George Soros, world renowned Hedge fund manager and philanthropist has decided to invest in Myanmar reforms. Soros will give his backing to a student activist group known as 88 Generation Students Group.
The offer was made by Soros during a meeting with the group, but the amount to be given as assistance was not mentioned.
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The 88 Generation Students Group derived its name from the student reform against General Ne Win in 1988. The Group announced that it is establishing 88 Generation Open Society earlier this year. The name was synonymous with the ideas of the group.
Soros foundation has been investing in the social infrastructure with the idea of helping the country transforms itself from authoritarian to open societies. According to the website of the foundation, they have been providing financial support to Myanmar in the past, as well. Last year, Soros visited Myanmar for the third time and met with President Thein Sein and Opposition leader Aung San Suu Kyi.
Soros has colaberated with Singapore-listed Yoma Strategic Holdings and Jamaica-based Digicel Group Ltd to expand itself in the emerging markets. Both the companies along with Soros’ investment fund Quantum Strategic Partners Ltd have submitted a pre-qualification bid, which is the first stage of the tender process.
“The liberalization of the telecommunications market in Myanmar will serve as an important economic stimulus for the country,” Mr. Soros said in the statement.
Soros has been taking keen interest, according to Ko Ko Gyi the leader of the group, in knowing the basic cause of the deadly riots in Central Myanmar last month. He also asked his group members to suggest the actions, which can be taken to bring peace in the region in riot-affected Meikhtila as well as Rakhine State where there was a bloody communal violence and arson attack last year.
Soros discussed the riots and their root cause along with the peace process with the former Student leader according to Ko Ko Gyi.
Jim Rogers has also been a supporter of investment in Myanmar. He told earlier that Myanmar is the country in Asia with the best investment opportunity at present. He said that Myanmar was the richest country in Asia in 1962, but they closed their economy in 1962 and became the poorest country in Asia. According to Rogers there are a heap of opportunities lying in Myanmar because the economy is again becoming liberal like China did in 1978. Jim Rogers co-founded the Quantum Fund with George Soros.