KPMG sets up operations in Myanmar

Saturday, 1 December 2012 00:00 - - {{hitsCtrl.values.hits}}

KPMG in Thailand has expanded to Myanmar, becoming the first of the Big Four professional services organisations to have a presence in the country. The recent easing of many international sanctions against Myanmar, also known as Burma, has sparked a great deal of interest from investors globally.

“With the easing of trade sanctions, Myanmar has the potential for tremendous growth, and many multinationals and other investors are already entering the market or exploring opportunities,” said Michael Andrew, Chairman, KPMG International. “We look forward to contributing to Myanmar’s economic resurgence and to helping clients succeed in what should be a rapidly expanding economy.”

According to Reyaz Mihular, Managing Partner of KPMG Sri Lanka, there is good synergetic potential for the two countries. “Sri Lanka and Myanmar have cultural ties dating back centuries and have similar economic and demographic characteristics. Myanmar would be an interesting destination for local companies to consider when exploring overseas expansion within the region and potentially as a trading partner,” he added.

A recent KPMG publication captioned “REACH – Issue I – KPMG Thailand reaching out to keep you ahead,” citing the CIA Factbook 2010, highlights Myanmar’s top three import partners to be China, Thailand and Singapore while the country’s top three export partners to be Thailand, India and China.

The country’s key import commodities include fabric, petroleum product and fertiliser while key export commodities include natural gas, wood and pulses (edible seeds).

Myanmar was also identified as the second largest country in South East Asia, comprising seven states and seven regions. 70% of the labour force by occupation are engaged in the agriculture sector while 23% in services and 7% in industry. Literacy was defined based on those of age 15 and over who can read and write at 89.9%.