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Media »Myanmar Investment Commission Meets in Mandalay to Strengthen Investment Promotion in the States and Regions of Upper Myanmar

May 20, 2019

 

Chin, Kachin, Kayah, Magway, Mandalay, Nay Pyi Taw, Sagaing, Shan

 

MANDALAY, MYANMAR: The Myanmar Investment Commission (MIC) is holding in Mandalay the second of two investment promotion and facilitation workshops for eight upper Myanmar states and regions from 20-21 May, 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 workshop, held jointly by the International Trade Centre (ITC) and the DaNa Facility, with funding from UK aid, covers techniques for attracting and retaining domestic and foreign direct investment to the states and regions of Myanmar. It aims 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. The first workshop for lower Myanmar was held in Yangon from 16-17 May.

 

Mandalay Region Chief Minister Dr. Zaw Myint Maung said “We are very happy that the Investment Promotion and Facilitation workshop is taking place in Mandalay, the hub of upper Myanmar. We welcome investment not only from foreign sources, but also from domestic sources, to create jobs and increase incomes. At the same time, we fully recognize the need to create an enabling investment environment that nurtures and protects these investments. And this enabling environment for business can be encouraged through increased moves towards decentralization of responsibilities for investment promotion and facilitation; indeed I urge the Union government to accelerate these efforts. I am sure that the states and regions of upper Myanmar joining this workshop will greatly enhance their awareness of investment promotion and facilitation.”

 

The workshop allowed the eight upper Myanmar states and regions to formulate the essence of investment promotion strategies to attract more investment to their states and regions, noting that 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.

 

Chief Minister of the Chin State Government, H.E. U Salai Lian Luai, stressed that: “Since investment is the major driver of economic growth for Myanmar, we have been working hard in Chin State to attract investment but admittedly not focussing enough on facilitation. After joining the first structured discussion of investment promotion and facilitation in June 2017, I realized that investment facilitation is critical to attract and realize better investment, in particular for states and regions where development gaps still persist. The successful Chin State Investment and Product Fair in March 2019 further demonstrated the importance of facilitation. And from the workshop today, we will surely gain a clearer understanding of investment measures and how to take steps forward. We have no doubt that the outcomes are the means of closing the development gaps in Chin State!”

 

Participants in Mandalay include around 60 representatives from the upper Myanmar State and Region Investment Committees, the business communities, the Ministry of Commerce, and other Development Partners. All participants took away copies of 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.