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Doing Business in Myanmar

Myanmar  is a challenging market. Danish companies should be aware of the risks of doing business in Myanmar and develop a long term business plan which takes them into account.

After the launch of political and economic reforms, Myanmar was reintegrated in the EU’s Generalized Scheme of Preferences programme in July 2013 which entails import tax exemptions to the EU. The EU is extending sanctions against Myanmar. The US also has an extensive sanctions programme.

Doing business in Myanmar is challenging, as problems persist with corruption, weak public institutions and bureaucracy. The legal framework for doing business and protection of intellectual property rights are also generally weak and outdated in Myanmar, so it is essential to seek proper counsel and legal advice before setting up a business. Furthermore, the bank and financial sectors in the country are outdated, and both infrastructure (physical as well as technical) and human capital still poses major challenges due to underdevelopment and lack of capacity. Doing business in Myanmar is a long term project which companies have to be properly prepared and suited for. The Trade Council in Yangon can assist you with advice and support in this regard.