Yangon Region Government to explain investment opportunities during Investment Forum 2018

Yangon Region Chief Minister U Phyo Min Thein speaks to the media at a press conference after the Yangon Region Investment Commission’s meeting at UMFCCI in Yangon yesterday. Photo: MNA
Yangon Region Chief Minister U Phyo Min Thein speaks to the media at a press conference after the Yangon Region Investment Commission’s meeting at UMFCCI in Yangon yesterday. Photo: MNA

The 2018 Yangon Investment Forum will be held at the Novotal Hotel in Yangon on 9 May, at which officials from Yangon Region Government and related departments will explain about investment opportunities in Yangon, according to Yangon Region Chief Minister U Phyo Min Thein.
The forum is organised by Yangon Region Investment Committee with the cooperation and support of Directorate of Investment and Company Administration (DICA), German Cooperation Implemented through Deutsche Gessellschaft fur Internationale Zusammenarbeit GmbH (GIZ) and Myanmar Investors Development Association, it is learnt.
Preparations were made for about 500 foreign businesses to attend the forum. Scheduled to be discussed are: Myanmar Investment Law and rules; laws, rules and procedures related to investment; opportunities and facts on investment in Yangon Region; projects to be implemented; clear, concise and effective work processes provided for investing in Yangon Region; status of businesses in Yangon Region; and private investments. Investment in Thilawa Special Economic Zone will be explained and there will be opportunities to raise questions directly to officials from the regional government and relevant departments.
In the forum’s morning session, the New Investment Application Procedure will be discussed. In the afternoon, Investment Opportunities in Yangon Region will be discussed. Four pavilions will display news and information on work procedures and processes including Investment Application Guide Book, Doing Business in Yangon and Taxation Guide Book for attending investors and businesspersons, it is learnt.
U Phyo Min Thein said that 100 per cent Yangon Region Government-owned New Yangon Development Company Limited was established and is implementing new Yangon projects. As a first stage it is conducting infrastructure and industry work as a priority. Yangon Region Government had invited local and international businesses to participate in these projects and will explain and invite investors during this forum.
He added that the forum was held to invite foreign investors with the aim of establishing Yangon as a clean, successful business city where there is rule of law.
“Investments are coming in, and the forum is held to increase the momentum of investments. It is to introduce those who didn’t know of the opportunities,” said U Phyo Min Thein.
In addition to developing the economy, the cultural heritage of the city needs to be maintained, the minister said.
“The city needs to be in the form of a green economy. It needs to be prevented from becoming a dumping ground for businesses that damages the environment”, he said.
Interested investors from ASEAN region countries, Korea, Japan and China are currently discussing and negotiating with the regional government for investing in road construction works, power, housing construction and factories. Western entities such as the United States and the EU are interested in technology service works, said U Phyo Min Thein.
He also said that qualified local and international businesses that can provide quality work will be given priority, while incentives will be provided for businesses that create more job opportunities.
According to DICA, 60 per cent of investments are in Yangon Region and 30 per cent are in Mandalay Region. Investment in other states and regions are few.
In Yangon Region from 1994-1995 to the end of January 2018, Myanmar Investment Commission has permitted the investment of 582 Myanmar-owned and 846 foreign-owned businesses. As of February 2018, Myanmar-owned businesses invested more than Ks708 billion, while foreign investment totalled US$2.84 billion, said Yangon Region Investment Committee secretary and DICA director U Myo Khaing Oo.
Similar forums are planned to be held annually, said U Phyo Min Thein.

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