Myanmar has borders with Bangladesh, China, India, Laos and Thailand. The total area of Myanmar is 676,578 km2 and Myanmar is the second largest country in Southeast Asia. Situated between China and India, two of the fastest growing countries in Asia, Myanmar with its population of 53.44 million has plenty of potential for fast economic growth. According to the Asian Development Bank, Myanmar is currently the fastest growing country in Asia with an estimated growth in GDP of 8.4% in the fiscal years of 2016 and 2017.
Myanmar & ASEAN
Myanmar joined ASEAN on 23 July 1997 and is also a member state of the agreement of AFTA (ASEAN Free Trade Area). The establishment of the ASEAN Economic Community, AEC, a single market within the ASEAN nations, including free movements of goods and people in 2015, is a major milestone in the regional economic integration agenda in ASEAN. AEC will be interesting for Danish and European countries as the development of free trade in the area will contribute to more business opportunities and trade between ASEAN countries and Europe.
There are ongoing free trade agreement negotiations between ASEAN and the EU, which Danish companies exporting to or importing from Myanmar may benefit from in the future.
More information about the Myanmar market can be found in the menu to the left.