The business is a pillar to support the State economy, which is the backbone of operating the administrative machinery of the nation for managing peace and stability.
The businesses being operated by both government and private sector need capitals obtained from the foreign direct investments as well as the investments of Myanmar citizens under the Myanmar Investment Law.
At its 3/2021 meeting in early May 2021, the Myanmar Investment Commission approved 15 new projects for electricity generation, livestock, manufacturing and other services sectors in addition to increasing the capital of two existing projects. The approved projects amounted to US$2,783.822 million and K153.67 billion to create 2,473 job opportunities for the local people. The commission also approved the project to generate electricity from LNG with a US$2.5 billion investment.
With regard to the inflow amounts of investments, 14 countries put more than US$672 million of investment in Myanmar from October 2020 to January 2021 of the 2020-2021FY. Among them, Singapore stands top on the charge of investors with US$378.327 million, followed by China and Thailand, according to the Directorate of Investment and Company Administration.
The outbreak of Covid-19 caused hindrances to investments for some businesses. So, Myanmar could not meet the investment target in the 2019-2020 financial year. So, Myanmar’s investment promotion plan will be reviewed for the foreign investment target, which was set as US$8.5 billion starting from 2021-2022FY to 2025-2026FY. It was because Myanmar could secure just US$5.68 billion of investment against the target of US$5.8 billion in 2019-2020FY.
If so, foreign investment can flow into the businesses as contributions to booming the economy and as chances to expand the work establishment by creating employment opportunities for the local people.
In fact, businesspersons are able to show the productivity and potentials of their businesses to the investors with attractions. If so, foreign investment can flow into the businesses as contributions to booming the economy and as chances to expand the work establishment by creating employment opportunities for the local people.
Being a developing country, Myanmar is striving for the nation’s development, relying on the foreign direct investment and that of Myanmar citizens spent on operating and expanding the businesses. Thanks to the economic growth, the various remaining sectors will improve. So, all businesses need to double their productivity to contribute to the nation’s development and themselves.
Let’s strive to double the productivity! Let’s build the nation better!