Accomplish national development in the midst of challenges
- Khin Maung Oo
- Presently, our country is facing myriads of challenges. While dealing with these challenges, it gives us satisfaction to see prospects for economic development. In fact, the development was attributed to the increasing amounts of foreign investments into the country, compared to those of previous years.
The Private Sector Development Committee held its 9th meeting with Myanmar entrepreneurs the other day at the UMFCCI, with a view to easing difficulties and fulfilling the needs of Myanmar entrepreneurs.
The Union Government has been prioritizing peace and stability of the country, simultaneously exerting its efforts for national economic development in respective sectors. Looking at investments made by Myanmar citizens, it reached K 1275 billion in the present financial year, which was a huge jump from that of last year’s —K 109 billion. In the present financial year, foreign investments reached US $ 3500 million, again a huge jump compared to that of the previous year of US $ 400 million.
Regarding the investments from home and abroad, Yangon Region received 80 percent of total investments, while only the least amount went to other regions. It is true that every investor has the right to invest in a region which has the highest potential for success. However, it would be better for the country if investments went to Regions and States proportionally so that development would be evenly spread out all over the country.
In developing the national economy, internal peace and stability is vital. Therefore, only if we can manage to face the challenges for regional peace and stability hand in hand with each other, will local and foreign investments be spread out evenly over the whole country. As we are seeing imminent prospects of investments, we need to lay emphasis on the emergence of nationwide peace and stability.
Though it was said that Myanmar has received a considerable amount of investments in the economic sector, there are still challenges being faced. Since the early period, although the task of establishing a stock and share market was implemented, effective success was not achieved until now. The export market for Myanmar pulses and beans which are produced abundantly in the country has not yet been stable at the present time. So, we must exert our efforts for foreign direct investments to come into the country.
FDIs are normally invested in such a way that they need to make the foundation firm. They cannot withdraw their investments easily all of a sudden. The FDI is the only reliable source of foreign exchange for a developing nation. Investments in the sectors of transportation, infrastructures, industries and financial services and exploration of oil and gas and minerals are of great benefit for the country and our people.
To sum it up, we need to cooperate with the State for national peace and stability as both are important for the acquisition of more FDIs, at the time when we are seeing nascent progress of the national economy.