Recognized as the commercial capital of Myanmar, Yangon Region will be the driving force in the country’s development process as evident from the plethora of business opportunities springing up in the region. As Yangon City develops economically so too will the economy of the country follow suit, poised to rise as a top investment hub in Asia.
Befitting its title as the country’s economic powerhouse, Yangon region takes up the bulk of investments in Myanmar. According to the Directorate of Investment and Company Administration (DICA), the investment flow to Yangon Region is the highest amount of the total investment flow in Myanmar. The perks which elevated Yangon to its position as a commercial hub can be seen in its above average infrastructure and ease of access which allows for smooth trading transactions and investments.
Fiscal year from 1994-1995 to 2017-2018, Yangon Region received 585 Myanmar-owned business enterprises with the total investment amount of Ks 6990.2134 billion and Fiscal Year from 1988-1989 to 2017-2018, saw 845 foreign-owned business enterprises with the total foreign investment amount of US$ 20.276 billion. Such an impressive amount of investment could be due to long-term visions for the country or daredevils beta testing their business strategies.
Investors naturally desire security and some measure of insurance when investing in a venture as well as greater opportunities for investment. With that in mind, the New Myanmar Investment Law was passed in 2017 and numerous efforts were made to raise awareness and inform potential investors on Myanmar’s investment framework, the taxation process, and the opportunities and rights of the investors.
The most vital needs of all investors in Myanmar are a fully secure investment law and land area for their investment venture. It will come with a sigh of relief that the Yangon Region Government is working to fulfill both needs. As for investment opportunities, Yangon Region is home to 30 industrial zones including the largest industrial zone in Hlinethayar Township and one special economic zone, namely Thilawa Special Economic Zone.
Now in a bid to further attract investment, Yangon Region’s Government is undertaking the inaugural Yangon Investment Forum 2018 (YIF 2018) at the Novotel Yangon Max Hotel on 9 May. The high-level forum is reported to be attended by 700 eager attendants, including 300 foreign investors. At YIF 2018, Yangon Region Chief Minister U Phyo Min Thein is set to unveil Yangon Region’s investment strategies. He will lead a team of regulators, policy-makers and investment experts that will once again shed light on the country’s investment framework, review the New Myanmar Investment Law, Myanmar Taxation, present the current investment landscape, and emerging bright spots. Meanwhile, corporate leaders will share their perspectives and experiences in key growth sectors: Industrial Estate, Power and Energy, Logistics, Hotel and Tourism, and Textile and Garments manufacturing.
These efforts, I believe, will usher in the new age of economic development into Myanmar and lead the country forward into a bright and prospective future.