Trade Policy of Myanmar
Since Myanmar has changed its economic course from a centrally planned economy into a market oriented system, a series of structural reforms had been introduced and new legal policy instruments were enacted as paving way for market oriented economy.
The Myanmar government has recognized, in the context of the market-oriented economic system, the private sector as a prime-mover of the market mechanism and pays great attention for its development. All-out efforts are being made to encourage the active participation of private sectors in foreign trade and giving full support in every angle as to cope with the international trading practices.
Myanmar is a member country to World Trade Organization (WTO), ASEAN and BIMSTEC and is having total of over (70) countries of trading partners and a series of effective measures are being taken for the increase in numbers.
Basic Principles of Export
The basic principle of export policy is to penetrate into the global market by using the existing natural and human resources and to produce value added products more than normal export items.
Basic Principles of Import
The basis principle of import policy is priority import the capital goods, construction materials, other essential goods, hygienic materials for the wellbeing of the people. In addition, the State is supporting products for export promotion and support the import substitute production.
Myanmar’s potentials with regard to trade and investment is tremendously enormous in the areas of investment, trading, training and development, services and manufacturing sectors. Besides, Myanmar is endeavouring dynamically for the development of its economy up to its fullest extent.
At present, Myanmar is set as the biggest treasury land for the investors around the globe in the basis of alluring profitable benefits and potentials of its favourable conditions.
Myanmar is well known as agro-based country. Being rich in land resources and different networks of irrigation facilities, Myanmar grows not only perennial plants but also crops such as rice, pulses and beans, maize, sesame, fruits and vegetables and exports those products to international markets.
Myanmar welcomes investments in producing value-added agricultural products and processed foods. There is vast potential for investors in Agricultural Sector.
Livestock and Fishery
Myanmar has a long sea coastline of 2832 kilometers and consequently it is able to export fishery products including fresh water fishes and sea water fishes. There is a plenty of of potential in fresh water fishery and shrimp for investment purposes.
Myanmar export a variety of forestry products including world famous Teak because more than half of the country’s area is still covered with natural forest. Besides, Myanmar has various kinds of hardwood and softwood species. Instead of exporting raw materials, investors could have an opportunity to make investments in processing value-added products commercially for export to the international market.
Myanmar is rich in mineral resources such as copper, gold, lead, zinc, silver, tin and tungsten, antimony, chromium and nickel, so that it can export mineral products including jade and gems and other semi precious stones. New technology is needed for gem cutting, polishing and jewellery manufacturing.
Oil and gas exploration is the highest contribution to the foreign direct investment in Myanmar. Investors are operating new discovery of off-shore gas fields by production sharing contacts. Myanmar also possesses vast resources of oil and gas, there is many potential for cooperation in the downstream projects in Energy sector such as refinery plants and fertilizer plants.
Myanmar has hydropower potential of 37000 megawatts can be generated from the Ayeyarwaddy, Sittaung, Thanlwin and Chindwin river basins and only about 745 megawatts has been developed so far.
Since 18 Industrial Zones along with 9589 small and medium sized enterprises (SMEs) have already been established in different parts of country Myanmar’s manufacturing sector is developing together with other sectors such as agriculture, fishery, forestry, mining, energy and hotel and tourism.
Tourism plays as one of the key roles which serves as the bread winer of the country since its inception in over 60 years ago.
Myanmar sits at the crossroads of Asia’s great civilisations of India and China, and looks out onto the vast Indian Ocean next to Thailand. One of South East Asia’s largest and most diverse countries, Myanmar stretches from the sparkling islands of the Andaman Sea in the south right up into the Eastern Himalayan mountain range.
Myanmar offers all the traditional delights of Asia in one fascinating country. Virgin jungles, snow-capped mountains and pristine beaches, combined with a rich and glorious heritage spanning more than two thousand years. Spectacular monuments and ancient cities attest to a vibrant culture that is still home to 135 different ethnic groups.
The country’s tourism infrastructure boasts five star properties, intimate boutique hotels and family guest houses in all the major centers, as well as stunning mountain and beach resorts. Myanmar also boasts one of the lowest tourist crime records in the world, so visitors can rest assured their holiday will be carefree from start to finish.
Wherever you go in Myanmar, whether it is cruising down the mighty Ayeyarwaddy River in style, drifting over the ancient city of Bagan by hot air balloon, or searching for that elusive tiger on the back of an elephant, there is always a feeling of adventure. With two modern internal airlines upgrading and expanding their networks, new and exciting destinations off the beaten track are gradually being opened from mountain trekking and rafting in the far north to world class diving in the Mergui Archipelago.