Successfully investing in Myanmar

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last updated on 27 May 2020 | reading time approx. 1 minute


 

 

How do you assess the current economic situation in Myanmar?​

The impact of Covid-19 is hard to predict. The economic growth rate was stable between 6 and 8 per cent before the pandemic started. It remains to be seen, if the aid plan and reforms implanted by the government are sufficient to boost the economy again.
 

How would you describe the investment climate in Myanmar? Which sectors offer the largest potential?

While investors from Asian countries continue to invest heavily into the Myanmar economy, Western investors remained skeptical due to the refugee crisis in the West of the country. The government tries to attract investment with the implementation of economic reforms and the opening of economic sectors such as trade, financial sector, education, and insurance. The garment sector showed growth rates between 13 and 33 per cent year on year in the last six years. Furthermore the energy sector holds enormous potential as well.
  

What challenges do German companies face during their business ventures into Myanmar?

The infrastructure is in urgent need of expansion – especially the power grid and the transport network. While the population is young and workforce is generally inexpensive, there is still a lack of skilled workers.
 

How far has Myanmar progressed with digitalisation?

With the opening of the telecommunications sector in 2013, digitization began in Myanmar. While only 2 per cent of the population had access to the Internet in 2013, the penetration rate of mobile subscribers has been 100 per cent since 2018. The mobile internet download speed is now 24.07 MBPS and therefore above the global average. In ASEAN only Singapore has a faster rate. Another big step was the establishment of the electronic company register. The government is currently working on a gradual introduction to the digital tax return and the establishment of a database for IP rights. The establishment of a digital land register is also being discussed.
 

In your opinion, how will Myanmar develop?

Myanmar's medium and long-term perspective remains very positive. The large number of reforms and infrastructure measures initiated should accelerate the modernization. The basis for this is a stable political situation and a speedy overcoming of the challenges posed by the pandemic. 

 Cultural characteristics in Myanmar

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