Myanmar is an exciting investment destination for international investors. The newly liberated country has a prime strategic location in one of the fastest growing areas in the world. And the market potential is huge.
Myanmar is important for connecting with countries such as India, China, Bangladesh and Thailand. The combination of these nations covers 41% of the world’s population. In terms of GDP it’s 17% of global GDP and in 2012, Myanmar’s GDP grew 6.0% to more than $54 billion. GDP per capital has now reached $855 and is forecasted to rise steadily to 6.5% in 2013 and 6.7% in 2014.
With a sizeable working population, low minimum wage, the presence of raw materials, and a prime geographic location, Myanmar is now ready for major industrial development.
In 2012-2013, the country’s top five import items were Petroleum Products, Vehicles & Spare Parts, Construction Materials, Iron, Steel and Machinery from China, Singapore, Japan, Thailand, Malaysia, the Republic of Korea and India. According to a recent Myanmar Industries Association report, Automobiles, Electronics Assembly, Biotech, Infrastructure, Real Estate and Property, Insurance and Investment Firms form the leading economic opportunities in Myanmar today. And the best is yet to come.
After considering the opportunities in Myanmar, UBM ASEAN - a world leading international industrial exhibition organizer - opened the door to this exciting market by launching INTERMACH MYANMAR in October 2013.
The show was the country’s 1st International Industrial Manufacturing and Subcontracting Exhibition and turned out to be a great success. Over 100 international and local companies from six countries were in attendance including Thailand, Singapore, Taiwan, China, Hong Kong and Myanmar. The event showcased over 500 pieces of machinery, equipment and industrial parts in an unprecedented display never before seen in the country.
Total number of trade visitors for the three day show was over three thousand and they arrived from 13 countries: Australia, Bangladesh, India, Indonesia, Japan, Malaysia, Myanmar, Nigeria, Singapore, Sweden, Thailand, the United Kingdom and United States. From survey of attendees, the vast majority of attendees came to inspect new equipment and technology. Their recommendations would then be passed on to Chief Operating Officers for buying decisions. Nevertheless, almost 10% made actual buying decisions at the event itself – a very positive beginning that bodes well for the future of business in Myanmar.