Burma is one of the known countries in Asia who is known for its finest pagodas and Buddhist temples. It generated its wealth y exporting oil and natural gas as well as gem trades. Myanmar had closed off its walls for decades to foreign investments not until 2012. It started to ease off its military dictatorship showing willingness to modernize.
Many are wondering why one should invest in Myanmar. Although it’s too early to tell and the country still has a rather restrictive foreign investment policy, Myanmar has a very strategic location.It is located in South East Asia, directly south of China, in between India and Bangladesh, and Thailand to the east. The country is also abundant with mineral, gas and gem deposits. The labor is comparatively cheap to other countries. Investing in Myanmar has a high growth potential. While it is safer to place your investments in other properties in Asia like Singapore or Malaysia, you will have a chance to ride the wave of growth if you invest in Myanmar.
If you are interested in investing in Myanmar here are some practical tips you should consider before you ride the waves:
- Consider Moving to Myanmar
As of now, there are few reliable information regarding Myanmar’s current state. And as an investor, you should have a grasp of the opportunities and challenges in the country. Relocating in Myanmar will give you a more feel of the country. You will know the realities of opportunities, people and etc. Relocating will give you a more reliable data on the place you are investing your money on.
- Get Acquainted with Myanmar’s Local People
This is probably one of the most vital things you will have to do. Myanmar people are also known to be entrepreneurial, loyal and hardworking. However, effective communication may not always be upfront.While, e-mail is now a trend it is different if you are really there and interacting with the people. Talking and discussing with the locals will also get a grasp of the local opportunities.
- Find A Local Partner
Forging local partnership is likely one of the most urgent thing to do before investing due to country’s still unstable legal framework. Myanmar is dominated by family-owned enterprises and has been built on personal relationship.