The Report: Myanmar 2014

The “Golden Land”, officially known as the Republic of the Union of Myanmar and formerly as Burma, has undergone dramatic reforms in recent years under the administration of President U Thein Sein. The rapid transition from a military junta to an open economy has surprised the global community and will see Myanmar assume the ASEAN chair for the first time in 2014. Myanmar is rich in natural resources and has an established extractive industries sector, with one of the world’s oldest continuously producing oil fields. The country is also rich in mineral resources, but it remains greatly unexplored by international mining firms, something the government is proactively trying to change. The easing of economic sanctions has accelerated the nation’s economic growth, but Myanmar still faces political challenges, including ongoing ethnic conflict and religious tensions. However, with greater access to international markets and a growing number of business opportunities, there are many reasons to be optimistic about the country’s future.