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March 02, 2018

President U Thein Sein meets leading business executives in Turin

President U Thein Sein meets leading business executives in Turin

Support for social economic lives of Myanmar means encouraging democratization process of the country

President U Thein Sein
President U Thein Sein together with Turin Mayor Mr Piero Fassino meets leading business executives
of Italy.–MNA

President of the Republic of the Union of Myanmar U Thein Sein met with chief executive officers of leading businesses in Italy at the Criclo Union Industriate Convention Centre in Turin on Sunday morning.
Also present at the meeting were Union Ministers U Wunna Maung Lwin, U Tin Naing Thein and U Ye Htut, Lt-Gen Aung Than Htut of the Office of the Commander-in-Chief (Army), Chief Ministers U Thein Aung and U Hong Ngai and Myanmar Ambassador to Italy U Myint Naung.
First, Mayor Mr Piero Fassino made a welcoming speech and introduced the chief executive officers with the president and officials.
Then, President U Thein Sein delivered a speech. In his address, the president said that the government has been taking measures to strengthen the main pillars of the state including the economic sector since it took office in 2011 while developing plans for economic sector reform aiming at the economic growth.
Required institutions have been established although the market mechanism of Myanmar has not been strong enough at the moment, the president added. As the economic infrastructure has changed, the market and private sector that disappeared for many years have awakened, he said.
The Framework of Economic Social Reform acceptable for lending countries was developed in cooperation with the World Bank, the Asian Development Bank and the International Monetary Funds and was submitted to Myanmar Economic Cooperation Forum in 2013, according to the president. As a result, the US and the EU eased almost all economic sanctions and offered the generalized system of preferences, the president pointed out. Afterwards, the president explained the economic potentials in tourism, investment and banking to the attendees.
During the three-year term of the government, it has experienced challenges, difficulties and problems. However, the goverment did not derail from its commitments. We have decided not to go backsliding.
Therefore, the Italian businesspersons are invited to do investment with confidence, the president concluded.
Later, Chairman Vincenzo Ilottee of Italian businesses association explained business opportunities between the two countries, Union Minister U Tin Naing Thein described the potentials of business in Myanmar, Mrchele Boario Gerardo Patacconi from UNIDO suggested Italian entrepreneurs the types of suitable businesses and Chairman Francesco Profumo of IERN Company elucidate their plans to do investment in Myanmar.
Then, President U Thein Sein said that economic reform is one of the most crucial issues for the transition process of Myanmar, that transitional process of the country took place nearly the same time with Arab Spring, but the latter was stained with blood and anarchism while Myanmar could pass through transitional period with peace and stability.
U Thein Sein continued that although Myanmar is experiencing many challenges, it is believed that all the difficulties could be overcome with the supports of international community, reiterating Myanmar has many opportunities for investments together with some challenges which are to be tackled with cooperation.
He also said that when Mayor of Turin visited Myanmar next year, plans should be made to ensure better ties.
Finally, President U Thein Sein pointed out that support for the social economic lives of Myanmar means encouraging the democratization process of the country, and called for more supports in the future.
President and party then enjoyed luncheon served by the chairman of Italian businesspersons.

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