You could say that Myanmar won over Kevin Murphy at “min-ga-la-ba,” or “hello” in Burmese. The American first came to this isolated land in the 1980s as a student and returned in the 1990s as a journalist. In 2002, he came back again -- this time for good and as an investor.
“You can say I was hooked early on,” Murphy, 51, said in Myanmar’s capital, Naypyidaw, recently. “It’s nice to see the rest of the world catching on.”
William Pesek is based in Tokyo and writes on economics, markets and politics throughout the Asia-Pacific region. His journalism awards include the 2010 Society of American Business Editors and Writers prize for commentary.
And how. EuroMoney’s debut event in the nation that Rudyard Kipling once called “quite unlike any place you know about” attracted almost 900 participants. It was the largest influx of foreign investors Myanmar’s 55 million people have ever seen. More than 100 years later, Kipling is still right about Myanmar, formerly known as Burma, being a world apart.
Bankers visiting for the first time assumed travel agents were exaggerating about BlackBerrys and smart phones not working (they really don’t). They dismissed warnings that credit cards aren’t accepted, even at five-star hotels. All that blather about banks and merchants only taking pristine $100 bills (the slightest crease or fold and you’re toast) seemed overdone, until you found your wad of cash worthless and wondering how to pay for dinner. No, Myanmar isn’t easy.
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