Business leaders are optimistic about investing in Myanmar, believing that the sectors they represent can play a key role in speeding up democratisation in the previously military-ruled country.
From left: Sigve Brekke, Telenor’s executive vice-president and head of Asia operations; Matthew Driver, MasterCard’s president for Southeast Asia; CNBC anchor Martin Soong; and Paul Gambles, managing partner of MBMG Group Thailand. SOMCHAI POOMLARD
Ken Tun, chairman and chief executive of Myanmar's Parami Energy Group of Companies, said the market has responded positively to the current open bidding system, as opposed to the direct negotiations used in the past.
More than 30 oil and gas firms bid for 18 onshore blocks, with 61 bidders applying for 30 offshore fields.
"There's a willingness to become transparent," said Ken Tun. "From a national security point of view, however, not everything has to be transparent."
He expressed optimism that the 2015 elections would lead to further progress in regulations and frameworks.
"Everybody knows the genie is out of the lamp and doesn't want to go back, so there is no going back at all," he told yesterday's forum on Myanmar held by CNBC in Bangkok.
"A lot of people ask me what are the risks [of investing], and I tell them the biggest risk is not coming here."
Dennis Meseroll, executive director of Tractus Asia, said opportunities in Myanmar are helping to standardise the process of mining exploration.
"The mindset held over the military regime was that you went in and negotiated a deal with one person, either the military or a minister. But times have changed," he said.
Sigve Brekke, executive vice-president and head of Asia operations at Norway's Telenor Group, said the professionalism shown in the tender process for mobile operating licences in Myanmar came as a positive surprise.
"I think the government really tried to find a company which could provide their people with services," he said.
He urged businesses to see themselves from a long-term perspective instead of reaping short-term profits in Myanmar.
Matthew Driver, MasterCard's president for Southeast Asia, said Myanmar's democratisation will come with the integration of financial services.
"I believe the genuine sincerity [of the government to put in place regulations], and that's backed up by actions. But it's going to take a little while," he said.
Michael Rodgers, vice-president and head of Asia-Pacific at IHS Energy Insight, said the oil and gas bidding, while not perfect, has certainly been clean enough.
"I would be very surprised if there wasn't some kind of corruption in the background," he said. "But I think companies are less prone to participate in this sort of activity because ultimately it will come and bite you in the end."
A more ominous concern is the risk posed by separatist groups.
"There's a real possibility that something will disrupt the pipelines," said Mr Rodgers.
"The amount of revenue going to the government through this pipeline is going to be substantial, and if people want to disrupt it, they can do it."