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Economy
Since 1988, Myanmar has moved from a centrally planned economy to a market oriented economy and has liberalised domestic and exrternal trade, promoted the development of the private sector and been opened up to foreign investment.
In line with the new economic direction, such laws as the Foreign Investment Law, Central Bank of Myanmar Law, Financial Institutions of Myanmar Law, and Myanmar Tourist Law have been enacted and Chambers of Commerce reactivated.
Agriculture remains the main sector of the economy and measures are being taken to increase productivity, promote crop diversification, increase agricultural exports and develop agrobased industries.
Under the new economic policy, Myanmar's rich natural and human resources are being utilized and developed not only by the state sector but also by local and foreign investors. Myanmar is also rich in tourist attractions and there is enormous potential for the tourism industry.
Nowaday, under new democratic reforms, Myanmar has done lots of improvement in order to extend its economy. New Foreign Invest Law has been finalised and waiting for approval of Parliament by the time of updating this website. The new law takes inspiration from international law and was intended to liberalise and facilitate investment in Myanmar. Moreover, Myanmar successfully adopted a managed floating exchange rate starting from 01 April 2012. Before that time, the official government rate which is widely ignored is fixed at around just six kyat to the dollar, while in stark contrast the rate on the flourishing black market stands at about 800 per dollar. A simplified currency regime will facilitate trade and investment as Myanmar gradually opens up.
The European Union has already suspended most of its sanctions on Myanmar and The U.S also relax some sanctions on as well and appointed its first ambassador to Myanmar in 22 years recently by the time of this website is updated.
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