Myanmar officially the Republic of the Union of Myanmar and formerly known as Burma, is a sovereign state located in South East Asia and member of the ASEAN. This former British colony borders to the north and northeast with China, Thailand and Laos to its east, to its west with Bangladesh and India and to the southwest with the Andaman Sea and the Bay of Bengal. It has an estimated population of 51 500 000 inhabitants. Since 2005, its capital is Naypyidaw, although the former capital, Yangon, is its most populated city. Its official currency is the Burmese Kyat (MMK).
Together with its return to democracy, economic sanctions that the country was facing have been eased or lifted, and the government has launched reforms to modernize the economic system. The country is being liberalized and opening up abroad, and sectors such as heavy industry, energy or rice trade, which were traditionally fully operated by the state, are being partially privatized. Its currently poor infrastructures and old industry are being renewed and year after year is attracting more foreign investment. Although, is absolutely essential for any foreign investor, to know the culture, peculiarities and operation of the country and have local connections to ensure success. Myanmar is an emerging market, full of investment opportunities, which is experiencing growth rates about 6-7 per cent during last years.
The country’s main economic activity is the agriculture, with rice as its predominant crop, which occupies about half of the arable land. Other plantations include the cotton, peanut, hevea, rubber and sugar. It also highlights the logging, being the main world producer of teak. Regarding the industry, its main activities are garment and oil and gas exploration. Myanmar also produces precious stones such as rubies, sapphires, pearls, and jade. Tourism is rapidly expanding, reaching about 5 million visitors in 2016, when in 2011 were just over 790,000.
Below, you can learn on why and how to invest in Myanmar, investment opportunities and banking options, set up a company and properly structure your Burmese business and how to get residency and citizenship in this Asian emerging market.
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