Occupying a strategic position at the crossroads of India, China and Thailand, and now in its seventh year of sweeping economic liberalisation and political transition, Myanmar remains one of the fastest-growing economies in South-east Asia.
Officials have firmed up the timeline for when foreign insurers will be allowed to enter the Myanmar market, a move that is expected to boost competition and lift penetration rates.
How do you foresee foreign direct investment (FDI) being affected in FY 2018/19 due to US-China tensions and the global trading environment?
Myanmar’s rapidly expanding retail and wholesale sectors have been opened up to overseas investors, with newly announced reforms allowing for 100% foreign ownership, though some restrictions remain in place.
Increased investment in import and distribution capacity should help Myanmar satisfy its growing appetite for liquefied petroleum gas (LPG), with the government looking to encourage usage of the fuel as part of plans to direct electricity towards industry.
Favourable weather conditions and improved yields have helped drive a return to growth in Myanmar’s agricultural sector, a trend likely to be supported by government efforts to embrace modern farming methods to ensure long-term sustainable development.