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November 12, 2019

Friendly investment climate key to attracting investors

A recent fabricated story about 100 Korean businesses planning to shift to Bangladesh from Myanmar has made our commitment stronger to create a favorable, facilitative, and friendly investment climate that will open up more investment opportunities for investors.
The Myanmar Investment Commission and the Commercial Attaché of the Embassy of the Republic of Korea have refuted the rumour and said that most of the Korean investments are flowing into the oil and gas sector, followed by the manufacturing sector.
Since we opened up our economy with reforms, we have introduced a range of ambitious, holistic, and inclusive policies and regulations, each carefully crafted to promote best practices in business as well as to incorporate good governance.
With an understanding of the importance of foreign investments for the development of a country, we are also streamlining procedures to remove bottlenecks and accelerate the implementation of reforms.
Taking lessons from China, which attracted foreign investments by establishing special economic zones about 40 years ago, we have strategically liberalized several key economic sectors. The Myanmar Investment Law enacted in 2016 has made investment applications clear and guaranteed rights, including tax exemptions, and protections to investors.
In accordance with the 2008 State Constitution, the government guarantees it will not nationalize any investment carried out in accordance with the law. Except under certain conditions, the government guarantees it will not take measures which expropriate, or indirectly expropriate, or are likely to result in the termination of an investment. If an investment needs to be withdrawn or discontinued, investors need to be given compensation.
Believing that quality investment, one that is responsible and sustainable, can and must play a role, we have adopted a broad-based, equitable, responsible, sustainable, and inclusive growth strategy today.
The challenge for us today is to ensure that we take full advantage of this period of dynamic change and tremendous opportunity, without losing sight of the importance of stability.
While inviting investments, we are also facing challenges of stability at home.
Internal conflicts have erupted in Myanmar for many years after independence and people have had to bear their brunt.
As a result of these conflicts, we lag behind neighboring countries in political, economic, social, and many other areas.
We must remain aware that without peace and stability, we cannot build infrastructure for investment and business, and our economy cannot compete with those of regional countries.
It is clear that investors will establish their businesses in areas that have stability, are facilitative, and have capable human resources.
We believe that we can strengthen our commitment to building a friendly investment climate to attract investors for a win-win result.

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