Take Your Business to Myanmar with New Horizons
New Horizons is your partner in successfully expanding to Myanmar and other markets throughout the continent
- Full Name: Republic of the Union of Myanmar
- Population: 53.37 million (2017)
- Capital: Naypyidaw
- Commercial Capital: Yangon
- Primary Language: Burmese
- Main Religions: Buddhism, Christianity, Islam, Hinduism
- Monetary Unit: Burmese kyat
- GNI Per Capita: USD $1,310 (2018)
- Internet Domain: .mm
- International Dialing Code: +95
Why Consider Investing in Myanmar?
There are many key benefits that Myanmar investment provides, including:
- Key location – Myanmar is in the center of Asia, strategically located between China and India, which gives it direct access to two of the world’s largest markets that total more than 2.5 billion consumers. It is also near major shipping hubs
- Rapid expansion – Myanmar’s GDP increased from USD $8.9 billion in 2000 to USD $69 billion in 2017, representing one of the largest economic expansions in history. This growth is expected to grow at a healthy base over the next several years.
- Low labor costs – The majority of the population in Myanmar is under 40, making a strong and willing workforce. Compared to other countries in the local region, wages are more competitive in Myanmar.
- Government incentives for foreign investment – Foreign investment in Myanmar has increased over the last few decades, possibly spurred by the government’s incentive programs to encourage foreign investment of USD $220 billion in the next two decades. Some incentive programs include providing income tax exemption for five years for the production of commercial goods and services, tax relief of up to 50% of the profits from export, exemptions from taxes and custom duties for the import of machinery and equipment, and exemption from taxes and customs duties for raw material imports for the first three years.
- Business-friendly regulations – Myanmar law recently changed to facilitate foreign investment in Myanmar. Many businesses can set up in Myanmar with no minimum capital requirement. Registration is simpler with an online registry system.