Manulife Financial has opened a representative office in Yangon, Myanmar, as part of its strategy to re-establish its presence in the country after a 70-year gap.

Scheduled to launch on 24 May 2014, the new office will seek to tap the business opportunity evolving in the country.

Manulife Financial offers insurance and financial services with offices in Canada and Asian nations, while it operates through its John Hancock unit in the US.

"Myanmar is one of the earliest countries that the Manulife had come and operated," Manulife Financial Asia president and CEO Robert Cook was quoted by as saying.

"We have high confidence in development and economic reform Myanmar has made," Cook told the publication.

Manulife Financial Asia regional executive IndrenNaidoo said that the company will support to raise the level of life insurance business in Myanmar.

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By GlobalData

Manulife Financial initially entered in Myanmar 1903; although, it stopped operations following sanctions imposed by the western countries.