“Myanmar
Myanmar - A Goldmine for IT and Technology Businesses Myanmar - A Goldmine for IT and Technology Businesses

Myanmar – A Goldmine for IT and Technology Businesses

Myanmar – A Goldmine for IT and Technology Businesses

 
Myanmar is still in its budding phase and has quite a long way to go before it can be bestowed with the status of a developed country. However, the economy looks promising for businesses and investors, and is expected to be characterized by exponential growth in the coming years. According to a report published by Pricewaterhouse Coopers Myanmar in July 2015, the country has witnessed general improvement in a number of social and economic indicators, and has huge growth potential in the Asian region owing to a young workforce coupled with abundance in natural resources.

Doing Business in Myanmar

Although starting a business in Myanmar is relatively difficult due to high real estate prices and the legal and bureaucratic hurdles involved, the country is heading towards progress and has refined their regulatory and legal frameworks to a great extent. Appearance of automated teller machines in the major cities – which could not be seen just a few years ago – is one sign of progress in Myanmar.

IT and Technology Sector of Myanmar

IT and Technology Sector of Myanmar

IT and technology is a blossoming sector in Myanmar, and Internet usage has seen a rise over the past few years as cheap mobile technology has become accessible to the common man. It would not be wrong to say that Myanmar is going through a phase of ‘technological awakening’; commuters in metropolitan areas engrossed in their smartphones is not a rare sight anymore, and foreign telecom operators have increased the availability of affordable sim cards throughout the country. In relation to this, Myanmar has recently invited local bids and proposals from companies for becoming its fourth telecom operator by entering a partnership with a foreign establishment. Since the military relinquished its power on the country in 2011, Myanmar’s telecom sector has undergone significant development and reforms due to liberalization.

An increase in the availability of affordable sim cards means even more opportunities for mobile phone companies, and this opportunity becomes all the more enticing considering the rising income levels of Myanmar’s general population.

Opportunities for Technology Businesses in Myanmar

Opportunities for Technology Businesses in Myanmar

IT infrastructure in Myanmar is yet to be fully developed in order to support the tremendous expected growth in this sector, and infrastructure development would also entice businesses and technology companies to invest in this land of opportunities. Another opportunity for technology businesses lies in the online domain, which requires minimal investment and has a much wider reach as compared to other channels.

Owing to the many benefits offered by the online realm, a number of online companies and marketplaces have sprouted in the recent years to facilitate both the buyers and sellers of technological products. One such venture is Kaymu, which is an online marketplace offering a wide variety of products to customers. The technological products and gadgets on Kaymu Myanmar include mobile phones, computers, cameras, as well as audio, TV and video equipment at relatively affordable prices. Another example is OMyanmar, an online shopping mall in Myanmar that deals in various product categories including computers and home electronics among many others.

Keeping in view the changing economic and social trends in Myanmar, businesses should consider venturing into this land of opportunities, for surely they will not be disappointed with the results!

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Golden Myanmar Guide

The Myanmar's Most Comprehensive Online Business Directory Center & The Ultimate Myanmar Travel Guide with the aim to promote Myanmar's tourism, products & services to the world.

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