Union Minister U Aung Naing Oo met Mandalay Region Investment Committee Chairman and members

Union Minister for Investment and Foreign Economic Relations, Vice-Chairman of Myanmar Investment Commission U Aung Naing Oo met with the Chairman and members of Mandalay Region Investment Committee at the office of Mandalay Region Investment Committee in the afternoon of 9 April 2021.
At the meeting, the Union Minister highlighted that Myanmar Investment Commission (MIC) has already formed the Region and State Investment Committees and the important role of Committees to exercise utmost efforts to facilitate and promote the investment in their respective Regions and States. The Union Minister also stressed the important of after care services for investors and Committee’s strong support to facilitate the existing investments which were permitted by MIC and endorsed by Regional Investment Committees. The Union Minister exchanged the information on current global investment trends focusing for 42 % decrease in 2020 and it would continue to decrease 5% to 10 % in 2021 according to the international investment experts. The Union Minister urged the Regional Investment Committee members to make continuous efforts to attract more investment in 2020-2021 despite the challenges ahead.
Additionally, the Union Minister informed the current measures undertaking by MIC to facilitate the investment particularly for revising the current Standard Operation Procedure (SOP), and the revised SOP will be transparent, predictable and minimized regulatory burden to investors.
The Union Minister also urged the committee to work closely with regional government agencies and private sectors, and to support the business in industrial zone and to attract more new industrial zones for regional development in accordance with the guidelines of State Administration Council.
The Union Minister called for facilitating the process of obtaining endorsement permit timely in accordance with investment laws and rules, and to supervise the process of issuing business licence and permits by concerned government agencies as quickly as possible.
After that, the Chairman of Mandalay Region Investment Committee and the Chairman for Mandalay Region Administrative Council U Maung Ko discussed the regional investment promotion activities and Dr Min Zaw Oo, Director for Mandalay Region Office of Directorate of Investment and Company Administration (DICA) reported on the investment situation to minister and followed by the discussion of the members of Region Investment Committee. The meeting was attended by members of Mandalay Region Investment Committee and the officials from DICA.—MNA