Why Set Up Your Business in Myanmar?
Are you looking a place to set up your business? If so, you should add Myanmar into your list.
Myanmar, officially known as the Republic of the Union of Myanmar (or also known as Burma) is a sovereign state located in Southeast Asia bordered by Bangladesh, India, China, Laos and Thailand. Its largest city, Yangon, is home to bustling markets, numerous parks and lakes, and the towering, gilded Shwedagon pagoda, which contains Buddhist relics.
In 2015, Myanmar has voted in its first democratically government in over half a century, together with the lifting of economy sanction, the world is rushing to do their business here. Previously during its years of international isolation, Myanmar was heavily reliant on its northern neighbour, China, which remains a key source of trade and investment.
Communication and Infrastructure
Communications now are made more convenient in Myanmar, such as mobile phone coverage, internet access and international linked ATMs. However these are largely confined to the big cities and towns, where the recent economic and social improvements are most obvious.
In addition, infrastructure available in Myanmar includes airports, heliports, pipelines, railways, roadways, waterways, merchant marines, ports and terminals.
Myanmar is a country rich in jade and gems, oil, natural gas and other mineral resources. Its abundant natural resources, young labour force and proximity to Asia’s dynamic economies have attracted foreign investment in the energy sector, garment industry, information technology, food and beverages. Besides, the unexplored forests are also one of their wealth.
Participations in International and Regional Organisations
Myanmar has been a member of ASEAN since 1997. Though it gave up its turn to hold the ASEAN chair and host the ASEAN Summit in 2006, it chaired the forum and hosted the summit in 2014. Apart from that, Myanmar held its first ever summit, the World Economic Forum on East Asia 2013 in June 2013.
Realizing the booming of economy and great potential in Myanmar, many countries, such as United States and Canada, and the European Union, have imposed investment and trade sanctions on Myanmar. United States and European Union eased most of their trade sanctions in 2012. In addition, China and India have tried to strengthen ties with the government for economic benefit in recent years. For now, foreign investment comes primarily from China, Singapore, Philippines, South Korea, India and Thailand.
With all these, Myanmar will be a good choice for you to set up your business. There are more and great potential market for you to explore in Myanmar. All the natural resources, labour force, communication and infrastructure and the participations in international and regional organisation will be some helpful tools for you to set up business in Myanmar.