A significant shift occurred in April 2012 when the European Union (EU) lifted all sanctions on Myanmar, except for the arms embargo, which remains in force. Simultaneously, the United Kingdom adjusted its policy, no longer discouraging trade with Myanmar.
The EU, in particular, extended a warm welcome to responsible investments in Myanmar by EU companies, signalling the country’s openness to international business engagement. In tandem, the United States has relaxed certain sanctions, though some restrictions still apply.
- Capital City: Naypyidaw
- Total Population: 54,696,956
- Languages: Burmese
- Religions: 90% Buddhist, 8% Christianity, 4% Islam
- Monetary Unit: Myanmar Kyat (MMK)
- Natural resources: Petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, marble, limestone, precious stones, natural gas, hydropower
- Major exports: Natural gas, wood products, pulses, beans, fish, rice, clothing, jade, gems
- Major imports: Fabric, petroleum products, fertiliser, plastics, machinery, transport equipment, cement, construction materials, crude oil, food products, edible oil
Myanmar, while a nation rich in resources, grapples with ageing infrastructure. The potential opportunities are vast, yet a set of challenges stands in the way.
Nevertheless, it is notable that a growing number of foreign business leaders are actively seeking to engage with these promising opportunities. Concurrently, numerous companies and organisations are successfully navigating the Myanmar business landscape.