Myanmar is home to close to 60 million people, but unlike neighbouring countries, such as Thailand, India and Malaysia, Myanmar consumers – those that can afford non-essential items on a regular basis – account for just 4% of the population, according to a McKinsey & Co report.
The global management consultancy projected that Myanmar’s population could have the same disposable income level by 2030 as the Philippines and Malaysia had in 2010. Some have already taken the leap into this unique market opportunity and are now staking their claim in Myanmar’s commercial opportunities.
Being an entrepreneur in Myanmar is painful and you have to be gutsy. In other words, if you want to set up a business in this virgin land of business opportunities you had better put your sense of humour on standby and have bottles of antacid and headache tablets at the ready.
The rest of this five-page article looking at the opportunities corporates are seeing in Myanmar including an interview with Intel Capital’s Sudheer Kuppam can be read in our August issue.