues.

Alongside such measures, Colliers observes that reforms and investments related to energy and transport infrastructure will be especially critical in addressing key economic constraints, in addition to strategic infrastructure investments in other sectors, such as agriculture and urban development. 

Special economic consultant to Daw Aung San Suu Kyi, Sean Turnell said that while the new minister is the oldest in the cabinet at the age of 80, he is highly "active and internationally engaged."

And while many consider him to be too old for office Turnell believes his "international engagement" was a factor unique among other considered candidates. 

With Soe Win's appointment and in addition to impacts on economic growth, infrastructure-related strategies and investments should prioritise equitable access to help ensure that future economic prosperity is shared. 

Source: Colliers International Myanmar, Frontier Myanmar

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