Myanmar is undergoing momentous transformations to its politics and economy, and appears to be making the reforms required to open the country to the world. Its wealth of natural resources and large population, coupled with recent advancements towards the global community, offers immeasurable promise. Myanmar has signaled to global investors that the country wants to become more business friendly and now welcomes investments that may enhance its economy.
Regional Positioning in Growth Concentrations and Global Connectivity
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Important Facts About Myanmar
• Myanmar has a population of 53,999,804, with an annual growth rate of 1.084%. Base on new 2010 estimation, population is 60,280,000.
• There is abundant supply of labor for intensive manufacturing industries.
• More then a quarter of the population lives below the poverty line 32.7% (2007) with the rates higher in rural areas.
• Literacy rates for the country are surprisingly good overall, with 89.9% of the population regarded as being literate, provide excellent work force that is easy to train for any industries.
• It’s labor cost much lower than most of the developing countries in the region.
• Lifting of sanctions allows Myanmar to avail special import duties advantages
• Free duty – EU, Japan, Korea & China, hopefully for USA soon
Investment Incentives You Should Know
Incorporating a manufacturing company under Foreign Investment Law will enjoy the following benefit: –
• 5 years tax holiday.
• Exemption from import taxes on raw materials and machineries and equipments
• Up to 50% of the profits gained from export are not taxed.
• Accelerated deprecation in accounting
• Can choose to carry forward and set off losses for thress consecutive years from the year loss is sustained.