This video from the Wall Street Journal presents the back story behind the opening of Myanmar and the role of the business and entrepreneurs community. With many opportunities and some challenges for doing business, Myanmar presents several areas of interest for entrepreneurs and companies willing to invest and trade.
After decades of isolation, the military junta in control of Myanmar has set the country on a path to political and economic reform since 2011. The political theater is opening to more opinions, and the economy is now gradually opening to foreign investments.
The liberation of Aung San Suu Kyi, the political opponent who was previously under house arrest focuses attention. The less obvious involvement of the entrepreneurial and business community in the political reform process seems also to have taken a crucial role in convincing the military junta to allow for more openness.
Key points of Myanmar for business and development
Business opportunities in Myanmar
- Large population of 51 million people
- Weight of business community and interest for business and development
- Since 2011, the military junta gave way to a quasi civilian government that is currently opening the country and doing economic reforms
- Young population willing to open to the world
- Lots of mineral resources, oil and natural gas in Myanmar
- Myanmar is between India and Asia, making it very interesting location for trade
- The fast increasing number of tourists, expats is driving a boom in Myanmar’s real estate sector
Challenges for business in Myanmar
- Very recent opening to banks, little infrastructure and technology. However, this situation is changing very quickly as the highlighted by the explosive growth ofmobile Internet in Myanmar.
- Need to be in Myanmar to build relationship on the ground
- Myanmar is a frontier market with inherent risks
- Need to be flexible and accommodating
Video from February 2012 by the Wall Street Journal
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