CONSIDERED one of the last of the emerging markets of Southeast Asia, resource-rich Burma has made great strides since re-opening its doors to the rest of the world two years ago.
Burma's authorities have passed legislation on a number of issues to provide investment incentives. Foreign investors are allowed three-year tax holidays and there is a waiver on customs and duty for machinery imports.
Richard Neville, executive director of Hong Kong-based Kerry Securities, which offers the Myanmar Fund, said Burma was perhaps the richest country in Southeast Asia in terms of natural resources. It had abundant forests and minerals and strong fishing and agriculture industries.
'The country really has never been surveyed properly with modern technology, so the mineral side has great potential. The offshore natural gas is only now being developed in a US$1.4-billion (HK$10.8-billion) project to provide natural gas to Thailand,' he said.
With the country set to open its stock market within the next 18 months, Mr Neville said the government had made a commitment to investors by issuing a formal guarantee against nationalisation, something China had not done.
'In terms of the legislation and financial consideration, they are there. The government has demonstrated some openness in some key areas of the economy,' he said.
