OECD highlights Myanmar’s ‘considerable progress’ towards improved investment climate

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Union Minister U Thaung Tun makes discussions at the 2nd Myanmar–OECD Investment Policy Review (IPR) on 23 June. PHOTO: MNA

 

The 2nd Myanmar–OECD Investment Policy Review (IPR) was held on 23 June at the Ministry of Investment and Foreign Economic Relations. In his opening remarks, U Thaung Tun, Union Minister for Investment and Foreign Economic Relations welcomed the Review’s findings and noted that investment policies have been revised to ensure a level playing field for all investors and to create a favourable, predictable and friendly investment climate in Myanmar.
Investment is a cornerstone of our efforts to spur economic development. Thus, providing a secure, conducive investment enabling environment which eases the cost of doing business, boosts investor confidence and increases efficiencies. Since the first review, the Myanmar government has greatly expanded the areas of collaboration with the OECD. This second review continues and deepens this engagement. U Aung Naing Oo, Permanent Secretary of the Ministry of Investment and Foreign Economic Relations and Mr Manfred Schekulin, Chair of OECD Investment Committee presented recommendations and opportunities for further reforms identified as part of the 2nd IPR.

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Union Minister U Thaung Tun makes discussions at the 2nd Myanmar–OECD Investment Policy Review (IPR) on 23 June. PHOTO: MNA

Since 2014, Myanmar’s participation in the IPR process has provided the country with a comprehensive overview of global and regional investment trends, policies and practices affecting our investment climate. Both the 1st and 2nd IPR have proposed concrete recommendations targeted towards making Myanmar a more attractive destination for quality, responsible investment. Myanmar’s 1st IPR covered areas such as investment promotion and facilitation, financial sector reform, infrastructure development and responsible business conduct. It contributed to a range of key investment-oriented reforms, including the drafting of the Myanmar Investment Law and the Myanmar Companies Law. The 2nd IPR covers additional areas such as connectivity, green growth supportive investment frameworks, fostering secure and well-defined land rights and enhancing the role of economic zones.—MNA

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