For investors, challenges in Myanmar can be turned into opportunities

MIC Chairman Union Minister U Thaung Tun is greeted by Minister of Digital Economy and Society of Thailand Dr. Pichet Durongkaveroj in Bangkok. Photo: MNA
MIC Chairman Union Minister U Thaung Tun is greeted by Minister of Digital Economy and Society of Thailand Dr. Pichet Durongkaveroj in Bangkok. Photo: MNA

At the invitation of Minister of Foreign Affairs of Thailand H.E. Mr. Don Pramudwinai, Union Minister for the Office of the Union Government, Chairman of the Myanmar Investment Commission U Thaung Tun attended Myanmar Insight 2018 economic seminar, held at Shangri-La Hotel in Bangkok on Friday morning.
At the Seminar, Union Minister U Thaung Tun delivered a Keynote Speech on “Myanmar’s Political and Economic Climate: Enabling Environment for International Investment”.
The Union Minister spoke of how Myanmar and Thailand can complement each other and take advantage of the existing comparative strengths in the changing global and regional landscape. He also highlighted kinship and long standing close ties between the peoples of two neighboring countries.
The Union Minister also stressed the urgent need to work together to develop economies through innovation and increased cooperation across the board and emphasized: “It is vital that countries in our neighborhood remain connected and benefit from the globalization process”.
Explaining the change and transformation taking place in Myanmar, he shared recent legal, procedural and structural reforms taken by the government to further improve investment climate in Myanmar.
Union Minister said, “New management at the MIC is determined to turn Myanmar into a major regional trade and investment destination”.
The Union Minister further underscored that, Myanmar, one of the most isolated countries until 2011, is one of Asia’s fastest-growing economies in 2017, according to the World Bank, turning faltering steps of reforms into firm strides. He said that Myanmar still has challenges which are holding back progress in realizing its potential for development such as poor infrastructure and lack of sufficient and stable electricity. He said:
“For investors, these challenges can be turned into opportunities”.
Explaining several strengths of Myanmar including strategic geographical significance, natural resources, young labor force, young generation with talent, growing middle class, he said:
“The time is ripe to invest in Myanmar”.
The Myanmar Insight seminar, jointly organized by the Royal Thai Embassy in Yangon and the Thai Business Association of Myanmar (TBAM) for the third year, was part of the celebration of the 70th anniversary of Thailand-Myanmar diplomatic relations. This seminar comprises of five panels: Overseas Investment, Tourism Industry; Electricity and Energy Sector; Trading in Myanmar; Food Security.
The Seminar was opened with the Welcoming remarks by H.E. Mr. Jukr Boon-long, Ambassador of Thailand to Myanmar, followed by the Opening remarks by H.E. Dr. Pichet Durongkaveroj, Minister of Digital Economy and Society of Thailand. Union Minister for Hotels and Tourism U Ohn Maung, Deputy Minister for Planning and Finance U Set Aung, Secretary of Myanmar Investment Commission Director-General U Aung Naing Oo and Director-General Daw Mi Mi Khaing from Ministry of Electricity and Energy also participated in the Panel discussions.
Over 600 senior representatives including CEOs from leading Thai Companies and Banks attended the Seminar.—Myanmar News Agency

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