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March 02, 2018

Myanmar needs reforms to compete with neighbours

AS capital inflows from abroad are integral to the country’s economic development, it is important that official policy focuses on encouraging foreign investment by putting in place the right infrastructure and attractive tax arrangements.
Neighbouring countries competing for foreign investment look to other developing
nations to learn from their examples. Some have been quite successful, recording sharp
increases in gross domestic product and per
capita income.
Before investing in Myanmar, foreign firms must consider the potential impact of the country’s electricity supply, road networks and logistics on their businesses. In making their investment decisions, they will often make comparisons with the infrastructure of neighbouring countries. If Myanmar cannot fulfil the fundamentals for manufacturing activities of foreign firms, it will not be seen as an attractive destination.
Many of Myanmar’s skilled workers ply their trades in developing countries, both within the region and further abroad. Incentives should be provided for those with in-demand skills to repatriate. High-tech companies will recognize their abilities and experience working in developing countries. These highly skilled workers can share their knowledge with locals who have limited exposure to international environments.
Establishment of deep seaports and special economic zones are not enough to turn Myanmar into a wealthy country. By and large, these projects are more beneficial to the investor countries.
Economic reform requires the transformation of many sectors. Laws should be amended for the prosperity of the country and people. Public wealth is more important than the prosperity of individuals. Myanmar should not hesitate to institute genuine and effective economic reforms in order to make the country a strong competitor in the region.


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