May 7, 2019
Nay Pyi Taw: In collaboration with the DaNa Facility, a UK aid funded programme, the Myanmar Investment Commission and Directorate of Investment and Company Administration (DICA) organized a one-day Workshop on Investment Promotion and Facilitation for over 50 officials from 16 investment-related Myanmar government agencies. The workshop provided the officials with an enhanced understanding of the requirements of foreign investors, of the often negative impacts of bureaucratic rules and regulations on investors, and ways to support DICA in responding to them.
The workshop is part of a series on attracting domestic and foreign direct investment which also reaches out to investment agencies in the states and regions of Myanmar; the second will cover lower Myanmar and be held in Yangon from 16 to 17 May, while the third will cover upper Myanmar and be held in Mandalay from 20 to 21 May. All the workshops will review the Myanmar language version of the informative United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) Handbook on Investment Promotion and Facilitation, prepared jointly by DICA and the DaNa Facility.
U Aung Naing Oo, Permanent Secretary, Ministry of Investment and Foreign Economic Relations stressed the importance of investment facilitation and the role of all investment-facing government agencies in the process. He said: ‘Investment promotion and facilitation are two sides of the same coin. In particular, without facilitation, there will be no effective investment promotion. The Myanmar Sustainable Development Plan highlights the importance of investment in enhancing socio-economic development, reducing poverty and creating employment. Facilitation, involving coordination, harmonization and synchronization, is critical to achieve our investment attraction plans and targets.’
The workshop also reviewed recent developments in responsible and inclusive business, in financial inclusion, in states and regions business environments, and in Private Sector Development (PSD). These developments will strengthen the enabling business environment and empower the private sector to create jobs and improve the incomes of men and women in Myanmar, and especially the poorest people in the remoter areas of the country. Building on the competitive strengths of the states and regions, attracting responsible and inclusive businesses can play a critical role in underpinning the economic strength and social well-being necessary to support national security and peace.
Peter Brimble, Senior Technical Advisor of the DaNa Facility said, “We know that there are many ways in which private sector activities can benefit society and the poor, and an important element of this involves the kind of support to investment and business environment improvement that we are implementing here today. This innovative investment promotion and facilitation workshop is a critical element of the government’s overall approach to private sector development.”
Private Sector Development should stimulate economic growth and social development for all men and women, increasing livelihood opportunities and enabling people to follow their dreams and improve their lives. Overall, PSD will reduce poverty and inequality and also enhance national productivity, competitiveness, and economic security.
Notes to editors:
For more information please contact the DaNa Facility communications team at: +95 9782500752 or through email: email@example.com
The DaNa Facility: The DaNa Facility is a UK aid funded programme, established in May 2016 as one of three components of UK aid’s wider ‘Business for Shared Prosperity’ (BSP) programme. The DaNa Facility, implemented by DAI Europe and KPMG, supports inclusive economic growth and private sector development in Myanmar through responsible and sustainable business growth, investment and trade. For more information on the DaNa Facility please visit: www.danafacility.com. Follow the DaNa Facility on Twitter | Facebook.
You can find a Myanmar language version of this press release here.