As recently as 2011, before economic liberalisation began to gain speed, Myanmar had no access to international brands. In strong contrast, in 2019 Yangon’s Junction City Mall had a 100% occupancy rate, hosting a number of popular restaurants, shopping and entertainment venues. The growth of such complexes is striking. Considering the government’s current reform-minded trajectory and the lack…
Industry in Myanmar has benefitted from a period of strong economic growth, an increasingly welcoming environment for foreign investment and more open regulatory reforms. The outlook for Myanmar’s industrial sector is bullish in light of ongoing reform, the successful blueprint provided by the Thilawa Special Economic Zone, infrastructure development and the growing consumption power of a nascent…
Myanmar’s success in improving its transport infrastructure is clearly illustrated by developments in Yangon, the country’s commercial capital. Yangon International Airport, for instance, has undergone significant upgrades and now has an annual capacity of 20m passengers. Upgrades are also being made to the Yangon Circular Railway. Older buses that once contributed heavily to air pollution have…
Construction activity has increased significantly in Myanmar as the country works to address gaps in transport and power infrastructure, as well as an affordable housing shortage. The creation of several economic zones aimed at attracting investment over the coming years is expected to further the expansion. Cooperation with international organisations and partners such as China, Thailand and Japan…
In addition to being crucial to economic activity, Myanmar’s energy and power sector continues to be one of the main drivers of foreign investment as the country looks to develop its national electricity grid. As of October 2019 the value of foreign direct investment approved by the government in the energy sector for that year stood at $43.6bn, representing just over half of total FDI. As demand…
The ICT sector is perhaps Myanmar’s most advanced area of the steadily growing economy. Nevertheless, the era of easy growth and customer acquisition for telecommunications players has come to an end, and a new phase of intense competition has ensued. Myanmar has wide-ranging plans to grow its digital economy and is actively engaging in efforts to improve the foundations of its digital ecosystem…
One of the fastest-growing economies in South-east Asia, Myanmar has been steadily opening up to international trade and investment over the past decade. A new long-term economic development agenda, alongside ongoing liberalisation and the easing of restrictions on foreign investors – notably, within the insurance sector – and considerable growth in some manufacturing segments, is set to encou
On reaching sustainable development goals To what extent are sustainability goals tied to the success of a business? ROBERT OPP: Sustainability does not necessarily contrast with long-term profit; however, the UN’s Sustainable Development Goals (SDGs) have provided a global framework to address this significant challenge. The SDGs are different from anything I have seen in the past. There…
Recent years have seen Myanmar’s insurance sector take significant steps forwards, with liberalisation giving rise to a number of foreign insurance companies entering the market. At the same time, the country’s financial sector governance has been strengthened, while the economy has continued to grow. These developments bode well for the industry, with rising per-capita incomes expected to lift…
The pace of reform in Myanmar’s banking sector has been increasing in recent years, with liberalisation taking a major step forwards in November 2019 when the Central Bank of Myanmar announced that foreign banks would be able to secure a licence to engage in onshore retail business through a subsidiary or joint venture from 2021. Naturally, challenges remain for an industry that only recently emerged…
