Government is drawing the Myanmar Economic Recovery and Reform Plan (MERRP) for post COVID period to revive the national economy26 Oct 2020
The government is drawing the Myanmar Economic Recovery and Reform Plan (MERRP) in connection with the Myanmar Sustainable Development Plan (MSDP) for use in the post-Covid period in order to revive national economy, said Union Minister for Investment and Foreign Economic Relations Thaung Tun.
He revealed the information during the “Brimming with opportunities” Prospects in Myanmar for HK Investors Webinar organized by Myanmar Hong Kong Chamber of Commerce and Industry, the ministry’s Facebook page reported.
Although Myanmar’s economic growth may decline this year due to the Covid-19 crisis, the IMF has forecast Myanmar’s growth at closer to 2 per cent. And thankfully, most forecasts suggest our rapid return to pre-crisis growth of 6 per cent plus in 2021, the minister said.
As Myanmar is strategically located between China and India, there are a lot of investment opportunities. Therefore, investments can be made in energy, housing development, industrial and service sectors, he said.
Despite Covid-19 challenges, Myanmar saw US$5.689 billion in foreign investment in 2019-2020 fiscal year exceeding US$1.169 billion compared to the previous year. Measures are also being taken in accord with the Covid-19 Economic Reform Plan to reduce economic impact caused by the pandemic, the minister added.
Due to Covid-19 restrictions, some foreign investment could not be approved and the investment target was not met in 2019-2020 FY.