JANUARY 2013
Legal Focus
What is the most attractive thing about Myanmar to foreign investors?
It is hard to say which feature of Myanmar is the most attractive to foreign investors. This would depend on the nature of business of which are of interest to foreigner investors. Notwithstanding, Myanmar has three main assets.
First, Myanmar is rich in natural resources (which presents opportunities not only in the mining or oil and gas sectors, but also opportunities in the development of hotels and resorts, given its beautiful coastal areas and virgin islands).
Second, multinationals are to date, hardly present in Myanmar and this presents an enormous opportunity for
from an understanding of and respect for each other’s norms and cultures.
Is there any need for further legislative change in your opinion?
Yes, the legal system needs to be modernized. New and improved laws in critical sectors such as telecommunications, natural resources, banking and employment need to be promulgated, duly implemented and enforced. Good news is that the Government is aware of this and has expressed its firm commitment to effect a positive change in this regard.
Is there anything else you would like to add? leading
companies to secure the first mover status in a country with a population of more than 60 million.
Third, Myanmar is strategically located in South East Asia, between China and India, with vast exposure on the Andaman Sea, which strategic location could benefit transportation and logistics businesses.
What are the main legal implications companies, both domestic and international, need to consider when looking at Myanmar as an option for investment?
On top of the list, the US sanctions do not help much in promoting investment opportunities in Myanmar. However, it seems that the US is keen to reconsider a shift in policy towards Myanmar and I believe various steps have, of late been taken by the US to improve economic relations with Myanmar. Second, the legal framework concerning several key industries needs to be reformed. This is given that, in certain cases, standard market practice is disconnected from the legal framework, if not directly contradictory. This is a matter of concern for both foreign investors and local companies. Third, it is important for foreigners to invest in getting to know the cultural norms, habits and customs of the locals.
In my experience, a mutually profitable relationship would have to start
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Several weeks ago, I mentioned to a weekly magazine that Myanmar is a very different place from what many people imagine it to be and that the investors themselves should come to and experience Myanmar for themselves. I renew my humble invitation to all to come visit Myanmar so as to gain a better understanding of the local environment and the many opportunities that lie in Myanmar. LM
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contact details:
alessio Polastri P&a asia
Unit 104, Royal Yaw Min Gyi condo, no. 52, Yaw Min Gyi Street, Yangon, Myanmar
tel: +95 (09) 420003004 Email:
alessio@paasia.net Website:
www.paasia.net
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