The survey, which was conducted among key decision makers of middle market Asian companies with an annual turnover of $50 million or more, found the Myanmar focus motivated by the opportunities arising from Myanmar's growing middle class and significant business opportunities arising from the rapid modernisation.

In fact, the survey found that seven out of 10 Asian firms planned to expand into Myanmar, aiming for establishing a market presence in the country between May 2014 and May 2015. One Singapore firm capitalising on the growth that Myanmar is undergoing is hardware tools and safety equipment supplier Soon Hong Seng Private Limited.

Faced with the spectre of political reforms backsliding, it seems that economic liberalisation has become too established to oppose, according to Dr Sarasin Viraphol, executive vice-president of Charoen Pokphand Group (Cp Group), Thailand's largest company. The CP Group has has maintained a market presence in Myanmar for close to 20 years.

During the ASEAN Tourism Forum 2015, Viraphol commented "No matter what happens on the political front or the international front, we can only see further development as the society, the people, move forward. We believe that the momentum will accelerate. Myanmar has abundant natural resources, skilled and unskilled labour and a sizeable market of 50 million people, of which only 4 per cent is the consuming class compared to the rest of the world's 35 per cent. How can you go wrong with that?"

By Shiwen Yap - dealstreetasia.com