14 Dec 2016
Doing Business in Myanmar
Following the euphoria of the general election, the newly established NLD-led government now faces the arduous task of restoring and reinvigorating the economy. Myanmar’s new parliament voted to reduce the number of government ministries from 36 to 21, showing the NLD’s commitment to run a lean and efficient government. The new Myanmar Planning and Finance minister announced that economic growth is Myanmar’s number one priority and the key to this is to improve the financial sector, enforce taxation and promote rural development. Tourism is also flourishing. The Ministry of Hotel and Tourism expected that international visitors in 2016 will increase to 6 million from 5 million in 2015.
The country’s infrastructure will require an overhaul in order to support its economic development ambitions. Asian Development Bank estimated that by 2030 the country will require an investment of USD60 billion to upgrade its transportation system to the level comparable to other countries at the same stage of development. A strong grid with stable power supply is also essential for business growth. These changes will go a long way to grow the economy and to maximise its enormous potential.
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