LPG Summit comes to Myanmar for its LPG Summit Myanmar 2019 event for the third time to bring the local and global LPG industry together under one roof to discuss, explore and share good industry practices, market challenges and opportunities. The government will also be present from the Ministry of Environment and Natural Resources as well as Myanmar Petrochemical Enterprise (MPE), Oil &…
In an attempt to reverse a recent decline in foreign investment, Myanmar has set up a new ministry tasked with attracting and facilitating fresh inflows, though concerns over the re-imposition of import tariffs by the EU could cool investor appetite. On November 19 the government established the Ministry of Investment and Foreign Economic Relations, a new authority tasked with streamlining foreign…
The country has been one of the fastest-growing South-east Asian economies for over 25 years, with annual GDP growth remaining above 5.5% since 1992. Although Western sanctions and a military government kept the country isolated for decades, growth was elevated for much of the 1990s and early 2000s, peaking at 13.75% in 2000. Myanmar’s macroeconomic performance saw gains in 2018 as well,…
Officials have clarified the timeline for foreign insurers to enter the Myanmar market – a move that will boost competition and penetration. In August 2018 the Insurance Business Regulatory Board (IBRB) announced that overseas insurers would be allowed to formally enter the market at some point during FY 2018/19, which began October 1. “We are planning to allow foreigners to participate in the…
Bank lending in Myanmar has soared since 2011, as the country’s democratic transition and economic liberalisation kick-started business and investment activities across multiple sectors. However, low credit access remains one of the most serious challenges facing businesses in the country. Limited availability of critical business and consumer data, coupled with the country’s lack of a credit bureau,…
Currency depreciation continues to challenge macroeconomic growth in Myanmar, with the kyat losing more than 65% of its value against the US dollar between 2014 and 2018, straining import-dependent manufacturers and causing inflation to spike. More recently, the kyat lost 18% of its value against the US dollar between April and August 2018. The Myanmar Sustainable Development Plan (MSDP), a detailed…
Myanmar made significant strides in macroeconomic policy-making in 2018 with the release of the Myanmar Sustainable Development Plan (MSDP), a long-term strategy aimed at achieving peace, economic prosperity and sustainable growth. The MSDP is much more in-depth, detailed, and actionable than previous policies, with stakeholders praising government efforts to implement hundreds of reforms under five…
Although Myanmar’s economy has grown above the regional average in 2018, a fall in overseas investment, crop losses and a weakening of the kyat have combined to slow the pace of economic growth. However, moves to open up sectors of the economy to foreign ownership may boost inward investment in the coming year. According to estimates by the Asian Development Bank released in September 2018, Myanmar’s…
Offering a range of attractive investor incentives, Myanmar’s special economic zones (SEZs) hold significant potential to attract new foreign direct investment (FDI), support industrialisation and manufacturing activities, and boost employment and export receipts. The country’s sole operational facility, the Thilawa SEZ, has already become a magnet for FDI inflows, with its second phase of development…
One of the most significant legal reforms undertaken to improve the investment climate in Myanmar has been the promulgation of the 2017 Myanmar Companies Law (MCL), which sets new criteria for company classification and is expected to help boost foreign direct investment inflows, which have slumped in recent years. After a lengthy delay, the new law came into effect in August 2018, marking an important…
