August 19, 2016

Encourage FDI to stimulate the national economy

Naturally, emerging economies have to rely on foreign direct investment in the belief that it helps stimulate national economic development by creating jobs and providing employment.    As a potential economy, Myanmar is in a better position to compete against its neighbours given the recent influx of foreign investment into the country.
The Organisation for Economic Cooperation and Development (OECD) has described foreign direct investment as “an integral part of an open and effective international economic system and a major catalyst to development”.
As is known to all, our country is rich in natural resources, with most of them intact. It is absolutely necessary to manage these resources in inviting capital and technical know-how from external sources. This initiative should be seen as a powerful motivator that will encourage more sustainable businesses.
Our economy is in urgent need of external sources bringing new financial services to its budding markets through the innovative use of technology.
At a time when the government has pledged an unprecedented smooth transfer of state responsibility to the incoming government, companies should follow suit by developing good labour relations based on mutual respect and understanding while encouraging workers to unlock their potential by means of in-house training.
The time has come for our country to pay undivided attention to creating a transparent and effective policy environment for foreign investment, while developing human resources and improving institutional capacities to implement them. On the whole, foreign direct investment is a major determinant of dynamic economic performance that will enable local markets to fulfill their potential.


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