Myanmar has committed to strengthen its relations with Asia Development Bank (ADB) in hope of achieving sustainable and inclusive through in line with its Country Partnership Strategy

15 พฤษภาคม 2562
Myanmar has committed to strengthen its relations with Asia Development Bank (ADB) in hope of achieving sustainable and inclusive through in line with its Country Partnership Strategy

In the hope of achieving sustainable and inclusive growth through connectivity in line with its Country Partnership Strategy, Myanmar has committed to strengthen its relationship with Asia Development Bank, according to Soe Win, Union minister for planning and finance.

“We highly appreciate ADB for its continuous support. Since 2012 when ADB resumed its normal operations in Myanmar, it takes a crucial role in the nation’s development process,” he said in a statement to ADB board of governors at the business session of the 52nd ADB Annual Meeting last week.

According to the minister, ADB has participated in rural infrastructure development, rural socio-economic development, transport and energy sectors particularly in electric power generation and distribution, irrigation, urban development, trade and investment climate, promoting public-private partnership, regional connectivity, capacity building and skills development in various sectors. The bank has also assisted in public debt management and bond market development.

“E-Government system initiated by ADB is now on the way to provide public services electronically and necessary information of the government system,” he said.

The computerised system in Myanmar government services has been initiated by implementing the core banking system to operate interbank deals. To implement data ID card system, digital government strategy, and e-government system by practicing ICT is one of the 12 points of Myanmar Economic Policy, he said.

“In line with operational priorities of ADB New Strategy 2030 Vision, MSDP [Myanmar Sustainable Development Plan] will strategicallyassist us in our country’s development momentum,” he said.

Myanmar has introduced the Project Bank to monitor and evaluate development projects, which makes MSDP more effective. The government will ensure transparency in the implementation and development of projects so that local and foreign investors can access the projects they want to invest, said the minister.

“To focus on the development of investments and better relationship with development partners, the Ministry of Investment and Foreign Economic Relations has been newly organised in August 2019, and is closely working with relevant ministries to create digital-friendly environment for investors,” he said.

“To facilitate foreign and domestic investments, one-stop services are being operated and online registration for your companies is available right now. Foreign investors are being granted license to expand their investments in new sectors [retail and wholesale, insurance services].”

In FY2018-19 starting from October 2018 to September 2019, economic growth will be 7.6 per cent, deficit to GDP ratio and inflation rate average will be 4.5 per cent and 4.81 per cent respectively. Myanmar targets for economic growth in the main sectors_ 2.9 per cent in agriculture, 9.4 per cent in industry, and 8.8 per cent in services.

“We expect to cultivate rain crops more and, produce meat and fish to surplus domestic consumption and be exported as well as created as value added products to meet our target growth in agriculture. For industrial sector, we expect the inflow of foreign investments will be boosted, and to provide financial access to small and medium enterprises for the development of industrial zones,” he said.

“In services sector, we expect the domestic transportation network to generate smooth flow of goods and services to market places, and payment systems can gain people’s trust more to meet our target growth rate.”


(Eleven Media Group: )

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