Over the past four years, the Myanmar Government has introduced a series of reforms designed to improve the business climate and provide more favourable conditions for foreign businesses entering the market. A number of laws and regulations, including Myanmar’s Foreign Investment Law and mining legislation, are under revision. The government has been holding sectoral information sessions to engage potentially interested firms in the reform process and clarify foreign business entry and investment procedures.
While these developments are welcome, further progress is required before Myanmar can be considered a stable business environment. Myanmar ranked 177 out of 189 on the World Bank’s Doing Business Index in June 2014 and 157 out of 175 on Transparency International’s Corruption Perceptions Index 2013. Factors such as the strength of the rule of law, enforceability of private property and intellectual property (IP) rights, judicial independence and the ease of obtaining information on business regulations are considered in the calculation of these third-party assessments. As such, no single assessment should be taken as a definitive view on the business environment in Myanmar or substitute for independent assessment.
More information on doing business in Myanmar
Why ASEAN and why now?
Why ASEAN and why now? Insights for Australian Business. A joint Austrade-DFAT publication examining Australia’s trade relationship with the Association of Southeast Asian Nations (ASEAN), the opportunities and challenges for Australian business engaging with the region and the future of the Australia-ASEAN trade relationship.
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