Yangon, Sagaing, Bago and Nay Pyi Taw have emerged as the best environments in which to do business in Myanmar, according to the Myanmar Business Environment Index 2020 (MBEI). … Results are analysed to produce an index for each state and region of Myanmar, establishing a benchmark for rating business-friendliness.
Is Myanmar good for business?
Myanmar has access to cheap labour and abundant resources, which makes it very feasible to set up a business in Myanmar. Companies set up in the country also have access to the markets of the countries member of the ASEAN community.
What business should I do in Myanmar?
Small business ideas in Myanmar
- Convenient store. In a convenient location stocking a limited range of household goods and groceries could be a handy but good venture. …
- Travel agency. …
- Cell phone loading or recharge shop. …
- Tea stall. …
- Tuition center. …
- Juice kiosk. …
- Tailoring shop. …
- Mobile food stations.
What is the main business in Myanmar?
Other industries include agricultural goods, textiles, wood products, construction materials, gems, metals, oil and natural gas. The private sector dominates in agriculture, light industry, and transport activities, while the government controls energy, heavy industry, and military industries.
Is it OK for Australian business and government bodies to do business in Myanmar?
The Australian Government lifted travel and financial sanctions against Myanmar in July 2012, although an arms embargo has been maintained. As a consequence, Australian law currently prohibits to Myanmar: The supply, sale or transfer of arms and related materiel.
Is Myanmar poor or rich?
Myanmar is Asia’s seventh-poorest country. Myanmar’s per capita GDP is $1,207, just above Cambodia’s. About 26% of the population lives in poverty, and poverty is twice as high in rural areas, where about 70% of the population lives.
What is Myanmar famous for?
Myanmar, the official name of the Southeast Asian nation commonly known as Burma is a must-visit destination for travelers who like beaches and Buddha. This beautiful country is dotted with thousands of Buddhist temples. Besides, it has serene white beaches along the Andaman Sea and the Bay of Bengal.
How can I start my own business in Myanmar?
Once your company in Myanmar is set up, you need to complete the following activities:
- Inject 50% of capital into your business.
- Submit a list of directors and shareholders.
- Get an official company seal.
- Register your tax and any employees for social security.
Can foreigners do business in Myanmar?
Local regulations stipulate that foreign companies can open representative offices in Myanmar. While the representative office can be 100% foreign owned, it is not allowed to pursue production-related or commercial activities in Myanmar.
What should I invest in Myanmar?
The opportunities in Myanmar
- 1) Telecoms. Myanmar is one of the world’s last untapped mobile markets, with less than 10% of the 60 million population currently using mobile phones. …
- 2) Banking. …
- 3) Energy and Resources. …
- 4) Tourism. …
- 5) Market research. …
- 6) Major infrastructure. …
- 1) Reliance on agriculture. …
- 2) Political risks.
Is Bangladesh richer than Myanmar?
Bangladesh vs Myanmar: Economic Indicators Comparison
Bangladesh with a GDP of $274B ranked the 44th largest economy in the world, while Myanmar ranked 71st with $71.2B. By GDP 5-years average growth and GDP per capita, Bangladesh and Myanmar ranked 10th vs 13th and 155th vs 164th, respectively.
What is Myanmar’s biggest industry?
Main industries of Myanmar
- agricultural processing.
- wood and wood products.
- copper, tin, tungsten, iron.
- cement, construction materials.
- petroleum and natural gas.
What is Myanmar main source of income?
The Myanmar government’s main source of revenue in recent years has been the export of natural gas to Thailand. Another major source has been taxes on domestic and international trade.