Myanmar aims to surpass Laos, Cambodia

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Minister of Industry Soe Thein

Myanmar aims to overtake both Laos and Cambodia in average income per capita by 2014 or 2015, Radio Free Asia’s news service reported on July 24, quoting the country’s minister of industry, Soe Thein.

“I hope we will have higher average income per person than Laos and Cambodia by 2014-15. It is possible,” Soe Thein was quoted as saying.

Myanmar had a gross national income per capita of $715 (based on purchasing power parity) in 2011, according to estimates by the Asian Development Bank. It is the lowest among its fellow member states in ASEAN and similar to Afghanistan, Bangladesh and Rwanda.

Laos has a per capita income of $1,130 while Cambodia has $830, based on 2011 figures by the World Bank.

Myanmar is currently working on a new and comprehensive investment law to lure billions of dollars of foreign inflows to the country, which needs to catch up in virtually every economic sector.

Only two weeks ago US sanctions against Myanmar have been dropped which has opened the gates for a number of US companies to look for opportunities in the formerly secluded country, alongside with potent investors from Thailand, Japan, Korea, China, India and Europe.

The Asian Development Bank is predicting a fast growth of Myanmar’s economy of 6 per cent this year and 6.3 per cent in 2013.

 

 

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Reading Time: 1 minute

Minister of Industry Soe Thein

Myanmar aims to overtake both Laos and Cambodia in average income per capita by 2014 or 2015, Radio Free Asia’s news service reported on July 24, quoting the country’s minister of industry, Soe Thein.

Reading Time: 1 minute

Minister of Industry Soe Thein

Myanmar aims to overtake both Laos and Cambodia in average income per capita by 2014 or 2015, Radio Free Asia’s news service reported on July 24, quoting the country’s minister of industry, Soe Thein.

“I hope we will have higher average income per person than Laos and Cambodia by 2014-15. It is possible,” Soe Thein was quoted as saying.

Myanmar had a gross national income per capita of $715 (based on purchasing power parity) in 2011, according to estimates by the Asian Development Bank. It is the lowest among its fellow member states in ASEAN and similar to Afghanistan, Bangladesh and Rwanda.

Laos has a per capita income of $1,130 while Cambodia has $830, based on 2011 figures by the World Bank.

Myanmar is currently working on a new and comprehensive investment law to lure billions of dollars of foreign inflows to the country, which needs to catch up in virtually every economic sector.

Only two weeks ago US sanctions against Myanmar have been dropped which has opened the gates for a number of US companies to look for opportunities in the formerly secluded country, alongside with potent investors from Thailand, Japan, Korea, China, India and Europe.

The Asian Development Bank is predicting a fast growth of Myanmar’s economy of 6 per cent this year and 6.3 per cent in 2013.

 

 

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