Rapidly Evolving Sectors in Myanmar
Myanmar’s political and financial landscape is undergoing significant transformations, opening doors for untapped resources and fostering the growth of various industries. Among these burgeoning sectors are telecommunications, finance, tourism, and retail.
The telecommunications sector in Myanmar is experiencing rapid growth, attracting substantial foreign direct investment. This growth is pivotal for infrastructure development, particularly in rural areas where two-thirds of the population resides. A flourishing telecom industry not only enhances communication services but also facilitates business transactions, agricultural advancements, and healthcare support through mobile applications in remote regions.
The number of mobile operators has surged, with four major companies operating presently. Myanmar Post and Telecommunication (MPT), in collaboration with KDDI Enterprise and Sumitomo Corporation, lead the telecom market with over 20 million subscribers. Foreign entities like Ooredoo (Qatari telecom company) and Telenor (Norwegian multinational) entered the market in 2014, boasting over 10 and 18 million subscribers, respectively. The newest entrant, “MyTel,” a joint venture between a local consortium and Viettel (owned by the Vietnamese defense ministry), stands as the second major telecom operator after MPT in Myanmar.
Rapid Expansion of the Financial Sector
The financial sector is rapidly expanding owing to the introduction of new financial services by Myanmar’s government. These services include opening savings and deposit accounts in the local currency Kyat, trade financing, banking services for international trade, small and medium enterprises (SMEs), and vehicle insurance sales. Additionally, 11 insurance companies have collectively established 47 office branches across the nation.
Flourishing Tourism Industry
Another sector displaying significant growth is tourism, which generated approximately $1.5 billion in the first half of the 2017-2018 fiscal year. Myanmar boasts diverse attractions and is served by numerous international airlines, facilitating direct flights. The government’s initiatives such as visa-on-arrival, direct international flights, and visa-free entry for select nationalities have contributed to the growth. Over 2.9 million foreign tourists visited Myanmar in 2016, with numbers growing annually.
Rising Retail Industry
The retail sector is also witnessing rapid development due to increased disposable income and the influx of international brands into the Myanmar market. Changing lifestyles and preferences have led to a surge in modern trade, with supermarkets and convenience stores gaining popularity. According to the Myanmar Retail Association, the number of modern retail outlets reached 700 in 2015-2016, with plans for further expansion.
In conclusion, Myanmar has seen remarkable growth across various industries, and there’s a promising outlook for the development of other sectors. The government’s strategic initiatives and coordination groups in agriculture, education, energy, healthcare, and technology aim to further enhance these sectors.
In these thriving industries within the Golden Land, the necessity for robust Intellectual Property Laws in Myanmar cannot be overstated. Protecting your brand’s assets in this burgeoning market is crucial. Our Myanmar Office is dedicated to vigilantly tracking updates from relevant authorities, guaranteeing that you remain well-informed about the newest developments in the country’s IP laws. With the growing investment and expansion in various sectors, securing your intellectual property rights becomes paramount. Partnering with an Intellectual Property Law Firm that comprehensively understands the intricate landscape of Myanmar’s legal framework can safeguard your innovations and brand identity effectively.