UK-based publishing, research and consultancy firm Oxford Business Group (OBG) published its first country report on Myanmar which sheds light on the country’s new investment law, wide-ranging reforms and emerging economic sectors, the firm announced.
With most Western sanctions now lifted and a new mining law in the pipeline, “The Report: Myanmar 2014” charts the considerable interest that the country’s ore and gem reserves are generating among foreign companies, OBG said in a statement.
The publication also looks in detail at the oil and gas exploration earmarked for the country, providing details of the tenders already launched for both onshore and offshore blocks, it said.
Regional Editor, Paulius Kuncinas, said that incentives contained in Myanmar’s new investment law, supported by legal reforms and low costs, had combined to produce unprecedented opportunities for international businesses.
“While the rapid pace of development in Myanmar has inevitably brought major challenges, investors have shown themselves keen to participate in the country’s transformation,” he said.
“FDI has already risen exponentially in the last two years, and several sectors of the economy, such as telecoms, banking and energy, are evolving beyond recognition, confirming just how extensively Myanmar’s economic landscape is being redefined.”
Andrew Jeffreys, OBG’s CEO, added that Myanmar’s move to increase its participation on the regional stage, which was reflected in its first-time role as ASEAN Chair this year, had not gone unnoticed by investors.
“Myanmar’s political and economic development has been well supported globally, while the ASEAN Economic Community’s current focus on regional integration will facilitate the country’s transformation,” he said.
The report features a range of interviews with political, economic and business representatives, including President U Thein Sein, along with a sector-by-sector guide for investors, the firm said. Minister for the President’s Office and former chairman of the Myanmar Investment Commission (MIC) U Soe Thane, and the Minister for Finance and chairman of MIC U Win Shein were also interviewed, it added.
The report also contains contributions from international figures, including US President Barack Obama, the President of China Xi Jinping and the Secretary-General of ASEAN Le Luong Minh, OBG said.
With a new building code in place and demand for both offices and housing on the rise, OBG’s publication highlights the raft of new developments coming on-line, which are providing opportunities for foreign investors to collaborate with local players.
OBG said the report offers analysis of the major overhaul planned for Myanmar’s transport infrastructure, which will include extending and upgrading the nation’s roads and rail networks, alongside new airport projects.
The report analysed the government’s plans to attract new FDI to the sector, which remains dominated by extractive segments. It also discusses Myanmar’s agriculture sector, which remains a key contributor to the economy and should expand significantly on the back of anticipated technical development, backed up by reforms.
The report has been produced with the Myanmar Investment Commission (MIC). Contributions have also been made by PricewaterhouseCoopers (PwC) and law firm, Kelvin Chia Ltd.