Myanmar president finds a useful and uncritical friend in India


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NEW DELHI // Once denounced in India for their brutal authoritarianism, Myanmar's rulers now receive a red carpet welcome in New Delhi.

President Thein Sein held talks in the Indian capital yesterday after two days of touring Buddhist pilgrimage sites in other parts of the country.

Among the agreements he signed with the Indian prime minister, Manmohan Singh, were plans to open border trade, speed up construction of natural gas pipelines and increase cooperation on hydrocarbon exploration.

India also offered Myanmar a US$500 million (Dh1.84 billion) credit line for infrastructure projects.

Recent years have seen India willing to ignore the human-rights violations of its neighbour to secure access to Myanmar's energy supplies and land routes into the markets of South East Asia.

"India's interest in promoting democracy has taken a back seat to its national interests in trade and security," said Professor Srikanth Kondapalli, of the China Studies department at Jawaharlal Nehru University in New Delhi.

A number of tentative reforms in Myanmar over the past year have helped ease India's conscience. Since the controversial elections which brought Thein Sein to power last November, the opposition leader Aung San Suu Kyi has been released from prison and the country's strict censorship laws have been partly relaxed.

The announcement this week that at least 120 political prisoners would be set free was well-timed to show further progress towards democracy ahead of the president's visit to India.

Nonetheless, many question India's willingness to turn a blind eye to the continuing repression of minorities and opposition figures in Myanmar, given the limited benefits it has received in return.

"This totally uncritical attitude to Myanmar is really a lose-lose situation for India," said Benedict Rogers, East Asia director for Christian Solidarity World.

Recent energy and trade deals have not brought India close to matching China's influence over the country, said Mr Rogers. China has annual trade with Myanmar worth $4.4bn, compared with India's $1.2bn.

"By selling arms to the military junta and remaining totally silent on questions of democracy and human rights, India has suffered great damage to its international reputation," he said.

Even with improving relations, Myanmar has done little to help India track down insurgents from its north-east, who have long used the porous border as an easy escape route and source of arms.

"Myanmar has never given any significant cooperation on counterinsurgency," said Bertil Lintner, author of several books on Myanmar.

"The Burmese government just wants to keep India at arms length, and is therefore not against having a 'buffer of instability' between themselves and India."

From Myanmar's perspective, the improving relationship with India has many advantages, including a chance to curb Chinese influence.

The government recently suspended construction at a controversial, Chinese-funded dam, which Mr Rogers says can be partly attributed to "deep-seated racist views about the Chinese" among government officials.

"Myanmar wants to diversify its relationships. Sein knows that the current system in his country is unsustainable. They are desperate to reach out to the US and the EU to reduce the sanctions on the regime," he said.

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7.30pm: Saadiyat Island – Handicap (TB) Dh80,000 (T) 2,400m; Winner: Celestial Spheres, Gary Sanchez, Ismail Mohammed

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- Abdullah Ishnaneh, Partner, BSA Law 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

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