The Yangon Investment Forum concluded yesterday at the Novotel Yangon Max Hotel, at which time the Yangon Region Chief Minister predicted that foreign investment is likely to rise.
Yangon Investment Forum 2018 was organised by the Yangon Region Investment Committee under the theme “Yangon Region: Investment Hub in Myanmar” in association with Myanmar Investors Development Association (MIDA) and supported by DICA, GIZ, UMFCCI, PwC and Max Hotels Group.
High-ranking officials of Yangon Regional Government and experts from various sectors participated as speakers and panelists, addressing on-the-ground challenges, realistic opportunities and portraying a positive investment climate within Yangon Region for Investors. “The investors who want to implement industrial zones in Myanmar can enter into the country to invest because Myanmar has sea outlets as well as cheap labour. Also, we expect housing projects to be available at an affordable price, with a long-term installment system. (We expect) the garment business, which needs a large labour force, to enter the country,” said Yangon Region Chief Minister U Phyo Min Thein.
During the forum, the chief minister discussed current implementation conditions and investment opportunities as part of an overall economic vision, including the classifications of trades and logistics, industrial development, urban public transportation development, and energy sector development.
“Yangon will be a clean city governed by rule of law and an economically vibrant city. Also, we will give priority to a green economy. We will try to create a Yangon that will be a vitally important city, not only for Myanmar but also for ASEAN countries. We will also invite more investment to create Yangon to become an imperative city. Our region government will also help to create it”, said U Phyo Min Thein.
At the forum, the officials discussed the deep sea port and special economic zone projects as well as maritime, railway and road upgrading projects. Also explained were the Yangon Myothit project near Kyimyindine township in southwest of Yangon that includes an industrial zone and affordable housing, and an energy production and distribution project which will be implemented in Yangon Region.
The government officials and business entrepreneurs also discussed the topics of “Doing Business in Yangon”, “Current investment situation in Yangon”, “Investment Strategy in the Yangon Region”, and “Private sector projects in Yangon”. They also conducted a panel discussion on the investment framework in Myanmar and private sector perspectives focusing on agriculture, energy & electricity, logistics, tourism, textiles & garments, and banking sectors.
U Kyaw Win, chairman of the Myanmar Investment Commission and Union Minister for Planning and Finance, said that this forum was held with the aim of identifiying the basic processes for the development the country. Local and foreign investors will also be permitted opportunities to invest in Myanmar safety.
Mrs. Vicky Bowman, director of Myanmar Centre for Responsible Business (MCRB), said the forum is important because it allows the sharing of information for the Yangon city development project.
“All the presentations are very interesting. I am very pleased to hear that the speakers also included the responsible businesses, which are part of the government’s investment policy, in their speech”, she said.
“We really need both effective environmental regulations, but also for businesses to abide by regulations and do business responsibly, because we’d see more environmental pressure on Yangon such as we’d already seen with the Htain Bin waste dump fire and we see on a daily basis the pollution of waterways. So that is a joint role to be played by responsible businesses and Yangon Region to provide infrastructure for waste management, water, sewage, but also businesses need to abide by local laws and ideally aim for international standards” she added.
More than 1,000 local and foreign entrepreneurs attended the forum.
By May Thet Hnin/