American investors entering Myanmar are likely to focus on the IT sector in Myanmar

According to U Thant Sin Lwin, the Acting Deputy Director General of the Directorate of Investment and Company Administration (DICA), American investors entering Myanmar are likely to focus on the IT sector here, a field which is already booming.

On April 30, nine American companies and local businesses organized a business meeting in Yangon. Its purpose was to discuss possible cooperation on trade, investments, and economic collaboration.

At the meeting, both sides discussed possible investments in various sectors. Among these were oil and gas, water treatment, information technology, communications, the media, hotels and tourism, publishing, agriculture, livestock and fisheries, construction, banking, automobiles, shoe making, transportation, and logistics.

However, one industry in this list stood out as catching the special attention of the investors. Which one? Before the event had even kicked off, the American companies were asking the Myanmar Investment Commission (MIC) about the IT sector in this country.

“They [the Americans] employ IT in every sector, from water treatment to information technology and the media,” U Thant Sin Lwin explained. “When you look at the U.S. business delegation, you will find that they include factors from various sectors. I tend to think that they are likely to focus on the IT sector.”

U Kyaw Win Tun, Director of DICA, said: “At the national level, the Government is trying to effectively implement e-commerce; the Vice President of the country is leading the process. Moreover, the Ministry of Transportation and Telecommunication is also collaborating with South Korea in order to build a data center. We are also drafting cyber laws. We have also received proposals regarding network facility service.”

There are currently 26 foreign investments in Myanmar’s IT sector, totaling some $8 billion. Further investment in this sector will certainly help accelerate growth and create jobs, while simultaneously providing new or improved services for customers and consumers.

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