Myanmar Socio-Cultural Analysis

Socio-Cultural Analysis
Myanmar’s socio-cultural landscape has had an influence and impact on policy making. A wide range of religious and traditional elements motivated aspects of earlier economic policies. Myanmar's traditional culture also holds great potential for economic development by creating favourable conditions for investment in human capital. Myanmar has higher literacy rates than other countries with comparable levels of economic development. The country is also known for high levels of achievement motivation.
Myanmar’s institutionalized religions, where Buddhism holds a prominent place but also with large congregations of Christians and Muslims among ethnic minorities, contributed to human capital accumulation through cultural
Both project financing and trade financing within Myanmar are extremely limited and will continue to be so until sanctions are fully lifted and banks have a better ability to assess Myanmar’s risk. Enterprises operating in Myanmar should also ensure that their investments are protected and that they are able to repatriate money if necessary.

Lack of Infrastructure
Myanmar is still developing its hard and soft infrastructure. Companies may have to deal with insufficient telecommunication infrastructure and internet coverage. Transport and logistical links are still underdeveloped, and the lack of electricity and water supply may present problems for businesses operating in Myanmar.

Pace of Reform & Uncertainties
Myanmar is implementing rapid reforms, but they will take time to come into effect. The legislative changes are being adapted to changes on the ground as the country readies itself for foreign investment, but these are sometimes unclear and there may be future uncertainty.
There is much to do if Myanmar is going to realise its potential and create a prosperous and inclusive society. The government is working very hard within extremely tight constraints in terms of its capacity, finances and time. Key considerations for the future should include ensuring delivery of the political and economic reforms so as to maintain the confidence and trust of its own people, local businesses and foreign investors.
Local companies will experience a period of huge change in the coming years. They need to be ready to compete at home and overseas against foreign companies. To thrive, they must be able to reach international standards of quality and price for their goods and services. Local company can also consider partnerships with foreign company as a source of capital in order to connect to global supply chain.
For foreign investors that wish to invest in Myanmar, they need to move fast if they are to be the first to establish foothold there and build market share into a leadership position in their respective sectors. Companies should also be prepared to make long term commitment to Myanmar and to play a part in developing the business environment and training of local workforce. Partnering with local companies could provide a better alternative for more growth opportunities and improved access of local