UCA News
Contribute

As Myanmar opens up, the businessmen rush in

The astonishing political changes in Myanmar have sparked an eruption of business interest in this resource-rich country.
As Myanmar opens up, the businessmen rush in
Published: February 01, 2012 08:05 AM GMT
Updated: February 01, 2012 08:05 AM GMT

The region's latest gold rush is on, and all the roads, it appears, are leading to Burma. As the government opens up the previously tightly-controlled economy and accelerates reforms, and as some Western-imposed sanctions get lifted, businessmen from the United States, Germany and Japan, among others, have been flocking to the country in search of the next big thing. For weeks now, business hotels in Rangoon have been running at full occupancy, while real estate prices have shot up and so have rentals, the result of the influx of foreigners. Investors are scouting for opportunities in a country with much untapped potential across the board, from mining and energy to tourism and telecommunications. "Things are beginning to fall into place in Myanmar (Burma)," observed Singapore-based Manu Bhaskaran, chief executive of Centennial Asia Advisors. "Obviously there is risk, but clearly there is momentum." That momentum is evident in the growing number of visits by businessmen from around the world. This month, an American delegation is due to visit. Last month, billionaire George Soros went, and said he would set up an office to facilitate philanthropic work. In December last year, a group of executives from Germany's biggest bank and its government investment arm visited, as did a Japanese team of corporates from Hitachi, Toshiba, Mitsui, Itochu, JX Nippon Oil & Energy, and Marubeni. Full Story:Gold rush to Myanmar as country opens upSource:Straits Times

Help UCA News to be independent
Dear reader,
Lent is the season during which catechumens make their final preparations to be welcomed into the Church.
Each year during Lent, UCA News presents the stories of people who will join the Church in proclaiming that Jesus Christ is their Lord. The stories of how women and men who will be baptized came to believe in Christ are inspirations for all of us as we prepare to celebrate the Church's chief feast.
Help us with your donations to bring such stories of faith that make a difference in the Church and society.
A small contribution of US$5 will support us continue our mission…
William J. Grimm
Publisher
UCA News
Asian Bishops
Latest News
UCA News Catholic Dioceses in Asia
UCA News Catholic Dioceses in Asia
UCA News Catholic Dioceses in Asia