Myanmar, commonly known as Burma, is globalising and is finally coming out from the shadow of the oppressive military junta that had been dictating the country for nearly 50 years from 1962 to 2011. Ever since the change in rule, Myanmar is progressing in terms of its economy.
In the last few years, Myanmar has embarked several reforms pertaining to liberalisation, globalisation, banking sector and education. All these reforms were aimed at globalising the Union of Burma.
The new government began its rule in Myanmar by releasing its leader Aung San Suu Kyi, who was held captive under house arrest for 15 years. This was followed by certain amendments in the censorship laws such as the upliftment of the ban from sites like Youtube, Voice of America and Democratic Voice of Burma.
Also, Myanmar has passed new International Labour Organisation that gives the due credit to the labour. Under the law, the labour has the right to form unions and protest against the malpractices. Further, they abolished the forced labour rule and freed them from slavery.
Lately, Myanmar has opened its banking sector to the foreign banks. Myanmar had a dodgy foreign exchange system that required international supervision. Thus, International Monetary Fund intervened to regulate the market forces, following which, Myanmar sanctioned operating licences to foreign banks. Recently it has added four banks to its list, State Bank of India, Bank for Investment and Development of Vietnam, Taiwan's Sun Commercial Bank and South Korea's Shinhan Bank, taking the total to 13.
In the last few years, Myanmar has revolutionised its image. The world has begun to perceive the nation as progressive. Even Japan that had discontinued extending its services to Myanmar following the killing of a Japanese journalist, has resumed its services. Myanmar is transgressing from being the unknown territory to the known territory, to be acknowledged worldwide.
(Written by Ishita Kapai)