Myanmar is the second largest country in Southeast Asia bordered by India, Bangladesh, China, Laos and Thailand. One third of its perimeter of nearly 2,000 kms forms a long stretch of coastline along the Bay of Bengal and Andaman Sea. It has a population of approximately 60 million people.
Myanmar is a resource rich country but due to a long history of civil strife and inefficient military rule it remains one of the least developed countries in Southeast Asia, with seriously inadequate infrastructure including badly downgraded roads and railways.
The major industries in the country include agricultural goods (mainly rice), textiles, wood products, construction materials, gems, metals, oil and natural gas. Following major political and economic reforms, including democratization of government, reforming the exchange rate mechanism and easing restrictions on foreign investors, Myanmar is enjoying substantial and sustained economic growth. In the fiscal year 2011-2012 GDP growth was estimated to have increased to 6.3 percent, and is expected to rise to 7 percent in 2012-13.
Myanmar’s reforms have been supported by the lifting of sanctions by the European Union on 22 April 2013, significant easing of economic sanctions against Myanmar by the USA and substantial commitments of aid, including US$100 million in development aid from the EU; and US$80 million in development aid and a further US$165 million in loan assistance from the World Bank.
Audier & Partners has established a broad-based team to support the Myanmar practice comprising Nicolas Audier, managing partner, Bernadette Fahy and Nicolas Picard, partners, Florence Grangerat, country representative, and Maw Zin, senior legal consultant.