26 Oct 2017 – Myanmar is one of the remaining frontier markets and its development has been gathering pace since its economic liberalisation began a few years ago. With sustained changes to create a more business-friendly environment and a population well-disposed, many foreign companies have been expanding their business and brand names throughout the country in the last 3 years.
The economy was already projected to grow at a rate of 7 to 8% annually and broad market sentiment is hoping that this can further improve now that the National League for Democracy (NLD) is governing the country.
The current administration has taken concrete steps to attract investors who are considering doing business in Myanmar. The Myanmar Investment Law of 2016 (MIL 2016) has recently replaced the Foreign Investment Law of 2012 (FIL 2012), with the new law set to make investing in Myanmar easier. State Counsellor and Foreign Minister Aung San Suu Kyi has also personally spearheaded the re-launch of the National League of Democracy (NLD) Economic Policy to ensure inclusive economic growth.
The demographic profile of the country is a strong enabler for this economic expansion – more than half of Myanmar’s 51 million population is under the age of 27; and within this group, a significant proportion is in the 5-14 age range, signalling a potential ‘demographic dividend’ for the nation.
Against this backdrop, Myanmar specialists Julian Chua, Deputy Director, OCBC Bank and Chester Toh, Head, Integrated Regulatory Practice, Director, Rajah & Tann, Myanmar shared their insights into doing business in Myanmar, presenting an update on the country’s economic outlook and investment climate, the banking environment today, as well as common legal and tax issues that businesses entering Myanmar should watch out for.
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