Foreign banks are about to make a return to Myanmar after an absence of more than 50 years, in a move that is intended to support foreign direct investment (FDI) and improve existing services.
Myanmar
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Economic update | Myanmar opening banking doors
23 Dec 2014
Under plans revealed in October, state-owned energy firms in Myanmar will seek foreign partnerships to improve operations and open up downstream energy operations to investment.
Economic update | Building surge continues in Myanmar
14 Nov 2014
Growing demand for residential units, the urbanisation of major cities and a national drive to bridge infrastructure shortfalls, should help Myanmar’s construction sector maintain its recent track record of strong growth over the coming years.
Growing international interest in Myanmar, following the easing of sanctions by the West, has led to a period of unprecedented growth in the tourism industry and has seen visitor numbers soar to 2m last year from 300,000 in 2010, according to governmental data.
Having learned the lessons of the 1997-98 financial crisis, Asia has since enjoyed a period of steady growth driven by consumption, investment and exports. The traditional model of low-cost manufacturing and exports to advanced markets has gradually been replaced with a more consumer-oriented and value-added approach.
Authorities in Myanmar are determined to foster economic progress and have placed financial inclusion on their list of priorities. In an attempt to tackle demand for increased financial services, Myanmar has taken numerous steps in the past 24 months, such as the adoption of a floating currency, liberalisation of the insurance industry and the independence of the Central Bank of Myanmar (CBM). Following these adjustments, 2014 is set to see the CBM grant operating licences to foreign banks, while 2015 has been set as the target date for the establishment of the Yangon Stock Exchange.