Amid investment push, Myanmar looks for equitable growth

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Myanmar recently laid down an economic framework that will support the long-term conservation and fair allocation of natural resources among all states and regions. The aim is equitable growth, which is a healthy growth, and which will act as a strong unifying force for the country.
The Union Government has adopted the Myanmar Sustainable Development Plan (MSDP), a comprehensive economic, environmental, and social reform agenda prepared in line with the United Nations’ 2030 Agenda on Sustainable Development.
With its 3 main pillars, 5 goals, 28 strategies and 251 action plans, the MSDP will serve as a roadmap for the country’s long-term development.
Each goal of the MSDP has its own vision and mission. The first goal emphasizes peace and national reconciliation, the second goal focuses on economic management, the third on job creation, the fourth on human capacity and social development, and the fifth on natural resources management and environmental protection.
The third goal of the MSDP explicitly seeks to provide a secure, accessible, and conducive investment and business environment.
To create a more attractive, investor friendly environment, the Myanmar Investment Law was enacted in October 2016. The law simplifies the processing of investment applications, provides incentives, guarantees protection for business ventures, and a more transparent, more liberalized, and more protected investment environment.
The Union Government has placed special emphasis on prioritizing the basic needs of the people, particularly improved transportation networks, electrification, development of smart cities, and improvement of healthcare and quality education.
Business communities are invited to seek and seize business opportunities that will accelerate sustainable economic growth, and provide mutual benefit.
For foreign direct investment, the Union Government has set priority sectors such as infrastructure, agriculture, livestock production, export promotion and import substitution, power sector, logistics industries, education services, healthcare industry, affordable housing, and industrial estates.
Agriculture is the mainstay of Myanmar’s economy. The country is rich is natural resources and energy resources for hydropower. The demand for electric power is continuously outstripping supply in the regions. To tackle this situation, Myanmar must enhance energy cooperation and energy trade with regional countries to fill the energy gap in our regions.
We are committed to transforming Myanmar’s development finance landscape, welcoming all forms of responsible investment – public and private, national and global, in the form of both capital and capacity.
The Myanmar Sustainable Development Plan will cater to the long-term interests of investors and the local people.

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