With a population of 60 million people, Myanmar is a small country in Asia. It became the last Asian country with the exception of North Korea to open up to business and globalization, and has quite a large, and well established domestic labour and consumer market. Its size is comparable to that of Thailand and Vietnam. The purchasing power of the average middle-class citizen of Myanmar is comparable to that of an urban dweller in Bangkok.
Why Myanmar?
Myanmar is a country that is rich in gas, oil and other mineral resources. The country also has an undeveloped industrial sector, which means that there are tons of opportunities for businesses. However, there are still a few glitches. This is because Myanmar recently opened up its economy, just a couple of years back. Myanmar is doing significantly better than China and Vietnam did when they opened up their respective economies.
Myanmar’s GDP grew by 6.6 percent in 2016, in contrast to GDP growth of 5 percent in 2013. This shows slow, but steady growth. A sectoral breakdown of the GDP showed that 40 percent was contributed by Agriculture alone, with Industries equalling that contribution. The service industry contributed a meagre 19.6 percent to the GDP. The labour force in Myanmar is not very organized, though. At least 65 percent of the labour force is employed in agriculture and related activities. However, labour productivity is quite high in Myanmar. A good vocational training policy which helps workers transition from one sector to another is the need of the hour, and the government is working for it.
Key Sectors for Investment in Myanmar
The economy of Myanmar as a whole is quite healthy. If you want to invest in Myanmar, here are few key sectors that are developing, and have a huge potential for growth:
- Power
- Manufacturing
- Hospitality and Tourism
- Real Estate Development
- Oil and natural gas
- Pisciculture, apiculture, agriculture, horticulture, etc.
To know more about investment in Myanmar reach our consultant at [email protected] or visit www.intuitconultancy.com
