Panalpina has opened its own office in Yangon, the largest city in Myanmar after working through agents for many years. The move follows the establishment of a civilian government in the country in 2011.
“Panalpina has worked with customers in Myanmar for many years through dedicated agents,” said country Thorsten Harenberg. “We have been grateful for their support, but having our own team on the ground here in Yangon will allow us to work more closely with and better meet the needs of our customers during this exciting time of investment and development.”
Yangon was the capital of Myanmar until 2005 and was formerly known as Rangoon.
It is looking for growth are in telecommunications, manufacturing, oil and gas, as well as capital projects. Apart from transport infrastructure, power plants, refineries and gas terminals need to be built. Myanmar has large offshore natural gas reserves and is rich with oil deposits and other natural resources such as gemstones and minerals.
As economic sanctions against Myanmar have been eased, international trade has escalated, especially imports. The majority of imported goods come from other Asian countries and Europe. Trade with China is growing, with new direct shipping services having been launched between Shanghai and Yangon.