Foreign Investment and Domestic Arrangements

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  • The time is right to welcome international investors, as well as partners and friends, as Myanmar is transforming into a developed nation, enjoying the fruits from such varied sectors as politics, economy, social welfare, and culture.
    The role of international investors is especially vital in the economic sector, and it is important to cut out red tape in the investment process, and ensure that rules and regulations do not hinder investors’ efforts, but promote them. With this end in view, the government, which has been unanimously elected by the people, is putting all its energies into wooing foreign investors by releasing and amending strict regulations through special arrangements.
    Thanks to these undertakings, companies from abroad are investing in Myanmar, and some are now engaged in trade and services.
    At the same time, news has surfaced that some companies are involved in cases of fraud and misappropriation.
    It is not good for local entrepreneurs, who have invested their capital and property into their businesses, to be faced with such a quandary. If foreigners who cannot provide security leave the country, it will be difficult for local businessmen to trace them, and it will be a terrible blow to them.
    Foreign investment must not be invited just for profit or revenue. The aim must be to benefit from knowledge gained about international technology, management skills, and experience from such ventures.
    For instance, foreign companies were engaged in the construction of high-rise buildings in Thailand during the 1980s and 1990s. During the period, Thai authorities restricted the number of skilled workers, controlling how many foreign and local workers were to be involved. And by 2000, Thai technicians and workers possessed the skills to build such buildings themselves, without help from foreigners.
    In his New Year’s speech on the radio on 17 April, 1947, General Aung San, the architect of Myanmar’s independence, said that the country had no money or skilled labour; that, without such skills and capital, the country could not move forward without seeking help from abroad; that, it was not always good to seek help from others; that, given the county’s situation, seeking help was inevitable to resettle the nation; so, all were to cultivate themselves to posses skills worthy of independence; and, the foundations for economic infrastructures had to be laid while preparing for Independence.
    Agreed, it is important to invite foreign investors who can bring great success and large capital for our national development, but, at the same time, laws, rules, and regulations to curb fraudulent practices are essential.
    The Global New Light of Myanmar firmly believes that preparations are needed to equip all citizens with much needed skills.
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