Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Business

Myanmar ranks 177th, near bottom of Doing Business report

Myanmar narrowly escaped being named as one of the top 10 most difficult places to do business, coming in 177th spot on the 189-country list released by the World Bank

Olivier Languepin

Published

on

Myanmar narrowly escaped being named as one of the top 10 most difficult places to do business, coming in 177th spot on the 189-country list released by the World Bank on Oct 29, The Myanmar Times reported.

It is the lowest-ranked ASEAN member in the Doing Business 2015 report, and with the exception of Afghanistan, the lowest-ranked Asian country. Nevertheless, foreign investors are consistently ignoring World Bank findings, and are pouring more money in the country.

For instance Thailand’s total investment in Myanmar has nearly reached US$10 billion, making the Kingdom the second-largest source of foreign direct investment (FDI) into the country after China, whose investment swelled past $14 billion.

MyanmarDoingBusinessBottom

Myanmar narrowly escaped being named as one of the top 10 most difficult places to do business, coming in 177th spot on the 189-country list released by the World Bank

Myanmar scored last in the “starting a business” category, but did relatively well in the “paying taxes” and “trading across borders” categories, finishing 116th and 103rd respectively.

Myanmar was singled out as the country showing the most improvement for trading across borders in the report.

“Its Ministry of Commerce abolished the export licence requirement for 166 types of goods and the import licence requirement for 152 – reducing the time, cost and number of documents required to export and import general cargo products,” it said.

“As measured by Doing Business, exporting now takes 20 percent less time than before, and importing 19pc less time.”

Investors unphazed by poor ranking of Myanmar

Jim Rogers, chairman of Rogers Holdings in Singapore, and Mark Mobius, executive chairman of Templeton Emerging Markets Group, are among investors who see opportunities in the country over time.

“It’ll take time for Myanmar, but Myanmar definitely is going to get more and more investment,” mainly in infrastructure, Mobius, who manages $53 billion, said in an interview on July 29.

About eight companies may be listed when the exchange opens, according to Shigeto Inami, managing director of Myanmar Securities Exchange Centre, a joint venture between state-owned Myanmar Economic Bank and Daiwa Institute of Research Ltd., a unit of Japan’s second-largest brokerage.

Following in the footsteps of Coca-Cola (KO), Colgate Palmolive (CL) has decided to invest in Myanmar, which has a population of 51 million. They purchased a local company, Laser Brand Toothpaste, for about $100 million.

Other US based companies including General Electric (GE), Caterpillar (CAT), and Ford (F) have also entered the market in Myanmar. Ford is opening a dealership there next year selling F150s manufactured both in the US and Thailand. Although the country does not yet have an active stock market, there are plans to open one in mid-2015 with the assistance of the Tokyo Stock Exchange and Daiwa Securities.

The hope is to have about 6 to 8 companies listed initially; however, Foreign Direct Investment is being encouraged. Recently, Myanmar granted licences to 15 banks to operate in that country but not as retail locations. The licences were granted only to banks in that part of the world; no US or European bank was granted an operating licence.

Read more: http://www.nasdaq.com/article/myanmar-and-foreign-investment-cm408051#ixzz3HzihCtPS

0/5 (0 Reviews)
Comments

Business

Four major EEC infrastructure projects reviewed

The Thai government is advancing four infrastructure projects in the Eastern Economic Corridor (EEC)

National News Bureau of Thailand

Published

on

BANGKOK, 24 April 2019(NNT) – The Thai government is advancing four infrastructure projects in the Eastern Economic Corridor (EEC).

(more…)
4/5 (2 Reviews)
Continue Reading

Business

Thailand to the Forefront of Asia and ASEAN’s MICE Industry

Avatar

Published

on

Bangkok ranks second most sustainable MICE destination in Asia in the 2018 Global Destination Sustainability Index Thailand is now among the frontrunners in Asia and ASEAN in terms of MICE Education, MICE Standards and MICE Sustainability.

(more…)
4.5/5 (2 Reviews)
Continue Reading

Business

Understanding Asia’s fast-moving digital ecosystem

in 2017, Asia saw 319 million new mobile connections, compared with just 5 million new mobile connections in Europe over the same time period.

Avatar

Published

on

The digital future of Asia is already here. In China, millions of people enter public transportation each day using their smartphones, emerge and pay for their breakfast with WeChat, and use an app to have their lunch delivered a few hours later.

(more…)
4/5 (3 Reviews)
Continue Reading

Most Read

Must Read

Subscribe via Email

Enter your email address to receive notifications of new articles by email.

Join 14,340 other subscribers

Trending