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This chapter examines the legal system of Myanmar, focusing on changes arising from the Myanmar Company Law and efforts to open up to foreign investment. Crucially, the banking sector has reduced restrictions on foreign participation and introduced the Mobile Financial Services Regulations in an effort to increase banking penetration. The chapter also outlines the measures introduced to enhance transparency and improve consumer protection, and details the terms of the Anti-Money Laundering Order introduced in November 2019, as well as anti-terrorism and trade liberalisation measures. Key points in this chapter refer to the opening of the insurance sector and the Yangon Stock Exchange to foreign participation. This chapter contains a viewpoint from Cheah Swee Gim, Director, Kelvin Chia Yangon.

This chapter offers an overview of Myanmar’s tax regime, including the provisions of Myanmar Income Tax Law and the conditions for Commercial Tax and Specific Goods Tax, alongside individuals’ tax obligations – and the penalties for failure to comply. It also outlines the differences in tax requirements for foreign bodies and Myanmar nationals, and summarises Myanmar’s tax assessment systems. The chapter details tax incentives for companies operating in Myanmar’s special economic zones. This chapter contains a viewpoint from U Tin Win, Country Managing Partner, EY Myanmar.

Myanmar’s education sector has undergone a significant transformation following the transition to democracy. Budget allocation for the sector has risen steadily and liberalisation has resulted in the emergence of a rapidly expanding private school segment. Nevertheless, further work is required to reform the curriculum, raise teaching standards and adopt education technology if the country’s young population is to be prepared for an international labour market characterised by innovation and rapid technological change. Health care expenditure has been rising and the government is implementing three national health plans to lead the country towards universal health care by 2030. Furthermore, private investment has become increasingly welcome and significant growth potential exists in the insurance market. Nonetheless, more systematic data collection is required to prioritise the areas where resources are most needed. Widening access to primary health care and improving the quality of services will be key to fostering sustainable economic growth. This chapter contains an interview with U Aung Chit Khin, Founder, Strategy First University.

Sharing borders with India, Bangladesh, Thailand, Laos and China, Myanmar is one of the last frontiers of Asian tourism. Offering pristine beaches, abundant cultural and natural attractions, and a warm, hospitable population, the country has significant potential – especially considering the thriving travel markets in neighbouring states. Following its opening as a travel destination, the sector experienced impressive growth in both arrival numbers and foreign direct investment. However, unrest in Rakhine State in 2017 and the international media coverage that followed have negatively impacted the sector, diminishing the flow of visitors from Western countries. Visitor demographics have since changed and the sector is undergoing a gradual recovery, with sizeable growth stemming from Asian source markets. Tourism has been supported by a number of government reforms and initiatives, including relaxed visa regulations, and efforts are under way to establish new flight routes to the country. This chapter contains an interview with Daw Su Su Tin, Managing Director, EXO Travel.

Endowed with rich deposits of jade, ruby, copper, lead, zinc, tin, tungsten, silver, gold, antimony, nickel and barite, as well as a long history of mining that dates back to the 15th century, Myanmar’s mining sector has significant potential. While these rich and varied reserves indicate a bright future for the industry, there are numerous regulatory, infrastructural and societal challenges that need to be addressed before the mining sector can reach its full potential. The long-term outlook for the industry remains generally optimistic: at least seven international mining companies are looking to exploration activities and, given its potential, Myanmar is likely to continue to attract investment. This chapter contains an interview with U Ding Ying, Chairman, DELCO.

Myanmar boasts diverse ecological conditions, fertile soil, and promising fisheries and aquaculture. The current administration has centred its vision for future economic prosperity and its drive to alleviate poverty around agriculture. Demonstrating the sector’s significance, agriculture accounted for 38% of GDP and 70% of the workforce in 2018. While Myanmar was once the world’s largest exporter of rice, the post-independence era saw state support for agriculture decline and productivity levels drop. Today, however, efforts to enhance crop diversity and increase output are being introduced, bolstered by the June 2019 opening of the Myanmar Productivity Centre. Even so, major upgrades to storage and processing facilities, rural electrification and transport infrastructure are needed to strengthen the position of producers in the farm-to-market value chain and help them gain additional revenue. This chapter contains an interview with U Ye Min Aung, Secretary-General, Myanmar Rice Federation; and Managing Director, Myanmar Agribusiness Public Corporation.