Myanmar is an emerging market showing steady growth rates since the country set itself on a course of political liberalisation. Despite being one of the poorest ASEAN nations, the country’s economy grew at around 8.5% in the 2014/2015 fiscal year, with economic reforms bolstering consumer and investor confidence. The service sector was the main driver of growth thanks to expansions in telecommunications and transportation. Myanmar is an emerging economy with a GDP of $64.3 billion, which is attracting more and more foreign investments. Its 53.4 million strong population is mainly occupied in the agricultural sector. However, the garment and mining industries, as well as wood products also take up a significant part of the economy.
EU imports for Myanmar are dominated by the textile industry, accounting for nearly 80% in 2011, making it the 29th largest trading partner for the EU for clothing. Agricultural products also play a significant role in Myanmar’s exports to the EU. EU exports to Myanmar on the other hand are dominated by machinery and transport equipment. EU exports to Myanmar have risen steadily since its increasing political liberalisation.
Myanmar has taken its first real steps towards establishing a concrete system of protecting intellectual property rights (IPR). The country’s trade mark Law is now being drafted and reviewed, and is due to take effect during the first quarter of 2014. The Myanmar Intellectual Property Office will also be set up and will soon be able to accept and register applications for trade mark registration. Looking ahead, regional ASEAN IPR SME Helpdesk Expert Darani Vachanavuttivong suggests that these developments will assure foreign investors in the country that their brands will now receive trade mark protection in line with international standards. To read more about Darani’s commentary on Myanmar’s emerging IP regime and practical information about the registration process, click here.
In part one of this very mini series Your IP Insider investigated the challenges and opportunities for doing business in Myanmar. It’s here in case you missed it but today we’re revealing the key practical and intellectual property right (IPR) considerations for you as well as some conclusions….
Your IP Insider has been on the road recently, in fact, it’s been more of a voyage of discovery…. The subject? Myanmar.
Political and civil unrest have kept this country in almost complete isolation for decades but with the success of the National League for Democracy in by-elections held in 2012, Myanmar is gradually opening its market to the outside world. We’re going to describe the considerations for doing business in Myanmar in a mini-series of posts starting with part 1 today: The economic situation and challenges & opportunities for European businesses. Continue reading “Doing Business in Myanmar: Part 1 – Challenges & Opportunities” »