Over the past few years, Myanmar has experienced remarkable economic growth to become one of the most exciting destinations for businesses. As a member of ASEAN, Myanmar is well-placed to take advantage of the bloc’s trade connections and investment infrastructure.
Rich in natural resources, with a large untapped market of more than 50 million people; a young labour force; and strategically located between China, India, as well as ASEAN, Myanmar presents many unique opportunities for joint ventures and business partnerships.
Since Myanmar liberalised its economy in 2011, the country initiated economic reforms aimed at attracting foreign investment and integrating into the global economy. Starting with its financial system, Myanmar established a managed float of the Myanmar kyat in 2012, granted the Central Bank operational independence in July 2013, enacted a new anti-corruption law in September 2013, and granted licenses to 13 foreign banks in 2014-16.
The Myanmar government has also taken steps to remove other stumbling blocks, such as lowering restrictions on importing and exporting activities; reforming the policy on taxes; and improving the public delivery system. In 2016, Myanmar passed a foreign investment law that consolidates investment regulations and eases rules on foreign ownership of businesses. Recently, Myanmar also overhauled its colonial-era Companies Act from 1914 – simplifying requirements for small and family-owned businesses; improving corporate governance standards; removing outdated regulations; and crucially, allowing foreign investors to hold shares of up 35 percent in Myanmar firms.
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