Harvard Case - Myanmar: Special Economic Zones
"Myanmar: Special Economic Zones" Harvard business case study is written by Willy Shih, Dawn Lau. It deals with the challenges in the field of Strategy. The case study is 30 page(s) long and it was first published on : Oct 1, 2019
At Fern Fort University, we recommend a multi-pronged strategy for Myanmar's Special Economic Zones (SEZs) that focuses on attracting foreign investment, fostering local entrepreneurship, and promoting sustainable development. This strategy leverages the country's unique advantages, addresses key challenges, and positions Myanmar as a competitive hub for regional and global businesses.
2. Background
The case study focuses on Myanmar's efforts to establish Special Economic Zones (SEZs) as a key driver of economic growth and development. The government aims to attract foreign direct investment (FDI), create employment opportunities, and modernize the country's manufacturing sector. The case study highlights the challenges faced by Myanmar, including limited infrastructure, bureaucratic hurdles, and a lack of skilled labor.
The main protagonists are the Myanmar government, which is spearheading the SEZ initiative, and potential foreign investors, who are evaluating the opportunities and risks associated with investing in Myanmar.
3. Analysis of the Case Study
To analyze the situation, we employ several frameworks:
a) Porter's Five Forces:
- Threat of New Entrants: High due to government incentives and relatively low barriers to entry.
- Bargaining Power of Buyers: Moderate, as SEZs offer a variety of products and services, but buyers can switch to other suppliers.
- Bargaining Power of Suppliers: Moderate, as Myanmar relies on imports for many inputs, but suppliers may be attracted by the growing market.
- Threat of Substitutes: Moderate, as similar SEZs exist in neighboring countries, but Myanmar's unique geographical location and potential for growth offer advantages.
- Competitive Rivalry: Moderate, as SEZs compete for investment and resources, but collaboration and cooperation are also possible.
b) SWOT Analysis:
Strengths:
- Strategic Location: Myanmar's location offers access to key markets in Southeast Asia and beyond.
- Abundant Natural Resources: Myanmar possesses significant resources, including natural gas, timber, and minerals.
- Growing Domestic Market: Myanmar has a rapidly growing population and a rising middle class.
- Government Support: The government is committed to developing SEZs and providing incentives to investors.
Weaknesses:
- Limited Infrastructure: Myanmar's infrastructure is underdeveloped, hindering efficient transportation and logistics.
- Bureaucratic Challenges: Complex regulations and bureaucratic procedures can deter investors.
- Lack of Skilled Labor: Myanmar faces a shortage of skilled workers, particularly in technical and managerial roles.
- Political Instability: Myanmar's political landscape remains fragile, creating uncertainty for investors.
Opportunities:
- Growing Regional Trade: Southeast Asia is a rapidly growing economic region, offering potential for export-oriented industries.
- Technological Advancements: Myanmar can leverage technological advancements to improve infrastructure and productivity.
- Foreign Investment: Attracting FDI can provide access to capital, technology, and expertise.
- Development of Special Economic Zones: SEZs can become centers of innovation and economic growth.
Threats:
- Competition from Neighboring Countries: Myanmar faces competition from other countries in the region offering similar incentives.
- Global Economic Downturn: A global economic slowdown could impact FDI flows to Myanmar.
- Natural Disasters: Myanmar is prone to natural disasters, which can disrupt economic activity.
- Environmental Concerns: Rapid industrialization can lead to environmental degradation and social unrest.
c) Value Chain Analysis:
Myanmar's SEZs can leverage the value chain to gain a competitive advantage. By focusing on specific industries and creating a conducive environment for businesses, they can attract foreign investments and create a robust ecosystem for local entrepreneurship.
d) Business Model Innovation:
To attract investors and foster sustainable growth, Myanmar needs to adopt innovative business models. This includes:
- Public-Private Partnerships (PPPs): Engaging private sector expertise and capital to develop infrastructure and services.
- Cluster Development: Focusing on specific industries and creating clusters of businesses with complementary capabilities.
- Technology Adoption: Leveraging technology to improve efficiency, transparency, and connectivity.
- Sustainable Development: Integrating environmental and social considerations into business operations.
4. Recommendations
To achieve its objectives, Myanmar should implement the following recommendations:
a) Focus on Specific Industries:
- Identify industries with high growth potential, such as manufacturing, technology, and tourism.
- Develop targeted incentives and support programs for these industries.
- Create clusters of businesses within SEZs to facilitate collaboration and knowledge sharing.
b) Improve Infrastructure:
- Invest in transportation infrastructure, including roads, railways, and ports.
- Improve power supply and telecommunications networks.
- Develop logistics hubs to facilitate efficient movement of goods.
c) Develop Human Capital:
- Invest in education and training programs to address the skills gap.
- Partner with foreign institutions to provide technical and managerial training.
- Create incentives for skilled workers to relocate to SEZs.
d) Simplify Regulations and Procedures:
- Streamline bureaucratic processes and reduce red tape.
- Establish a single-window system for investors to access information and permits.
- Improve transparency and accountability in government agencies.
e) Promote Sustainable Development:
- Implement environmental regulations and standards.
- Encourage businesses to adopt sustainable practices.
- Invest in renewable energy sources and waste management systems.
f) Foster Local Entrepreneurship:
- Provide support and resources to local businesses.
- Establish incubation centers and business accelerators.
- Create a favorable environment for start-ups and small and medium enterprises (SMEs).
g) Leverage Technology:
- Adopt digital technologies to improve efficiency and transparency.
- Develop e-commerce platforms to connect businesses with global markets.
- Use data analytics to track progress and identify areas for improvement.
h) Strengthen Corporate Governance:
- Promote good corporate governance practices among businesses.
- Establish independent regulatory bodies to oversee SEZs.
- Ensure transparency and accountability in all operations.
i) Promote Public-Private Partnerships:
- Engage the private sector in developing infrastructure and services.
- Establish clear frameworks for PPPs to ensure transparency and accountability.
- Leverage private sector expertise and capital to drive economic growth.
j) Develop a Strong Brand:
- Promote Myanmar as a destination for investment and business.
- Highlight the country's competitive advantages and investment opportunities.
- Build a positive brand image through effective marketing and public relations.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of Myanmar's strengths, weaknesses, opportunities, and threats. They address the key challenges faced by the country and leverage its unique advantages. The recommendations are also aligned with the government's objectives of attracting FDI, creating employment, and promoting sustainable development.
The recommendations are consistent with the mission of the SEZs, which is to drive economic growth and create a more prosperous Myanmar. They also take into account the needs of external customers, such as foreign investors, and internal clients, such as local businesses.
The recommendations are based on a thorough understanding of the competitive landscape and the need to differentiate Myanmar's SEZs from those in neighboring countries. They also consider the attractiveness of the SEZs to investors, taking into account factors such as infrastructure, regulatory environment, and human capital.
6. Conclusion
Myanmar's Special Economic Zones have the potential to become engines of economic growth and development. By implementing the recommendations outlined in this case study, Myanmar can attract foreign investment, foster local entrepreneurship, and position itself as a competitive hub for regional and global businesses. However, success will require a strong commitment from the government, a well-defined strategy, and effective implementation.
7. Discussion
Other alternatives not selected include:
- Focusing solely on attracting large multinational corporations: This approach could lead to limited job creation and a lack of local participation.
- Adopting a laissez-faire approach to SEZ development: This could lead to uncontrolled growth, environmental degradation, and social unrest.
- Prioritizing infrastructure development over other areas: This could lead to a lack of skilled labor and other essential resources.
The key assumptions underlying these recommendations include:
- Political stability: The success of SEZs depends on a stable political environment.
- Government commitment: The government must be committed to implementing the recommendations and creating a conducive environment for businesses.
- Availability of resources: Myanmar must have sufficient resources, including financial capital, skilled labor, and infrastructure, to support SEZ development.
8. Next Steps
To implement these recommendations, Myanmar should take the following steps:
- Establish a dedicated SEZ Authority: This authority should be responsible for coordinating and overseeing all aspects of SEZ development.
- Develop a comprehensive SEZ strategy: This strategy should outline the specific objectives, target industries, and implementation plan for each SEZ.
- Prioritize infrastructure development: This includes investing in transportation, power, telecommunications, and logistics infrastructure.
- Invest in human capital development: This includes providing education and training programs to address the skills gap.
- Simplify regulations and procedures: This includes streamlining bureaucratic processes and reducing red tape.
- Promote sustainable development: This includes implementing environmental regulations and encouraging businesses to adopt sustainable practices.
- Foster local entrepreneurship: This includes providing support and resources to local businesses and creating a favorable environment for start-ups.
- Leverage technology: This includes adopting digital technologies to improve efficiency and transparency.
- Strengthen corporate governance: This includes promoting good corporate governance practices and establishing independent regulatory bodies.
- Promote public-private partnerships: This includes engaging the private sector in developing infrastructure and services.
- Develop a strong brand: This includes promoting Myanmar as a destination for investment and business.
These steps should be implemented in a phased manner, with clear milestones and timelines. The success of Myanmar's SEZs will depend on the government's commitment to reform, the private sector's willingness to invest, and the ability of the country to overcome its challenges.
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Case Description
This case examines four Special Economic Zones in Myanmar. While the country's development had been hobbled by a complex history of military rule, ethnic conflict, and international sanctions, as it pursued liberalization it sought avenues to developing its economy. The four zones described in the case - Dawei, Kyaukphyu, Thilawa, and the New Yangon City project all had different roots and different motivations. The different rates of progress of each reflected the interests and approaches of each of the projects' participants.
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