Gov’t takes steps to ease regulations in bid to attract foreign investment

Union Minister U Thaung Tun take part in discussion at the Invest Myanmar Summit in Nay Pyi Taw yesterday. Photo: MNA
Union Minister U Thaung Tun take part in discussion at the Invest Myanmar Summit in Nay Pyi Taw yesterday. Photo: MNA

U Thaung Tun, the Union Minister for Investment and Foreign Economic Relations and the Chairman of the Myanmar Investment Commission, attended the second day of the Invest Myanmar Summit 2019 in Nay Pyi Taw, and re-affirmed plans to establish standard operating procedures (SOPs) and a Land Bank to ease investment procedures.
The setting up of the Ministry of Investment and Foreign Economic Relations, which was formed recently to attract foreign investment, is among the significant changes being made in Myanmar, said the Union Minister.
The ministry’s MyCo System is offering online registration to companies, he added.
He also stressed the important role played by the youth in the Fourth Industrial Revolution, appreciating the aptitude displayed by Myanmar youths who achieved success in the Robot Olympics.
“Myanmar’s enviable geographical location makes the country a strategic place as it is sitting between China and India, and both countries are developing at the highest pace. Understanding the importance of the Belt and Road Initiative, Myanmar is making the necessary investments to improve its infrastructure,” said U Thaung Tun.
When it comes to making and receiving investments, a win-win situation is important for both sides, and all need to work together to achieve it, he said.
Regarding the situation in Rakhine, U Thaung Tun said the Union Government understands the situation in the State and has formed the Central Committee led by the State Counsellor to focus on implementing peace, stability, and development in the state. It has also set up the Union Enterprise for Humanitarian Assistance, Resettlement and Development in Rakhine State (UEHRD), the committee for repatriation and resettlement of displaced people in Rakhine State, and the Rakhine State Advisory Commission led by Dr. Kofi Annan, and is carrying out development works in the state.
Lack of development is one of the main challenges faced by the state, and it is important to work for the development of the state rather than trading blame, he said.
The Union Minister also praised the investors in Rakhine State, especially in the agriculture, production, education and health sectors, and called attention to the Investment Forum in Rakhine State, which will be held next month.
Afterwards, Union Minister U Thaung Tun replied to queries raised by participants of the summit. — MNA (Translated by Tun Tun Naing)

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