KPMG sets footprint in Myanmar

KPMG, the first of the Big Four professional service firms to re-enter Myanmar, has been discussing the future of this “next economic frontier” with delegates attending the World Economic Forum on East Asia this week.

“Myanmar is poised for rapid economic growth. It is also making excellent progress towards creating the right environment for the investments required to achieve its economic potential,” Michael Andrew said. “Many of the CEOs that I talk to in Asia and beyond are considering investing in Myanmar.  Before they commit they want some basics; namely a good and clear corporate governance structure and to know that the rule of law and contracts will be respected.”

Myanmar will likely go through the many phases of growth, initially of low cost manufacturing, then consumer industries, banking, energy and technology at a faster pace than previously industrialising economies. Each phase of this growth will require policy setting and infrastructure which is adaptable.

While in the recent past China has been the largest investor in Myanmar, KPMG is seeing increasing interest from a diverse range of sources, particularly Japanese and ASEAN countries. 

“Potential investors are also telling us that they see continued infrastructure development as being key to the successful and continued growth of Myanmar. Without transport connectivity, power and water supply business simply can't operate,” Andrew added.

KPMG is a global network of professional firms providing audit, tax and advisory services. The firm operates in 156 countries and have 152,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Combined revenues for KPMG member firms totaled $23.03 billion in the 2012 fiscal year.

KPMG’s Myanmar office provides a wide range of tax and advisory services. The Myanmar team includes experienced Myanmar nationals and expatriates and it is enhanced by the technical and industry knowledge of KPMG’s global network.