There’s probably a “Made in China” sticker on most of the products that you own. After all, China is the world’s largest manufacturer of goods. There is, however, a potential new contender for this position. You may have never heard of Burma, officially known as Myanmar. Burma has made headlines over the last few years for its human rights concerns and its numerous reforms. After half a century of virtual inactivity, Burma has declared that it’s open for business. Nearly every sector in Myanmar is starved for investment, but the country faces innumerable obstacles if it wants to nurture foreign and local businesses. Will the Burmese government step up to the challenge?

Burma sits in Southeast Asia with China, India, and Thailand as a few of its neighbors. For the past 50 years, the country has been under military rule in near total isolation. However, dramatic changes over the last few years have started to turn things around. In addition to making various political reforms, President Thein Sein has begun to liberalize the economy and open its doors to foreign investors. The United States responded favorably by easing some of the various sanctions and trade bans that had been in effect for years.

What does all this mean for the average Burmese citizen? Demand for consumer goods has exploded over the last two years since the announcement and all kinds of products have flooded the Burmese economy. Foreign companies will no doubt be able to find a market in Burma for their products. “Burma has a wealth of needs,” says Senior Commercial Service Officer Mike McGee, a government expert. “After 50 years of stagnation and isolation, pretty much everything that the country and the people desire is in need of updating or introducing. So you have a huge opportunity there for everything from consumer goods to infrastructure to medical equipment.”

Burma still has many hurdles to overcome if it wants to be an economic powerhouse like China. According to the U.S. Department of Commerce’s International Trade Administration and the BBC, corruption, ongoing racial violence, and weak infrastructure are just some of the issues hindering Burma from reaching its true potential. The legal and regulatory environment is also problematic, primarily because it’s so old that there may as well be none at all. McGee writes, “There are so many areas where the legislation is 50 to 100 years old, and for a better part of the last 40, 50 years, it hasn’t been enforced.”

With all these challenges, it could take years for the business environment to blossom. But if the Burmese government can handle these challenges appropriately over the next decade, foreign companies will find it increasingly difficult to avoid investing in Burma. Keep your eyes peeled for that “Made in Burma” sticker on your iPhone10.