The International Monetary Fund (IMF) expects Myanmar’s economy to grow by 6.4% over the September 2018-2019 period. 

Described by some as Asia's last frontier economy, Myanmar has performed above some regional competitors.

However, Myanmar still placed 171st out of 190 countries worldwide on the World Bank’s ease of doing business global index. 

Colliers International Myanmar recently provided insights into how it believed the government could turn things around by establishing a favorable environment for a thriving private sector. 

“This will require systemic support measures for improving the regulatory environment, investing in physical and social infrastructure, building human capital with a focus on strengthening the skills of the young, improving labor relations, and deepening the banking sector and financial markets. 

“Tapping key sectors in combination with appropriate policies will help the country unlock its potential. Looking at the experience of its neighbours could be useful in helping determine a suitable growth model. 

“As observed, development in Asia has typically involved a transformation from an agriculture-based economy into an industry and service-based one, underpinned by export-oriented manufacturing.”

Tomoaki Yabe, a businessman in the logistics industry, also stated that a greater number of Japanese investors would confidentially enter the market if economic liberalization was accelerated. 

“Myanmar’s infrastructure and business environment are not ready for sophisticated or advanced manufacturing. Import regulations also make it challenging to set up a supply chain here, given the difficulty to source materials domestically,” he said.

“When the government eases foreign investment restrictions in particular business sectors, as they have done recently for retail, wholesale and insurance, more investment will come in.” 

It appears that Suu Kyi’s NLD-led administration is now making concerted efforts to implement economic reforms that will help move Myanmar’s economy forward. 

Two major pieces of legislation, the Investment Law and Companies Law have recently been enacted and provide glimmers of hope for the future. 

The Investment Law will act to decentralize investment proposals under $5 million to regional bodies, speeding up the currently slow and and laborious approval process. 

Wile under the Company Act, companies are allowed to register online and more transparency and fewer restrictions are guaranteed. As a result, foreign investors will be able to own up to 35 percent of shares in a domestic company. 

Sources: The Asia Times, Colliers International Myanmar

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