Myanmar’s Economy and Investment
Foreign entrepreneurs are getting into Myanmar as its doors open to outside investors. But while the country is seeking to modernize, are the country’s changes proper? That’s the question economic experts are wondering about.
IMF (International Monetary Fund) sees a good potential in Myanmar’s budget as the GDP increases 7.75 percent from 7.5 percent. If Myanmar can keep it up properly, it will be more and more developed in investment and trading in ASEAN countries. The country’s big potential is reflected in the Asian Development Bank’s most recent analysis, which shows that Myanmar has a very good potential if it can keep up its economic progress with 6% every year and the country should become a middle-income country before 2030.
“As Myanmar Economic potential is immense, businessmen around the world are flocking to Myanmar day by day”, said An Australian Consultant John Hancock,” It’s really wonderful to see that Myanmar is going to change and willing to change. Plus potential is very good. Many people are heading to Myanmar to invest a lot.”
Foreign investment is getting higher and it already reaches 2 billions USD since last November. As far as the investment commission announced, it can double in 2014-2015. Although the investment is higher in industries and factories, international entrepreneurs are more interested in natural gas and fuel production. Hopefully Myanmar will grant work permits for over 30 off-shore projects. However people are worried and want to know if the country can still balance the income and the expenses, and they also want to be sure that those profits will go to public. As the country’s economy grows, it will be essential for the country to make sure that every citizen shares the benefits of Myanmar’s growing prosperity.
According to the record of Ministry of Energy, it says that a certain amount of natural gas is found in off-shore areas and it’s about 2100 trillium of tanks and most of it are not manufactured yet.
Meanwhile, Myanmar still has a lot to do to catch up to fulfill its needs although strong investments in energy are made. Government announced that 80 percent of the country will get electricity by 2030. No matter how much the export and import processes have good potential, the country needs to ensure that food and products are cheap and available in enough quantity for its citizen to avoid social turmoil.
As we hear and read everyday , there are still a strong objections of public as they lost their farms for building industries and factories which somehow help the country’s development. That’s the negative point when a country develops. As long as the government is not able to manage this problem, there will be social objections for sure. An analyst from Macquarie, Sean Turnell pointed that country’s agriculture is too weak to change lives of people, especially the lack of the sufficient amount of growing fields.
Heritage Foundation and Wall Street Journal mentioned that Myanmar is getting improved than previous year with sound potentials since foreign investment and labor’s rights are promoted. However, there can be several challenges along the way as Myanmar was isolated for over 20 years. I personally hope that If there will be a prosperous future undoubtedly if the country makes the right moves at the right times.
Article written by Mingalapar team