barriers of doing business in myanmar

Focusing Myanmar’s economic reforms on removing these obstacles will create a better business environment and enhance the productivity and efficiency of private enterprises. trailer Cash-based economy. “I want to borrow a loan from a bank for business expansion, but it is not easy at all,” said U Myint Lwin, an owner of a small business in Yangon. According to the World Bank, Myanmar is the 177th most difficult country in the world to do business in and the most difficult country in the world to start a business in. The fact sheet summarizes the current laws and licenses Americans must abide to operate in Myanmar. 0000043794 00000 n Access to finance is the top constraint for business operations. Almost all firms face power outages, the worst level in the region. It’s a country of over 50 million people in a strategic location between China and India with plentiful natural resources. Cost of Doing Business in Myanmar Survey Report 2017 . Doing Business in Burma. Why because Myanmar is an emerging market and they expect to find: poor infrastructure; unskilled workers; unclear legal framework; and because of the low wages some low level of corruption. It’s tempting to think that everything … 36/2017 on 12 June 2017, to permit foreign-owned companies to trade and import fertilisers, seeds, pesticides, hospital equipment, and construction materials that are prescribed under the Myanmar … 0000005736 00000 n 0000043018 00000 n Leading to increased investment and economic growth, more opportunities for SMEs and more and better jobs.” How we can get there. Myanmar has recently re-emerged onto the global stage after 50 years of isolation. Human resources and employment law 66 6.1 Employment of foreigners 66 6.2 Work permit processing and requirements (Managerial, supervisor, expertise) 67 6.3 Labour Laws in Myanmar 67 6.4 Permanent residency in Myanmar 67 7. Buddhist culture places great emphasis on harmony and respect. 0000004816 00000 n Removing Barriers to Doing Business Will Help Create a Strong Private Sector in Myanmar. Export from Myanmar . While Myanmar has made progress with favorable economic and legal reforms and the removal of some significant trade barriers, such as restrictive license requirements, export taxes and arbitrary exchange rates, many issues surrounding trade policy still remain. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Updated January 29, 2014: The U.S. Treasury Department Office of Foreign Assets Control (OFAC) fact sheet on sanctions policies in place against Myanmar. Myanmar's recent political and economic reforms have opened up the economy to the world. 0000043481 00000 n The government has made strong private sector growth a key principle and goal for economic policy, though challenges remain. Only companies based in Myanmar and those registered with specific local authorities can import to the country. Over 9% of firms cite inadequate workforce as an obstacle to doing business. If a businesswoman offers you her hand, it is acceptable to shake it, but you should not offer your hand to a woman – a small bow is enough. For businesses looking to be part of Myanmar’s growth journey, this Guide will assist you in sieving out the key investment opportunities and navigate the challenges ahead. The newly-released 2019 Doing Business rankings by the World Bank showed that Myanmar ranks 171th out of 190 economies in the overall ease of doing business, unchanged from last year’s position. Barani, Managing Director of Techno-Hill, started developing mini-grids in Myanmar in 2006 as just one of the company’s business lines. 0000007376 00000 n 0000007264 00000 n In general, male to female contact should be avoided in public.The exchanging of business cards is commonplace in Myanmar. Improving regulation, taxation and eliminating corruption should be continued and expanded. As a result, firms are forced to rely on their own power generators for electricity. Overview. As its financial and commercial centre, Yangon is a magnet for investors and is posed to grow across many sectors. Difficulties in getting land-use rights, power outages, and inadequate workforce skills are other main barriers to business operation and growth in Myanmar. Doing Business In Myanmar. Difficult legal and regulatory environment coupled with lack of transparency and corruption makes direct interaction between firms and the government a challenge. Environmental and Social Policies for Projects, Myanmar - Investment climate assessment: sustaining reforms in a time of transition, Removing Barriers to Doing Business Will Help Create a Strong Private Sector in Myanmar. 0000043093 00000 n British companies … Despite some economic reforms, Myanmar’s ease of doing business has changed little in the past three years. In theory, the economic bloc will lead to unlimited investment and trade opportunities between members. Myanmar’s economy is based on agriculture as the country consists of abundant fertile … xref 0000009703 00000 n REMEMBER THAT MYANMAR IS STILL A SECRETIVE SOCIETY. Report any trade barriers that are affecting your business so we can help fix them. 0000042371 00000 n 0000008674 00000 n <]/Prev 1487991>> 0000004714 00000 n 0000005850 00000 n Foreign businesses may find that they have to make their own capital and technological investments, just in order to ensure smooth daily operations. March 25, 2015 by thiha. 0 368 0 obj <> endobj 368 33 h��X�W�ז?y!o!1"$Ay*��P�. The rules and procedures for obtaining, keeping and transferring land-use rights are complicated, non-transparent, and uncertain making access to land an issue. As Myanmar is an emerging market still undergoing a political and economic reform process, doing business is subject to risk. 0000010359 00000 n Put together by PricewaterhouseCoopers Myanmar, the following guide covers many aspects of Myanmar’s business landscape, from regulation and taxes to sectors overviews and incentives for investment.It will come in handy for companies, investors and professionals willing to benefit from the promising business perspectives of Myanmar. 0000005298 00000 n However, United Nations human rights advocates have warned against doing business with the Tatmadaw due to its human rights atrocities. It is based on the 2014 Enterprise Survey, also the first in Myanmar, and other quantitative and qualitative data. Myanmar is catching up on decades of underdevelopment and this presents opportunities for British companies in a broad range of sectors. To make business regulation simpler, easier and smarter, allowing businesses to grow and prosper. Thank you for participating in this survey! You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. Doing Business 2020 Myanmar Page 6. Step Into Export Business Exportable Products How to Export Tutorials Export Documentation Export Training Courses Visit Myanmar Trade Centre How can MyanTrade help? Creating a more competitive private sector and attracting more investment, particularly foreign direct investment, can help support the reform process. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. %%EOF Agriculture. Since the political change of direction in 2011, the country is undergoing a huge political and economic transformation. Business culture. Much has been written in recent years on doing business in Myanmar, but few focused on Yangon. It is recommended that Australian companies thoroughly investigate the market and obtain professional advice where appropriate, including legal advice and relevant advice on sanctioned trade. Myanmar has a range of religious communities, although Buddhism is the dominant belief. Businessmen that have been doing business in China for the last 15 years seems to think that the conditions in Myanmar are normal. 0000008126 00000 n Over 9% of firms cite inadequate workforce as an obstacle to doing business. 0000043869 00000 n In the 2018 report, published on October 31, Myanmar fell one place compared to last year, ranking 171st of the 190 economies analysed. Your feedback is very helpful to us as we work to improve the site functionality on worldbank.org. 0000000956 00000 n While reforms for improving access to finance and electricity have been initiated, more analysis is needed on the appropriate role of the government in vocational training and similar programs to improve workplace readiness. Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. Australian companies interested in doing business in Myanmar may wish to consider a market familiarisation visit to identify further opportunities. Guides to doing business in Myanmar How can MyanTrade help? 0000044258 00000 n Check for any reported barriers to trading with Myanmar. Economic growth in 2014 to 15 was 8.5%, making Myanmar the fastest growing country in south east Asia. 0000005699 00000 n The rank of Myanmar improved to 165 in 2019 from 171 in 2018. As the nation formerly known as Burma was closed off to the world for so long, its culture is virtually unknown to most outsiders, and this can make doing business here difficult. startxref However, this is a challenging market. 0000036722 00000 n Posted on 04 September 2017 . Doing Business 2018: Reforming to Create Jobs, a World Bank Group flagship publication, is the 15th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it.Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies—from … 0000009432 00000 n Moreover, another major barrier still exist preventing foreign investors from starting a business in Myanmar – i.e. A Q&A guide to doing business in Myanmar. Firms also claim that the educational system does not produce workers with up-to-date knowledge and an adequate work attitude. Business administration and compliance in Myanmar. Only 1% of fixed-asset investment costs are financed by bank borrowing, while 92% of firms rely on their own funds. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Myanmar faces high barriers to joining AEC: economists The AEC vision is a globally integrated single market and production base in a highly competitive economic region, with equitable development. 400 0 obj <>stream 0000043406 00000 n Several reports in the past month suggest foreign companies are failing to take that direction seriously. Cost of Doing Business in Myanmar Survey Report 2017. The World Bank Group works in every major area of development. 0000044571 00000 n Figure – Starting a Business in Myanmar – Procedure, Time and Cost *This symbol is shown beside procedure numbers that take place simultaneously with the previous procedure. Myanmar Business Guide 3 6. The economy is predicted to grow by 7.8% and inflation is expected to be around 6.6% during fiscal year 2014 (ending March 31, 2015).