Myanmar: Setting up a modern infrastructure to foster trading activities

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published on May 18, 2018

 

Closely following the example given by its East and Southeast Asian neighboring countries, Myanmar is slowly developing a modern wholesale and retail structure, preparing the ground for large-scale supermarkets and shopping malls. Concentrating on the booming business capital of Yangon, Myanmar continues to develop a new shopping culture which comprises more and more Western brand suppliers. In 2017, the overall retail space of Yangon increased by an imposing 47 percent (ref.: Colliers International).

 


 

Flourishing trade needs a well-functioning, future-oriented infrastructure. Myanmar´s currently most futuristic infrastructure project probably is the transformation of Yangon´s colonial railway station. Together with entrepreneurs from Singapore and China, the prestigious project is supposed to be finalized by 2025, involving a budget of 2.5 billion USD. Being part of Myanmar´s cultural heritage,  the historic railway station dating from 1877 will be carefully preserved, while Yangon will receive an all new central station for its rail and local public transport – surrounded by 20 high-rise buildings offering space for apartments, offices, retail stores, fitness studios and entertainment businesses. The construction project right downtown Yangon will cover an area of 25.7 hectares and is supposed to create around 100,000 new jobs. 
 
Myanmar is considered to remain on a continuous growth path in the years to come. Besides the expansion of infrastructure and trade routes, stable foreign direct investments as well as international financial grants considerably contribute to the dynamic economic growth. The macroeconomic situation in Myanmar may be expected to further continue its upward trend over the medium term. The Asian Development Bank (ADB) forecasts the GDP to increase by 6.8 percent for the current fiscal year 2018/19 (April–March), and to even speed up to 7.2 percent during the following year 2019/20. With the envisaged reduction of trade barriers for foreign companies, the recently implemented opening of the education sector for foreign investors as well as with the expected implementation of the new corporate law in August 2018, the government is hoping to attract more foreign direct investment.


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