Union Minister of Investment and Foreign Economic Relations (MIFER) U Thaung Tun, who is also chair of the Myanmar Investment Commission (MIC), attended the Singapore Summit 2019 held on September 20 and 21. 

U Thaung Tun said in his speech at the summit that Myanmar ranked amongst ASEAN’s fastest-growing economies with GDP rising from just US$8.9 billion in 2000 to over US$71 billion in 2018. According to the Asian Development Bank, Myanmar economy is expected to grow by 6.6 percent this year and 6.8 percent in the coming year.

“The growth has been channelled in ways that have facilitated an unprecedented structural shift in Myanmar economy – effectively halving the number of our people living below the poverty line. This newfound economic vibrancy is visible in rural and urban areas alike. Myanmar is also, one again, integrated into today’s globalised world. This includes interacting with, and being impacted by the powerful forces, both visible and hidden, which shape it. The challenge for our newly democratic nation is how best to take advantage of this period of growth and dynamic change,” U Thaung Tun, said.

He added that Myanmar today is a vastly different country compared to a decade ago. It is pursuing broad-based and inclusive growth strategies, bolstered by a major investment promotion drive and guided by the Myanmar Sustainable Development Plan (MSDP) which a comprehensive, forward looking social, economic and environmental reform agenda. 

“As part of the plan push, we continue to promote a more favourable, friendly and predictable investment enabling environment, offering investors a fair and level playing field. By doing so, we seek to attract the type of investment that creates jobs and opportunities for those who seek it – sustaining growth and spreading prosperity,” the minister said.He highlighted recent reforms and liberalisation that open retail and wholesale trading, education, banking, and insurance sectors to foreign investment, and launch of a new and fully online business registration portal known as MyCO. 

He also said that the launching of a new Investment promotion plan and “Land Bank” will provide clarity and assurances regarding land ownership while simplifying investor access to land for industrial and commercial purposes, while a new “project bank”, a databank listing major, transformative, and prioritised projects will make it simpler for potential investors to select areas of interest. 

“We have also put into place or updated a vast majority many of central laws and policies required to sustain what is being called a second wave of reform. At the same time, we recognise that major regulatory and institutional reforms are required to make priority infrastructure projects more attractive to investors,’’ U Thaung Tun, said. 

“The Project Bank, the Land Bank and MSDP as well as a range of other essential laws and policies reinforce that the private sector serves as the engine of environmentally conscious and socially responsible economic development in years to come. As the implementation of our national development plan goes ahead, new opportunities are being created for businesses to contribute to Myanmar’s economic development through responsible investment,” U Thaung Tun, said.

In addition, U Thaung Tun emphasised that Myanmar must increase focus on research and development and remain open to investment with a particular focus on technology and skills transfer.  

Singapore is the biggest foreign investor in Myanmar and US$22 billion invested in 312 projects between 1988 and August 2019, some 27 percent of foreign investments in the country, according to Myanmar’s Directorate of Investment and Company Administration.

According to a survey performed by the Singapore Business Federation last year, more than 1000 Singaporean companies have indicated their plans to invest in Myanmar over the next two years. The main reasons for their interest in Myanmar include the availability of favourable and transparent foreign-investment regulations and skilled labour. 

The Singapore Summit 2019, organised by the Temasek Foundation with the support of the Singapore Economic Development Board, the Monetary Authority of Singapore and the GIC Pvt Ltd, was held with the aim of discussing global trends in business, finance, and geopolitics, and their impact on regional and global growth. 

Ref: mmtimes