Union Minister U Aung Naing Oo inspects investment activities in Mandalay Region

Union Minister for Investment and Foreign Economic Relations (MIFER) U Aung Naing Oo visited KM Terminal and Logistics Limited near Myit Nge Railway Station, Mandalay Region, on the morning of 15 May. At the company’s meeting room, the Union Minister was briefed on the expansion of the dry port project phase-2 with increased investment and the current status of the phase-1 operation by U Win Naing Nyunt, Director of Mother Logistic Co., Ltd.
After hearing the report, the Union Minister explained the potential of logistic sectors development in Myanmar and existing and future regional cooperation programmes, future development strategies for dry port business, the private sector cooperation for the human resource development and promotion of investment in the logistic sectors.
In the afternoon, the Union Minister and the Chairman of Mandalay Region Administration Council attended the meeting with investors at Pullman Mandalay Mingalar Hotel in Mandalay.
At the meeting, the Union Minister briefed the current development of political situation and called for the public and private sectors collaboration to mitigate the serious impact on economy during the political transition.
The Union Minister said that Myanmar’s economy has not been spared from the reversed impact of the COVID-19 pandemic, and effective and efficient cooperation with the government and the stakeholders are crucial for recovery of the country’s economy in short term period.
The Union Minister explained the future programmes laid down by State Administration Council particularly for economic affairs emphasizing the agriculture and livestock sector as priority areas since most suitable and relevant to current situation of the country, and to encourage the local investors to promote their investment was also highlighted in programmes.
The Union Minister informed the investors and developers that MIFER, a focal agency responsible for coordination and facilitation among relevant government agencies, is providing necessary assistance not only for existing investors but also for expansion and new investment, and also explained the current reform measures, under the guidance of State Administration Council, to facilitate the businesses by reducing regulatory burden.
The Union Minister also explained the current banking issues due to the political agitators, and called for business community to cooperate with government to stabilize the banking business building mutual trust.
The Union Minister also updated the existing cooperation with ASEAN member states and benefits from regional cooperation programmes despite the challenge ahead.
Afterwards, Chairman U Maung Ko of the Mandalay Regional Administration Council discussed the strategies and recovery plan being undertaking by the Mandalay Regional government to mitigate the impacts of COVID-19. Then, the investors raised some implementation constraints to be coordinated with relevant government agencies. The Union Minister and the Chairman of Regional Administration Council coordinated and fulfilled the needs of the investors.
Members of the Mandalay Region Administration Council, officials from the Ministry of Investment and Foreign Economic Relations, the Chairman and Vice-Chairmen of the Mandalay Region Chambers of Commerce and Industries and the investors and traders attended the meeting. — MNA