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Myanmar Business Climate
With Myanmar’s recent political and economic liberalization, it is timely for foreign businesses to look for business opportunities in Myanmar. Previously known as Burma, Myanmar has an estimated population of 55.5 million. Yangon (previously known as Rangoon) is Myanmar’s largest metropolis and its commercial and intellectual hub.
According to a report by The Economist, Myanmar’s has a significantly large youthful population. Fifty five percent are under the age of 30, and the median age is 27. This presents an excellent opportunity for sustainable economic growth.
Despite being the fastest growing economy in Southeast Asia in the last two years, foreign brands are still under-represented in Myanmar.
At present, the majority of foreign retail brands are in the food and beverage (F&B) sector. F&B brands with significant presence in Myanmar include, Gloria Jeans Coffee, KFC, Café Amazon, Coffee Bean & Tea Leaf, Burger King and Swensens. In recent years, Paradise Group of Restaurants and BreadTalk from Singapore, Bulgogi brothers from Korea, Ippudo Ramen from Japan and Miami Grill from the United States have also entered the country.
Myanmar is increasingly becoming an attractive destination for foreign brands in light of the recent relaxation of foreign investment restrictions and the growing middle class. The main driving force behind the improvement in foreign investment climate is the new Companies Law 2017 (which was enacted in December 2017 and implemented in August 2018).
Concluding Remarks
With the liberalization of Myanmar’s economy, foreign companies should seize the opportunity to be one of the early movers into Myanmar.
Myanmar is currently still undeveloped, Managedline business consultancy has a deep understanding of the regulatory and business environment in Myanmar. We are well equipped to assist clients with complex legal matters across a wide range of disciplines.
The latest media news about Myanmar: Economics
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