Trade and Investment Project launched to boost business ecosystem

(From left to right) Tom Coward, Senior Economist of DFID, U Aung Soe, Director-General of Myanmar Trade Promotion Organization, Union Minister for Commerce Dr. Than Myint, Executive Director of ITC Ms. Arancha Gonzalez, and DICA Director-General U Aung Naing Oo. photo: mna
(From left to right) Tom Coward, Senior Economist of DFID, U Aung Soe, Director-General of Myanmar Trade Promotion Organization, Union Minister for Commerce Dr. Than Myint, Executive Director of ITC Ms. Arancha Gonzalez, and DICA Director-General U Aung Naing Oo. photo: mna

The Ministry of Commerce and the International Trade Centre launched the Myanmar Trade and Investment Project (TIP) in Yangon yesterday, with the aim of supporting the joint efforts made by public and private sector partners to strengthen the country’s role in the Asian economic ecosystem.
“It has been found that a proportionate development in the investment sector plays a key role in the development of exports. Myanmar launched the five-year National Export Strategy in 2015 to develop the export sector and the plan is due to expire soon,” said Union Minister for Commerce Dr. Than Myint at the launch ceremony.
Ms. Arancha González, Executive Director of the International Trade Centre (ITC), Tom Coward, Senior Economist and Inclusive Growth Team Leader at the United Kingdom’s Department for International Development (DFID), U Aung Soe, Director-General of the Myanmar Trade Promotion Organization, U Aung Naing Oo, Director-General of the Directorate of Investment and Company Administration (DICA), Secretary of the Union of Federation of Chambers of Commerce and Industry U Aung Kyi Soe delivered remarks at the ceremony.
U Aung Soe. said ‘In recent years new trends have emerged, such as growing importance of Asia in global trade.’
‘The National Export Strategy 2020-2025 needs to further enable Myanmar to leverage these new opportunities through the creation of sustainable agro-processing, manufacturing and services jobs. It is also important for trade to reach all states and regions, as well as promote the building of productive capacities,’ said U Aung Soe.
Speaking at the launch in Yangon, Arancha González, Executive Director of the International Trade Centre (ITC), said: ‘Located strategically in South-East Asia and with a young and entrepreneurial population, Myanmar has great potential to build on its assets and develop new sectors of growth. The Trade and Investment Project will work with private and public sector partners to capitalize on these opportunities and help the country to position itself for greater investment and deeper regional integration.’
U Aung Naing Oo, Director General of DICA, said the Trade and Investment Project will contribute to the implementation of the Myanmar Investment Promotion Plan, adding that ‘One of the objectives of the Myanmar Government is to empower states and regional governments in their efforts to create sustainable economic development and prosperity.’
U Zaw Min Win, President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), noted that the private sector is a key driver of Myanmar’s economic growth.
‘For the economy to perform, a thriving private-public dialogue is essential. UMFCCI, sector associations and regional chambers will collaborate with all Trade and Investment Project partners to create new opportunities for Myanmar’s entrepreneurs.’
U Aung Soe, U Aung Naing Oo and Ms. Arancha Gonzalez signed the agreement on launching the Myanmar Trade and Investment Project.
The Trade and Investment Project, funded by the United Kingdom’s Department for International Development, and with technical assistance from the International Trade Centre launched to improve trade competitiveness and business and investment climate in Myanmar. — GNLM

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