Invest in Myanmar ~ MYANMAR TRADE OFFICE (TAIPEI)

Monday, April 18, 2016

Invest in Myanmar

Myanmar - a land of opportunity
A key trade hub between China and India and flowing with untapped natural resources, Myanmar is the new cornucopia of Asia. It is a global leader of rice, soy, corn and other crops, lumber-rich forests cover half its area, its vast rivers and coastlines teem with fish and even the ground beneath is full of precious stones, oil and natural gas.

With recent sweeping political and economic reforms, Myanmar is finally reaching its full economic potential. It has never been easier nor more lucrative to invest.

Overview of Myanmar

Myanmar quick facts

Full name:	The Republic of the Union of Myanmar
Capital:	Nay Pyi Taw
Official language:	Myanmar
Population:	51 million
Area:	677,000 square kilometers (slightly larger than France)
Borders:	China, Thailand, Laos, Bangladesh and India
Head of state:	U Htin Kyaw (President)
Currency:	Myanmar Kyat
Time:	GMT + 6:30 hours

The Myanmar economy

GDP:	US$58.4 billion
GDP growth rate:	8.7% (2013 / 2014)
Major exports:	Rice, natural gas, jade, timber, pulses & beans, fish, rubber, garments
Major imports	petroleum products, machinery and parts, iron and steel materials, raw plastics, palm oil, vehicles, pharmaceuticals, cement, fertilizer
Major trade partners:	China, Thailand, Singapore, India, Malaysia, Hong Kong, Japan, Korea, Indonesia, Bangladesh, Germany
Export volume	9.08 billion USD (2012 / 2013)
Import volume:	9.35 billion USD (2012 / 2013)

Myanmar, the largest country on the Southeast Asian mainland, is situated in a geographical hub of Asia, connecting some of the world’s fastest growing economies such as China, India and Thailand and with strategic access to both the Bay of Bengal and the Andaman Sea.

Reform and transformation

After the 2011 election, Myanmar’s new democratic government taken place and began reform processes based on the following economic policies:

Sustaining agriculture development towards industrialization and all round development
Balanced and proportionate development among states and regions
Inclusive growth for entire population
Quality of statistics and statistical system

To these ends, the government has implemented extensive economic reforms, including new laws and incentives for local and foreign investors, floating the Myanmar Kyat and liberalizing some state-owned enterprises including the telecommunications sector.

Although Myanmar’s economy is still developing, foreign direct investment in Myanmar rose from US$1.4 billion to US$4.1 billion between 2012 and 2013, and its economy has a real growth rate of 8.7%—more than double that of the United States.

Working with government ministries

Specific government ministries oversee ventures in each sector. These are responsible for sector-specific permits and licensing, public oversight and keeping investors abreast of the latest sector developments. This is a list of the relevant government departments: