Once a nation shut off from the rest of the world, Myanmar has slowly opened itself up to the international community, particularly since 2016 when the National League for Democracy (NLD) came to power. 

However, it seems Western countries have taken a "wait and see" approach to investing in Myanmar.

At a glance: 

• Economic growth of 6.4% in 2017.
• Medium-term growth expected at 7.2%.
• Government supported policies and regulations essential to attracting FDI.
• ADB has identified a range of systematic support measures.

Sean Turnell, special economic consultant to Myanmar's State Counselor Aung San Suu Kyi, has described Western investment in the nation as "No action, only talk." 

Colliers International Myanmar says investment is an important gauge of successful private sector development, and as a developing nation with a fast-growing economy, Myanmar will need US and European investment; and must adopt measures that will secure this interest. 

Since the NLD assumed power, Myanmar has become one of the best performing economies in Southeast Asia, with 6.4 per cent growth in 2017. Over the medium term, the World Bank has also forecast 7.2 per cent growth.

Despite this growth, Colliers suggest that significant government support aimed at removing barriers to the business at the policy level and providing quality infrastructure will be essential in order to attract foreign investment and to promote domestic investment in industry. 

A regional report conducted by the Asian Development Bank (ADB) in 2017 emphasised the need for the government to take a more holistic approach to private sector development and provide a range of systemic support measures including:

• Improving the regulatory environment
• Investing in physical and social infrastructure
• Building human capital with a focus on strengthening the skills of the young
• Strengthening and deepening the banking sector and financial markets
• Improving labour relations

Colliers also reveal that greater integration with regional and global economies is also a major thrust of ongoing economic reforms.

Given Myanmar's geographic advantages, natural resource supply and the potential for developing internationally competitive sectors, deeper regional integration offers substantial growth opportunities.

With outward-oriented reform, Colliers believe Myanmar is well poised to become an important destination for FDI moving forward.  

Sources: Colliers International Myanmar, Mizzima

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