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Myanmar, also known as Burma, is a state in Southeast Asia bordered by Bangladesh, India, China, Laos and Thailand.
The economy of Myanmar is an emerging economy. It is rich in jade and gems, oil, natural gas and other mineral resources.
Myanmar produces precious stones such as rubies, sapphires, pearls, and jade. Rubies are the biggest earner; 90% of the world's rubies come from the country, whose red stones are prized for their purity and hue. Thailand buys the majority of the country's gems.
Myanmar once was Asia's largest rice exporter, and still accounts for nearly a third of the world's total teak production.
Myanmar’s largest exports are mineral commodities. These include items such as natural gas, petroleum, petroleum products, precious and semi-precious stones, tin, tungsten, zinc, coal, copper, lead and cement. The largest export item is natural gas, which is largely responsible for Myanmar's economic growth.
Other major commodities exported by Myanmar are pulses and beans, wood/forest products notably teak, fish, rubber, clothing.
The top export partners of Burma are Thailand, China, India, Japan and South Korea.
Myanmar (Burma) has a difficult economic situation. The country is rich in resources, though lack of the necessary actions make it a stagnant economy.
Over the past four years, the Myanmar Government has introduced a series of reforms designed to improve the business climate and provide more favourable conditions for foreign businesses entering the market. A number of laws and regulations, including Myanmar’s Foreign Investment Law and mining legislation, are under revision.
Myanmar has definite sanctions imposed by the European Union, Norway, Canada, the United States and Australia, that limit trade across borders. In recent years, both China and India have attempted to strengthen ties with the government for economic benefit.
The top import partners on Myanmar are China, Thailand, Singapore, Japan and India.