Time is ripe for foreign businesses to invest in Myanmar
Global New Light of Myanmar
The incumbent government has carried out a number of important reforms with regard to the legal framework, and rules and regulations, making the process of starting a business much simpler and quicker, to create a more attractive and investor-friendly environment in Myanmar.
An important reform introduced recently, and which can be considered “revolutionary”, is the modernization of the more than one hundred years’ old Companies Act to reflect the current business and regulatory environment.
The new Myanmar Investment Law (MIL) and the new Myanmar Companies Law form the regulatory foundation to generate confidence in Myanmar as an investment destination.
The World Bank recognized the positive changes in Myanmar’s investment environment and awarded the Star Reformer Award to the country last year.
State Counsellor Daw Aung San Suu Kyi invited foreign businesses at the ASEAN Business and Investment Summit in Singapore on Monday to invest in Myanmar.
“We have land, we have a good young working population, we have many explored resources,” said the State Counsellor, in a bid to promote opportunities for investment in sectors including agriculture and related businesses, livestock and fishery products, education, and healthcare.
The Myanmar Investment Commission is willing to facilitate and create a predictable and investor-friendly environment. The country’s youth population is large, highly literate, and highly motivated, and therefore, there is a high human resource potential for companies willing to harness it.
We would like to welcome our ASEAN friends to invest in Myanmar in priority sectors.
For Myanmar, ASEAN plays an important role when it comes to economic cooperation. As of September 2018, investments from ASEAN account for about 45 percent (US$35,507.349 million) of total investments in Myanmar, demonstrating the strong economic ties between Myanmar and other ASEAN member nations.
Myanmar always welcomes responsible foreign investment. We do not want to be a resource-exporting country.
The only resource that we want to truly develop is human resources.
We must join hands with the private sector, an important partner and the most reliable engine for growth.
It is in this way that we have created a business environment conducive to mutually beneficial investments by simplifying business rules and regulations, and welcoming all forms of responsible investment: public and private, national and global, in the form of both capital and capacity.
Hence, we are confident that investments in our country will bring good returns to investors and to us.