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Analysis

Industry shake-up: Changes to the Tourism Law will generate new opportunities
OBG
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After years of delay, the Myanmar Tourism Law was enacted by the Parliament in September 2018. By-laws were being drafted late in the year and are expected to take effect 90 days after enactment. The law replaces the 1993 Myanmar Hotel and Tourism Law, which has been the main legal and regulatory document guiding tourism over the past 25 years. The new law was initially drafted in 2015 but…

Analysis

Private investment boosts Myanmar's skills-based education
OBG
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As part of an effort to meet changing labour market requirements brought about by the Fourth Industrial Revolution (4IR), Myanmar is harnessing private sector investment to develop its vocational and technical education system. Speaking at the World Economic Forum on ASEAN 2018 summit in September 2018 in Hanoi, State Counsellor Daw Aung San Suu Kyi stated that greater investment in skills-based…

Analysis

China-Myanmar cooperation supports transport and logistics networks
OBG
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Myanmar is considered a crucial component of China’s Belt and Road Initiative (BRI), the multibillion-dollar project that has the potential to shake up global trade and improve transnational infrastructure links. Of particular interest to China is a planned special economic zone (SEZ) and deepwater port at Kyaukphyu in Rakhine State, which would give Beijing direct access to the Indian Ocean,…

Overview

Contact information for useful entities when visiting Myanmar
OBG
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FOREIGN EMBASSIES Australia (01) 251 810 Bangladesh (01) 515 275 Brazil (01) 221 268 Cambodia (01) 549 609 China (01) 221 280/1 Egypt (01) 222 886/7 France (01) 212 532 Germany (01) 548 951/2 India (01) 243 972 Indonesia (01) 254 465 Israel (01) 515 115 Italy (01) 527 100/1 Japan (01) 549 644/8 Laos (01) 222 482 Malaysia (01) 220 248/9 Nepal (01) 545 880 Pakistan (01) 222 881 Philippines (01)…

Overview

Medium-term prospects suggest globalisation is set to continue
OBG
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Decades of growth in trade and foreign investment have made economies around the world more interconnected and interdependent than ever before. The production of goods and, increasingly, the provision of services have become fractured across borders as corporations create and integrate into regional and global value chains. These trends have been reinforced by the steady liberalisation of international…

Overview

Security and engagement key to further growth in the meetings, incentives, conferences and exhibitions industry
OBG
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Countries and regions across the world have long understood the potential of the MICE segment as a vehicle to drive high-value tourism and economic development. In recent decades this has led to significant investment, with nations working to position themselves as centres for the industry, both regionally and globally, aided by greater air connectivity. At the same time, the industry has been…

Overview

Fintech revolution drives growth of Myanmar financial services
OBG
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Once reserved for ambitious start-ups and industry-leading tech operators, financial technology (fintech) has more recently caught the attention of major private sector firms and government planners alike, becoming a regular feature in budget speeches and strategic development plans. As fintech progressively plays a larger part in the lives of consumers, investors have quickly come to recognise its…

Overview

Private sector growth and foreign trade develop Myanmar financial services
OBG
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After decades of slow liberalisation, Myanmar’s insurance sector is on the cusp of a significant transformation. Several recent policy announcements indicate foreign companies will soon be permitted to conduct business in the country, more than 50 years after the sector was first nationalised. Myanmar’s 54m-strong population is almost completely uninsured, with penetration rates in both the life…

Overview

Myanmar GDP expected to grow in 2019 despite foreign and domestic pressures
OBG
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Myanmar’s macroeconomic performance improved in 2018 as recovery in the agriculture sector, rising oil and gas prices, and substantial growth in several manufacturing segments helped the country regain positive momentum. Efforts to encourage private sector activity and liberalise the economy have been extensively detailed in a new long-term economic development agenda, and recent legislative reforms…

Overview

Mobile banking to improve penetration rate in Myanmar's unbanked population
OBG
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After several years of rapid expansion and double-digit credit growth, Myanmar’s banking sector underwent several necessary reforms in 2017 and 2018, as the Central Bank of Myanmar (CBM) moved to introduce new prudential regulations and reduce overdraft lending. Although foreign banks remain prohibited from participating in retail activities, a spate of recent directives have made promising strides…