Budget 2016 is Singapore’s masterplan for sustainable growth, focusing on developments and investments to ensure that its economy remains competitive and relevant in the global economy. Even though the budget lays down the plans for the economy to ensure it sustains to the next 50 years, Finance Minister, Mr Heng Swee Keat went on to address short and near term issues as well.Budget 2016 is Singapore’s masterplan for sustainable growth, focusing on developments and investments to ensure that its economy remains competitive and relevant in the global economy. Even though the budget lays down the plans for the economy to ensure it sustains to the next 50 years, Finance Minister, Mr Heng Swee Keat went on to address short and near term issues as well.
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This article is the second in a 3-part series called 'Myanmar: Time to Invest or Investigate'
Click here to read Part I - Time to Invest Click here to read Part III - Time to Investigate II OUR VIEWPOINT ON CLIENTS’ DRAWBACKS HINDERING THEM FROM STEPPING FOOT IN MYANMAR While there are opportunities in Myanmar for foreign investors, Myanmar is not without its own weaknesses that we have to acknowledge. In a way, it would be good if investors hold realistic expectations about the pace of the economic reforms. 1. Lack of access to information. Our view: Finding reliable and trustworthy data within Myanmar is undeniably a real challenge for all investors. Many investors are hesitant because of this major point. A wise choice out is to get inside the country and you will know you are entitled to a different view. Access to information improves, eliminating all hearsays and empowers the decisions you will be making. Singapore’s financial calendar begins every 1 April and concludes on the 31 March the following year, during which the government is to adhere to the Singapore Budget that is prepared for each financial year. The Budget includes the revised Government revenue and expenditures for the current financial year, as well as reviewing current spending and expenditure projections for the next financial year.
Did You Know? It is stated under the Constitution that Singapore is required to keep a balance budget over each term of the Government. This island state, unlike many other countries, does not borrow money to fund government expenditure, and the Government does not have any external debt. This practise of fiscal discipline ensures that government funds are utilised wisely towards Singapore’s development across all sectors. This article is the first in a 3-part series called 'Myanmar: Time to Invest or Investigate'
Click here to read Part II - Time to Investigate I Click here to read Part III - Time to Investigate II WHY YOU CAN AND SHOULD MOVE INTO MYANMAR NOW? 1. Leverage on the uncertainty surrounding new foreign investment law 2. First mover opportunity 3. Organizational investments will continue to increase 1. Leverage on the uncertainty surrounding new foreign investment law Since the introduction of the new Foreign Investment Law (FIL) 2012, critical discussion regarding the legislative framework ambiguity has never ceased; emphasizing on the lack of clarity in the foreign investment regulations. Many has the perception that the FIL as a set of rules cast in stone and restricted activities to foreigners will continue to be constrained permanently. Before 2012, this country is certainly not a mainstream market for investment for many companies out there. However its political transformation from the military junta to one of civilian rule started with President U Thein Sein which dates back as far as in 2010, has somewhat spark the movement from global businesses to leverage on the opportunity to establish their business presence in Myanmar. Moreover following the recent landslide victory of the National League for Democracy (NLD), there have been a lot of anticipation and hype over this promising land for businesses.
While investors are pulling out funds parked in China and other large emerging economies, Myanmar, on the contrary is seemingly still an attractive market. Many investors are looking to get in this last Asian frontier market early, to establish their global footprint and leverage on the "First Mover Advantage". Indeed, with Myanmar’s proximity to China, India and the rest of South-east Asia and it being a major supplier of natural resources, this country is unquestionably the next hunting ground for new investors. Singapore has defended its title for the 10th year running as the easiest country to do business, while emerging markets China and India moved up the ranks, according to the World Bank (WB).
So what exactly allowed Singapore to retain its spot? WB’s Doing Business 2016 has cited Singapore’s prompt judicial process as one of the reason. This means resolving a commercial dispute via Singapore’s District Court takes just 150 days – the shortest time recorded worldwide, in addition it only costs 25.8% of the total value claim. Efficient dispute resolution paired with specialised courts, effective case management and sophisticated court automation tools also contributed to the high scores. |
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November 2023
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