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Media »Myanmar Investment Commission aims to strengthen investment promotion and facilitation in Myanmar’s States and Regions

May 16, 2019

 

YANGON, MYANMAR: The Myanmar Investment Commission (MIC) is holding two 2-day investment promotion and facilitation workshops for the country’s states and regions, as part of the government’s overall approach to private sector development. Strengthening the enabling business environment and attracting investment to the states and regions is critical to 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.

 

The two workshops, one for lower Myanmar and one for upper Myanmar, held jointly by the International Trade Centre (ITC) and the DaNa Facility, with funding from UK aid, cover techniques for attracting and retaining domestic and foreign direct investment to the states and regions of Myanmar. The workshops aim at raising the awareness in the state and region investment committees on policies and strategies for the promotion and facilitation of foreign and domestic investment. They support both the decentralization of investment promotion and facilitation functions, as embodied in the Myanmar Investment Law, and the establishment of an enabling environment conducive to enhanced investment at the state and region level. The first workshop is being held in Yangon from 16-17 May; the second will be in Mandalay from 20-21 May.

 

Permanent Secretary of Ministry of Investment and Foreign Economic Relations (MIFER), U Aung Naing Oo noted that these innovative sessions follow two similar workshops almost exactly two years ago – in Hpa-An and Monywa. He stressed that: ‘The previous capacity development events resulted in demonstrable improvements in the ways in which the state and region investment promoters dealt with promoting investments and improving state and region business environments.’

 

While major investments are approved at the Union level, through line ministries and through the Myanmar Investment Commission, the actual investment takes place on the ground and the major impacts are in the states and regions. The workshop reviewed recent developments in responsible and inclusive business, in state and region business environments, and in Private Sector Development (PSD). Attracting responsible and inclusive businesses can play a critical role in supporting national security and peace and facilitate linkages between larger investments and the local economy, and in particular how to support the growth of the agricultural sector and SMEs.

 

Jenni Hall, Private Sector Development Lead for UK aid in Myanmar, emphasised that UK aid’s objective in Myanmar is to help its people and government to achieve greater peace, democracy and prosperity.  “We will work with Government to ensure that private sector development benefits all.”

 

Speaking at the workshop in Yangon, Kayin Minister, H.E. U Than Naing, said: ‘We greatly appreciate the insights and information that we can use to attract productive investment and create jobs and incomes in our State. And we look forward to working closely with UK aid and the DaNa Facility to market business opportunities in Kayin State and collaborate with our neighbouring states and regions.’

 

Participants for each workshop include around 50 representatives from the respective State and Region Investment Committees, the business communities, the Ministry of Commerce, and other Development Partners. All participants reviewed 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.

 

 

ENDS

Notes to editors:

 

For more information please contact the DaNa Facility communications team at: +95 9782500752 or through email: danapress@danafacility.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.

 

The International Trade Centre: The International Trade Centre (ITC) is a joint agency of the World Trade Organisation and the United Nations. ITC assists small and medium sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals. For more information, visit www.intracen.org.

 

You can find a Myanmar language version of this press release here.