Myanmar will offer good opportunities for investors to capitalize on the country’s new-found economic vibrancy

State Counsellor Daw Aung San Su Kyi says Myanmar offer investors a chance to capitalise on the country’s new-found economic vibrancy.

The State Counsellor said this during her official visit to Japan, where she met Japanese Prime Minister Shinzo Abe and also attended the Second Myanmar Investment Conference on October 21.

“We in Myanmar believe that a quality investment, one that is responsible and sustainable, can and must play a role, and it is for this reason that I value forums such as this. We can offer participants a chance to capitalise on Myanmar’s new-found economic vibrancy. At the same time, it gives us an opportunity to highlight sectors where the right mix of reform, ambition and political will can unlock additional opportunities,’’ Daw Aung San Su Kyi said in her speech for the investment conference.

“We have been both aggressive and strategic in liberalising various key economic sectors. Our insurance sector, for example, has recently been liberalised, allowing for 100 per cent foreign-owned life insurance companies to operate in Myanmar. Japan’s Dai-ichi Life is one of the first of those.We have done away with unnecessary regulations, launched a new online business registration portal, formed a new investment and development finance-focused ministry and issued a new Investment Promotion Plan.”

“In our banking sector, in addition to the 13 existing 100 percent foreign bank branches currently operating in Myanmar, we are looking to allow more foreign banks to operate, either as branches or subsidiaries,” she added. 

Among the key messages she gave to attract investors is that the government is willing to provide timely support that investors require.

“We are planning to convert the existing One-Stop-Service-Centre housed within the Myanmar Investment Commission into a single-window system where all permits and licences required by investors can be applied for, and granted, without the need to visit additional government agencies,” she said.

The State Counsellor cited the example of Japanese automobile manufacturer Toyota’s recently announced intention to invest several billion yen in an assembly plant within the Thilawa Special Economic Zone, an investment likely to bring with it a range of related industries, as an investment that demonstrate investor confidence in what the country is doing in Thilawa and in Myanmar. 

“Myanmar is ready to welcome all investors. Myanmar is in the process of transforming an opaque, non- competitive, connections-based economy into a larger, more transparent, more competitive, rules-based economy. This transformation is not easy, but all must seek to go beyond their comfort zone if we are to succeed,” she said, adding that Myanmar seeks the type of responsible investment that creates jobs, provides new opportunities, sustains growth, and spreads prosperity for all. 

In August, Myanmar, Japan and the US together announced efforts to promote responsible, ethical investment for the benefit of the people of Myanmar and for the county’s economic development. 

On Monday, the State Counsellor met Mr Kazushige Nobutani, president of the Japan External Trade Organization (JETRO). The meeting focused on possible investments of Japanese companies in Myanmar, especially in the agriculture, livestock and manufacturing sectors. They also discussed JETRO’s projects in Myanmar.

Daw Aung San Suu Kyi also met with Japanese Prime Minister Shinzo Abe. At the meeting, they discussed promoting cooperation between Myanmar and Japan, fostering economic relations between the two countries in the Thilawa Industrial Zone, continuing Japanese assistance to the peace process in Myanmar, the Rakhine issue, and collaboration in the regional and international arenas.

Since its opening in 2015, the Thilawa SEZ’s has received approval for 113 investments projects and 76 companies have started commercial operation, according to the Myanmar-Japan Thilawa Development Ltd, the company overseeing the development of the economic zone. 

In terms of investments in Myanmar, Japan ranks 10th with around US$1.2 billion invested in 117 enterprise in the country, according to government statistics. 

(The Myanmar Times: https://www.mmtimes.com/news/myanmar-offers-good-opportunities-investors-daw-aung-san-suu-kyi.html )

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