A presidential economic advisor has warned Western companies, slow to invest in Myanmar’s fast opening economy, that they will risk losing out to Asian countries such as China, Japan, Thailand and South Korea
Western companies, still cautious on business in Myanmar, base their concerns on the infrastructure, growing property prices, political stability and laws of the country. Also, the National Elections in 2015 looks to significantly impact potential investments in Myanmar.
However, government officials in Myanmar have begun to question, why Western companies are still hesitant on entering the Myanmar market, when they could lead with examples of successful multinationals such as Coca Cola, Nissan and British American Tobacco..
China having already accounted for more than 40 percent of foreign investment in Myanmar seems to show no intent of slowing down
This also comes at a time when Myanmar looks to address pressing development concerns such as lack of pharmaceuticals, medical equipment, agriculture, education etc in the country. Economic advisors believe that such developments can occur with inflow of foreign investment in the economy.
With Myanmar becoming increasingly responsive to investors, government officials hope this will spark a change in trends for Western companies to invest in the near future.