With a number of on-going projects and more in the pipeline, Myanmar looks set to reduce its transport infrastructure gap, although a shortage of labour and materials could drive up costs.While progress to date has been slow in part due to limited financing options, local players believe the investment environment is improving as a result of recent legal changes. “The government’s drive to improve…
Wide-ranging reforms, backed up by planned legislative changes and a drive to improve practices, look set to steer Myanmar’s mining sector into the 21st century. Myanmar has a vast and diverse mix of mineral resources, including jade, copper, gold, coal, tin, tungsten and nickel. However, the early stage of development means it still lacks the modern surveying techniques needed to move the mining…
However, the Foreign Investment Law passed in 2012 has a similar package of incentives, which apply to any foreign investment in Myanmar, thereby effectively nullifying some of the advantages of locating in an SEZ. Zone By Zone Dawei SEZ, which was originally backed by Italian-Thai Development (ITD) and the Myanmar Port Authority, has an estimated project cost of $8.6bn, is set to cover 196 sq km,…
In March 2011, President U Thein Sein shocked the world in his inaugural speech by taking a new tack for Myanmar’s development, speaking of the need to “open doors, make reforms and invite investments as necessary for development of the nation and the people”. He stated clearly that Myanmar aims to “attract foreign investments” as part of a wider set of radical reforms set to affect all areas…
In the past two years Myanmar’s local banks have begun to feel the pull of internationalisation as foreign firms appear in the country to offer their services. Potential joint venture partners, technology retailers, payment system providers and a wide selection of other products are now at their fingertips. Yet while advancements are definitely needed, some warn that prudent spending, strategic planning,…
With Myanmar taking its place as chair of ASEAN in 2014, a remarkable period of progress in the country’s foreign relations is being acknowledged – both by Myanmar’s neighbours and by the wider world. Now, the country’s diplomats will have to help steer the 10-nation group through some challenging times in the run up to the establishment of the ASEAN Economic Community (AEC) in 2015. Meanwhile,…
On July 11, 2013 Myanmar’s President U Thein Sein signed the long-awaited Central Bank of Myanmar (CBM) Law, which will separate the central bank from the Ministry of Finance and Revenue, securing its autonomy and clearly delineating its responsibilities. The move is a key building block in the country’s series of recent reforms and aims to radically transform the way the financial sector is regulated…
International observers and Myanmar’s government accept that to unlock the country’s potential, both the public and private sectors must embrace digital technology. Yet the state may take longer to adapt than the market-driven private sector in the coming years. Banking & Commerce Closely following the ICT developments is Myanmar’s banking industry. An efficient and well-regulated banking…
As demand for quality space in Yangon has multiplied since the lifting of sanctions, Myanmar’s construction industry has come under intense pressure to raise its standards and technical know-how. Local construction materials, equipment, expertise, workmanship, and safety of worksites and occupied buildings are all behind international standards to varying degrees. Most critically lacking is capacity…
Myanmar can learn a lot from pulses. In fact, output has grown exceptionally fast over the past two decades. This is mostly as a result of fewer strict state controls, and farmers being allowed to plant, harvest and sell them freely. In many ways, the history of pulses, in particular beans, goes a long way to showing that heavy-handed intervention did not work and that reform and liberalisation are…
