Food Focus Thailand
JULY 2013
31
Myanmar ’s economic growth rate is 5.5
percent per year in fiscal year 2011/12.
Myanmar
expresses
outstanding
showmanship quickly after signaling of the
government for opening of the country and
democratic reforms. Also, the factor of the
low-wage labor with a large population as the
key labor markets and consumption potential
including the abundance of natural resources
will create an opportunity to attract more
foreign investment in the next period. In
addition, the location of Myanmar is also
significant in terms of the geographical
boundaries connected to the five countries,
especially the economic giants like China and
India whose population are amounted to be
more than one-third of the world’s population.
Myanmar also has corridors to the Indian
Ocean coast, a path that will allow travel
between the East, the “AEC PLUS,” and the
West with a shorter distance and time
consumptions. Myanmar is also critical since
there are a variety of natural resources,
especially “forests” that cover almost half of
the country, and “gems” e.g. the ruby that is
renowned as one of the world’s best quality
sources. Myanmar also has the energy
source of natural gas reserve with the volume
as the 40
th
rank in the world.
Economic Situation
Overview of Myanmar’s economy since the beginning
of 2012 has been blessed with the main driving force of
the progress of political changes in the country which
is being accepted by more and more international
communities. This is seen from the relaxation of
sanctions against Myanmar with the positive signals
since early 2012. In the recent announcement,
8 countries relax/non-sanction against Myanmar
(including Japan that declares the debt remission to Myanmar). Therefore, the economic
activities of Myanmar during the first 5 months are quite attractive movements.
Financial Sector:
Myanmar has accelerated the development of the financial system
in the country. In the month of April 2012, Myanmar has adopted a managed floating
exchange rate system. This will help build the confidence of the kyat currency. Moreover,
Myanmar is also in the development of financial infrastructure. Recently the Central Bank
of Myanmar is accelerating development of ATM networks in the country to commence
services in the near future. The country is currently negotiating with MasterCard and
Visa to the development of international electronic networks for financial transactions
to response expansion of needs in the near future. Myanmar also creates and supports
to host the SEA Games in 2013. Moreover, Myanmar is also cooperating with the Tokyo
Stock Exchange and Daiwa Securities Group of Japan to prepare her stock exchange
that will be established in 2015.
