Nikkei Asia revealed in their recent report that western sanctions against Myanmar’s military government have forced many European companies to pull out of the country. From infrastructure development to the consumer goods sector, Asian companies are filling the void. Business is expanding there. Due to the stable relations between Myanmar and countries like China, Thailand and Japan, the commercial activities of these countries have increased in Nay Pyi Taw.
Trade relations between China and Myanmar are increasing. There are several projects from mainland China through Myanmar to the Indian Ocean. Chinese companies are leading especially in establishing railways and ports. On the other hand, European multinationals have withdrawn from Myanmar’s technology and energy sectors. The apparel industry has also narrowed its presence. Despite various criticisms, analysts believe that the rise of Asian companies in Myanmar will determine the future economic fate of the country.