Myanmar plans to more than double rice shipments as the country that used to be the largest exporter embraces trade and opens its economy, challenging Thailand, Vietnam and Cambodia for sales amid a global glut.
Myanmar President Thein Sein last visited the United Nations three years ago as the face of an authoritarian military regime. Today, the former general-turned reformer will present Myanmar in a new light.
Three of Japan’s biggest trading houses agreed to form a venture with Myanmar that will build an industrial hub in the Southeast nation within two years, aiming to export electronics parts and clothes across Asia.
A year ago, Myanmar had no automated teller machines and not a single hotel or restaurant able to swipe the credit cards proffered by throngs of foreigners arriving in the newly opened country, who instead had to bring crisp U.S. dollars to pay for everything in cash.
Duane Morris LLP opened the first office of a U.S.-based law firm in Myanmar, slated to advise clients on investment and matters including tax, licensing, regulations, market entry, reporting requirements and U.S. Foreign Corrupt Practices Act and U.K. Bribery Act issues.