Looking to expand your business into Myanmar? Ok, so chances are the answer is probably no. But, with Denver-based International PEO Velocity Global, any American could push into what has previously been hostile territory.
Until recently, the Southeast Asian country of Myanmar has been off limits to American companies. In 2011, however, the country formed a new civilian led government and, in response, the United States lifted sanctions. Now, the U.S. government has gone the other way and is encouraging American companies to enter the country.
“During my recent travels to Myanmar, I was quite taken by the growth and optimism in the market,” Rob Crabtree, Global Account Manager at Velocity Global said. “The Golden Land shares a border with a third of the world’s population—India, China, Laos and Thailand. Considering both geography and the historic changes to the inbound investment environment, business in Myanmar is better than ever.”
Indeed, Myanmar is an untouched land for many western companies and there is real growth potential there. A report by the McKinsey Global Institute encouraging the government to invest in high-tech industries says that with lifted sanctions the economy has the potential to quadruple by 2030. As it is, however, the country is probably best known for exporting petroleum and supplying 8 percent of the world’s opium.
The company has been pushing aggressively to assist American companies entering foreign markets all over the globe. Since its founding in 2014, the company’s services now cover over 160 foreign markets — opening up about 83% of the world to American business.
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