Digital economy is sine qua non for our sustainable economy

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  • Myanmar, which has seen a rapid rise in mobile phone services and other digital technologies, has the “unique opportunity” to overcome challenges in its efforts towards financial inclusion.
    Communications and technology have direct impact on the operation of governments and humanitarian organizations across the world.
    Myanmar’s gross domestic product, in relation to its information and communications technology sector, is estimated to increase to US$6.4 billion by 2030 due to the increasing use of smartphones and the internet.
    Mobile infrastructure is important to countries such as Myanmar, where 70 per cent of the population lives in rural areas. As such, the country is drafting the Myanmar Digital Economy Development Master Plan.
    To build a digital economy, the country needs to upgrade the various economic sectors, economic infrastructure and human resources, create a better economic environment and attract international investments.
    Foreign investment is pivotal to developing the private sector, besides setting rules and guidelines to create competitive markets and prioritizing the profits of the people.
    Myanmar recently began implementing the 2022 Development Assistance Framework, and it has not been long since the country has become more transparent and open. Myanmar has implemented new or amended investment laws, and as such, it has seen better networking through regional to global business ventures.
    The country has carried out reforms that are aimed at strengthening the tax system, attracting new foreign investment, and securing the market for macro businesses and enterprises, and have begun drafting the Myanmar Sustainable Development Strategic Plan.
    As cheap labour and reliance on natural resources are no longer viable today, countries must find new ways to achieve sustainable development.
    Only high quality human resources and technological development can contribute to sustainable development goals (SDGs).
    Myanmar’s economic policy focuses on developing the private sector, so that job opportunities and SDGs grow along with them.
    Basic infrastructure and buildings will be needed for Myanmar to collaborate with other Greater Mekong Sub-region countries.
    We are making efforts towards sustainable finance, improved trade and investment, enhancing the nation’s role in businesses and services, and developing human resources and capabilities.
    Sustainable and inclusive development cannot happen overnight, but we also know that by taking lessons from other countries, we can achieve our goals faster and prevent mistakes made elsewhere.
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