Regional trade and investment consultations begin in Myanmar
Dozens of state and regional investment representatives in Myanmar discussed the country’s current investment climate as part of a nationwide consultation held to raise awareness about investment promotion and facilitation techniques in the South-East Asian nation.
The first of two events took place from 16 to 17 May at Yangon’s Chatrium Hotel following the announcement in March 2019 of a major trade and investment project planned in close connection with the Myanmar National Export Strategy 2020-2025, which is designed to fuel the country’s development through export promotion. A second consultation for states and regions of upper Myanmar took place in Mandalay from 20 to 21 May.
‘As one of its key objectives, the trade and investment project aims at contributing to improved investment promotion at nationwide level and for selected states and regions,’ Charles Roberge, trade strategy and competitiveness adviser for ITC, said.
The events were organized by the International Trade Centre and the DaNa Facility, with funding from the United Kingdom. The facility is an innovative private sector development programme based in Myanmar that is designed to support the transformation of the economy by serving marginalized groups, such as women and people with disabilities.
The participants looked at what motivates investment decisions and best practices in devising investment policies and strategies, and conducted exercises that simulated competition among governments to attract foreign direct investment.
The National Export Strategy aims to extend trade to new products and markets and increase production and value addition in sectors including:
- beans, pulses and oilseeds
- forestry products
- textiles and garments
The strategy also recommends targeted investments for each export sector.
The Permanent Secretary of the Ministry of Investment and Foreign External Relations, U Aung Naing Oo, welcomed the fact that the trade and investment project looks beyond Yangon, Myanmar’s economic capital.
‘The trade and investment project will contribute to the implementation of the Myanmar Investment Promotion Plan,’ he said when the project was launched in March 2019.
‘One of the objectives of the Myanmar government is to empower states and regional governments in their efforts to create sustainable economic development and prosperity.’
The Myanmar Trade and Investment Project is a comprehensive trade development initiative running until September 2021 funded by the government of the United Kingdom and implemented by ITC.