Struggling businesses hope for reset with Myanmar election

They see polls as a step towards a stable government that can attract investments

- May Wong

Sitting in a restaurant, the business leader is resigned. The entrepreneur's company used to hire 600 workers before the 2021 coup. Now, it is down to fewer than half of that.

"We are facing a critical shortage of skilled workers. The lack of economic prospects and the impact of conscription have forced many young professionals to leave the country."

Without mincing words, the Myanmar national said the "poly crisis of inflation, brain drain and upcountry conflict is reaching a breaking point".

And that is why the business owner harbours a germ of hope that the ongoing general election in Myanmar, restricted though it is, could be a harbinger of better things to come.

"While an election may not be a perfect solution, it is a practical step towards a stable government that can engage with the world and enact firm policies to protect the value of our currency."

Many citizens in Myanmar have rejected outright the election being held by the country's military administration - the first since the coup - calling it a sham.

But beset by intractable operating challenges that arise from a country in political limbo, five industrialists here who spoke to The Straits Times offer a different view.

They said that they see the polls as an opportunity to reset the country's troubled economy. All spoke on condition of anonymity, out of fear of reprisal from the military administration.

A business owner of 30 years said an election "could serve as a step towards restoring operational stability".

"For the business community, this is about human and economic survival, not political endorsement," the entrepreneur insisted.

"We have a responsibility to our employees and their families. To ignore any possible path towards a permanent administrative structure is to accept continued poverty and brain drain."