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What the ASEAN Economic Community Will Mean for Businesses

A Look at the Case of Myanmar

image of What the ASEAN Economic Community Will Mean for Businesses
With the ASEAN Economic Community (AEC) coming into effect, the main purpose of this publication is to serve as a resource to businesses, particularly in Myanmar and the other CLMV countries, in navigating the coming changes. The central conclusion of this guidebook is that despite the numerous opportunities the AEC will provide to the private sector, the reality for most CLMV businesses is that they will need to focus, at least initially, primarily on remaining competitive domestically in a more open and regionally integrated environment. This is due to several disadvantages they face in comparison to companies from the more economically powerful countries in the region. This includes underdeveloped domestic and cross-border infrastructure, less competitive human resources, lower quality technology and equipment, and a more challenging business environment.

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Conclusion

The ASEAN Economic Community or AEC will bring a large number of changes to the economy of Myanmar and other CLMV countries, as well as to the ASEAN region as a whole. Goods and services will flow more freely and cheaply across borders throughout the region, investment flows between countries (and into Myanmar) are likely to rise significantly, and connectivity will be enhanced through improvements in physical infrastructure, including transport, energy and ICT.

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