Investment surge expected for ‘gold mine' Myanmar

Growth is expected to be 6 percent this fiscal year and 6.3 percent for 2013-2014, but that is likely to be surpassed if Western sanctions are undone and investment pours in to one of Asia's last remaining frontier markets, much through public private partnerships (PPP), said Craig Steffensen, the ADB's country manager for Myanmar and Thailand. "Myanmar is a gold mine, any way you look at it - natural resources, gas and oil deposits, spatial dimensions, location between China, India, Southeast Asia. It's a huge market waiting to happen and growth will come from everywhere, not one specific sector," he told Reuters in an interview. "The boom that's about to begin has brought people from four corners of the globe. There's tremendous potential ... there's no flight to, or hotel in Myanmar that isn't booked by businesspeople looking at opportunities there to get involved in tourism, banking, telecommunications and construction."

That interest in the long-isolated country picked up after its year-old quasi-civilian government embarked on an astonishing wave of reforms unimaginable under the five-decade rule of the military, which plundered and mishandled an economy squeezed by Western sanctions imposed for human rights abuses.