Market Spotlight: Myanmar

What are the business opportunities in Myanmar? Do we have any Free Trade Agreements with Myanmar that Singapore companies can leverage on? Which government organisations in Myanmar should I contact to get things done? Get quick and useful tips about Myanmar when you venture into this untapped market.

Why Myanmar?

Strategic Location

Myanmar has a population of over 59 million, significant natural resources and a geo-strategic location between China, India, Bangladesh, Thailand and Laos, representing a combined market of almost three billion people.

Political & Economic Reforms

The country is in the midst of political and economic reforms, which will attract more trade and foreign direct investment once the relevant laws are in place. For example, recent amendments to the Foreign Investment Law improved its clarity and enhanced incentives for foreign investors.

E Singapore Overseas Centre

IE Singapore has recently opened an overseas office in Yangon. The opening ceremony was officiated with the signing of 3 agreements and 2 MOUs.  The three Agreements and two MOUs will see Singapore companies partner the Myanmar private sector and contribute to the country’s growth via investments and knowledge transfer.

Country Information

Myanmar has been a member of the Association of South East Asian Nations (ASEAN) since 1997 and will be chairing ASEAN in 2014. Myanmar was Singapore’s 46th largest trading partner in 2012 with total trade amounting to S$1.8 billion. Strategically located at the tri-junction of ASEAN, China and India, its abundant reserve of natural resources, large population and low labour cost, Myanmar possesses huge growth potential.

Geography:

7 States and 7 Regions

Population: 54 million

Economic freedom ranking: 172^th

Trading Partner Ranking: 46^th

Bilateral Trade:

S$1.6 billion (2011)

S$1.8 billion (2012)

Vol 2 Myanmar Opportunities in Asias Last Frontier Economy Jul 12

Ref:iesingapore.gov.sg