After decades of stagnation under military rule, Myanmar, a Southeast Asian country with a population of over 60 million, has finally opened up its borders, expecting to be flooded with foreign companies that have already been eyeing the country as a potential untapped source for investment opportunities.
Despite the impressive progress that the country has already made, a news article about Southeast Asia reforms and legislations has pointed out that there are still many challenges left to overcome before Myanmar can truly enjoy the prosperity it seeks.
Untapped Resources for Profit
From important beverage and tourism related brands to names that carry a lot of weight in the electronics manufacturing industry, Myanmar has received numerous visits from large and important foreign companies willing to expand their reach well within the borders of the Southeast Asian country.
Investment experts consider the country to be one of the greatest untapped resources for profit in the region, and tourism, food and beverage and various manufacturing industries are the ones where foreign companies have been most eager to test the potential that Myanmar’s market has to offer.
Unfortunately, despite the drive and potential being high enough to support significantly profitable investments in the years to come, critics consider that certain issues – mostly of a legal nature – are expected to continue stalling the country’s economic, educational and infrastructural development for quite some time.
Progress Stalled by Ineffective Legislation
As Myanmar’s government has been pushing various laws to attempt the improvement of labor, investment and environmental standards, as well as to discourage issues such as corruption and stagnating reforms, these efforts have been widely criticized by foreign sources, many of which consider them to lack the transparency and decisiveness needed for bringing all the long awaited changes that both local and foreign businesses require.
In some places, the lack of proper infrastructure has also played a key role in the lagging progress the country has been experiencing. In other areas, foreign investors have faced the lack of properly distributed resources, poorly organized local businesses and even gender-based discrimination that the newfound legislation has had considerable issues in properly addressing.
Despite all this, many still consider Myanmar to be one of the most remarkably improving Asian countries of our time, and a news article about Southeast Asia and human rights issues has revealed that gender and age discrimination has diminished considerably in recent years.
Although there is still a long way to go before Myanmar can truly establish itself as an industry and trade leader, even critics have shown a few optimistic nods, admitting that the situation might not be as difficult as it would seem.