The IoT Market Potential
Dubbed as “Asia’s final frontier”, Myanmar is one of the world’s fastest growing economy, driven by economic reforms, public consumption and steady gains in FDI. Myanmar’s economic growth is projected to increase to 6.8 percent in 2018/2019. To further developing the local market, the government has implemented several initiatives to digitalise its economy. In July 2017, the government formed the Digital Economy Development Committee (DEDC) with the aims of developing Myanmar as a knowledge hub, digital hub and innovation hub.
One of the key focuses is the agricultural sector, which has seen a GDP contribution of 23% in 2018. Under the Yangon Region Agricultural Sector Development Project Plan (2018 to 2021), there are 21 agricultural development projects with a total projected investment value of US$400 Million. As part of the ASEAN Smart Cities Network, Myanmar’s largest cities will realise the vision of urban development through digital technology to serve as an enabler to resolve urbanisation issues.
The government is inviting investment in master plans from both local and international businesses. These include:
Yangon – The projects have an estimated cost of US$2.6 billion, while infrastructure development spending is estimated to be US$1.802 billion. The Yangon Region Government has launched the New Yangon City Project and the Yangon Payment System used on all public transport.
Mandalay – The Mandalay Urban Services Improvement Project have been planned to improve the public health condition and the environment, in a bid to be a clean and green city by 2040.
Nay Pyi Taw – Over US$750,000 had been invested to improve transport infrastructure and more than US$350,000 was allocated to the education sector.
Technology is an indispensable force for Myanmar to realise its urbanisation plans. This creates opportunities for technology solution providers to extend their services to this new market. There will also be opportunities to work with ministries, given the government’s keen in digitalising its economy.
Credit To : https://iotbusiness-platform.com/iot-myanmar/