Union Minister U Thaung Tun highlights investment related reforms at 2019 World Economic Forum

Union Minister U Thaung Tun attends the 2019 World Economic Forum. Photo: MNA
Union Minister U Thaung Tun attends the 2019 World Economic Forum. Photo: MNA

Union Minister for Investment and Foreign Economic Relations U Thaung Tun highlighted Myanmar’s economic and investment opportunities and latest investment related reform initiatives during the meetings and bilateral discussions as part of Myanmar’s participation in the 2019 Annual Meeting of the World Economic Forumheld in Davos-Kolsters, Switzerland, from 22 to 25 January 2015. Under the theme “Globalisation 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution,” the Union Minister exchanged views on international procedures and best practices of investment and trade facilitation with heads of State and Government, Ministers, Senior Officials from International Organizations and business leaders.
Union Minister attended the Opening Session and Special address as well as Informal Gathering of World Economic Leaders, held on 22nd and 23rd respectively.
At the High Level Roundtable on Global Investment Trends held by the UNCTAD with the aim to discuss solution for the slowdown in global investment and global value chain, Union Minister, in the role of one of the lead Speakers, talked about legal reforms, procedural reforms and institutional reforms taken in Myanmar to facilitate investment. In explaining the economic and investment opportunities, Minister also drew the attention to newly initiated Myanmar Sustainable Development Plan and Myanmar Investment Promotion Plan to attract more than 200$ billion of sustainable, responsible and quality business over the next 20 years. In the sideline events under the themes “Bridging the Asian Demographic Divide”, “Shaping ASEAN’s agenda in the Global Context”, “Smarter, Better, Faster Trade”, Union Minister exchanged views with other senior officials and business leaders on investment and trade facilitation.
He underscored that Myanmar was now in the midst of a series of ambitious liberalization measures intended to open up new sectors to foreign competition and regional collaboration, making Myanmar an attractive destination for FDI going forward. Minister called attention to how the country is now seeking to foster the development of creative industries.
The Minister also praised the ASEAN Smart Cities Network, in which Mandalay is an active participant, as an effective initiative for ASEAN members to harness technological and digital solutions.
At a special event on Investment in Myanmar, Union Minister, as a Special Guest, held interactive discussion with entrepreneurs who are investing in Myanmar.
U Thaung Tun also delivered a statement on the position of Myanmar at the Informal Ministerial Gathering to launch the 2nd Joint Statement on Electronic Commerce, for which Myanmar has co-sponsored together with other 75 WTO members.
In his statement, Union Minister underscored that the Government of Myanmar “…reaffirms our commitment to doing all that is necessary to facilitate our successful transition toward an inclusive digital economy, and to supporting the expansion of e-commerce.”
The Union Minister also noted that Myanmar shall “…capitalize on this transition to enhance public services delivery, and bring services closer to communities”, and that in doing so Myanmar “will seek to expand connectivity and access to online services, support innovation and data literacy while ensuring security and online privacy.”
During the sideline of the meeting, Union Minister also met separately with Senior Officials from WEF as well as ICRC.
He also discussed the expansion of business and investment in Myanmar and further cooperation with Presidents/ CEOs of JICA, Sumitomo Corporation, Oredoo, GE Gas Power, Telenor as well as with Amata Corporation from Thailand Visa from the U.S, Geox from Italy in the separate meetings.
This year’s WEF meeting brings together more than 3,000 attendees, including 65 heads of State/ Government, more than 300 government Ministers, UN Secretary-General and Senior Officials from International Organziations, and business leaders including some 800 CEOs to discuss major global issues of the day and to brainstorm on solutions to address these challenges, according to the Ministry of Investment and Foreign Economic Relations.— MNA

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