Union Minister for Investment and Foreign Economic Relations U Thaung Tun attends 2nd OECD Investment Policy Review Launch

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Union Minister U Thaung Tun and his deputy ministers join the launching ceremony of Second Investment Policy Review on 24 November. Photo : MNA

The Union Minister for Investment and Foreign Economic Relations U Thaung Tun joined the Ambassador of the European Union Mr Ranieri Sabatucci and representatives of Norway, Switzerland, the OECD, and other international and domestic partners to launch a Second Investment Policy yesterday.
The Union Minister in his keynote address, reaffirmed:
“Responsible investment represents a cornerstone of this government’s vision – a vision of an economy and a society that works for everyone – that benefits the MSME on a street corner in Mandalay just as much as the big multinational up in the twin towers of Myanmar Plaza.”
He also drew attention to Myanmar’s progress and noted that environmental protection standards, responsible business conduct, and corporate social responsibility, respect for human rights, responsible sourcing practices within supply chains, and decent work for fair wages were now embedded within Myanmar’s national reform agenda thanks to the IPR process.
Mr Ranieri Sabatucci, Ambassador of the European Union to the Republic of the Union of Myanmar welcomed the launch of the Second Investment Policy Review and agreed that It showed Myanmar’s commitment to engage in meaningful structural reforms of the business regulatory environment and hence to attract quality investment.
Head of the OECD’s Investment and Sustainable Development Unit, Mr Stephen Thomsen made particular reference to the ‘almost unprecedented’ degree of statutory liberalization Myanmar has achieved in just five years as well as the rapid progress made toward simplifying the process of starting a business, rising from 170 to 70 on the World Bank’s Ease of Doing Business Index in just 4 years. This Second Investment Policy Review provides the government with in-depth analysis together with a set of comprehensive policy recommendations designed to help lay the foundations for a new investment regime and quality labour standards, and with it, a new era of quality, responsible investment into Myanmar.
Coming six years following the publication of the 1st Investment Policy Review the second Review takes stock of recent achievements and assesses remaining challenges in selected policy areas for nurturing an enabling responsible business environment and ensuring benefits are shared with society at large. The Review also places a strong emphasis on the impact and on how foreign investment can help Myanmar achieve the Sustainable Development Goals and improve the lives of the people of Myanmar.
OECD Investment Policy Reviews present an overview of investment trends and policies in the countries reviewed. This can include investment policy, investment promotion, and facilitation, competition, trade, taxation, corporate governance, finance, infrastructure, developing human resources, policies to promote responsible business conduct, investment in support of green growth, and broader issues of public governance.
Participants agreed that Myanmar’s reform momentum must be sustained and deepened for the benefits of recent investment climate reforms to be shared widely and for growth to be environmentally sustainable.
The event was attended by over 400 individuals, including Deputy Minister for Planning, Finance and Industry U Set Aung, Deputy Minister for Investment and Foreign Economic Relations U Bharat Singh, members of Myanmar Investment Commission, U Aung Naing Oo, Permanent Secretary of the Ministry of Investment and Foreign Economic Relations, U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration, departmental officials, representatives from the UMFCCI, international organizations and the media.—MNA

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