How easy it easy to do business in Myanmar?
Posted: Sep 30, 2015
The easiness of doing business in Myanmar depends on several factors. One of the major factors is the sector you are interested in. Those who have invested in sectors like manufacturing say the most challenging part about doing business in Myanmar is the underdeveloped infrastructure, mostly electricity. Frequent power outages and other infrastructure issues can be frustrating when you set up an efficient factory.
Apart from the poor infrastructure, other foreign entrepreneurs often cite cultural differences in the work environment as being one of the most difficult parts of running a business in Myanmar. A lot of investors arrive in the city with high expectations about work output of their employees, but many discover that there are competency issues among them, and they find problems in motivating people to perform well.
Dealing with bureaucracy and red tape also stands as one of the major problems of doing business in Myanmar. Myanmar business that require you to have a permits and approvals from particular authorities can seriously frustrate you. People wait days, weeks or months to receive a business permit that would take hours in other countries.
The rule of law in Myanmar is also what make business not easy. Some businesspeople cite the lack of the rule of law. This makes it difficult to deal with some legal issues in the city. Some sectors in Myanmar have very ambiguous laws, and even where there are laws, application of these set laws vary widely. For sure it can’t be easy doing business in such an area.
With all these difficulties, there are a lot of positives for those doing business in Myanmar. Many of the business people who have run businesses in Myanmar for a long time cite the camaraderie they have built with a core group of employees as a major reason they are stuck in the country. Most foreign entrepreneurs are often delighted to find that Myanmar employees are respectful in general and always follow company protocols as per the law.
For those who are looking to invest in this country, it is of great importance to spend some time on the ground checking on particular sectors you are interested in. Know who is running which sector in Myanmar before you make a noble decision of putting an investment there. Those who are going to be patient enough in the running process will excel in this country.
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