September 11, 2019
U Aung Moe Nyo, Magway Chief Minister,
Nay Pyi Taw
-check against delivery-
Investors, Colleagues from Myanmar’s States and Regions, Ladies and Gentlemen,
It is my sincere pleasure to be here today to introduce this innovative session on attracting investment flows to Myanmar’s states and regions.
We see growing foreign and domestic investment in Myanmar’s states and regions as a key element of inclusive growth in the poorer areas of the country as well as a critical factor contributing to the inclusive development of the country as a whole.
Accordingly, Myanmar’s private sector development programmes have increasingly focused on improving business environments in the states and regions. We know that private sector activities can benefit society and the poor in many ways, and that the activities at this Euromoney Forum are critical to supporting and promoting trade and investment.
The government is actively putting in place a strong enabling environment for investment and the infrastructure to generate growth. But it is the creation of a vibrant private sector that turns investment into jobs and poverty reduction.
Healthy private sector development involves: dynamic small and medium-sized enterprises; entrepreneurship, risk-taking, innovation, and competition; gender equality and social inclusion; growing trade and investment; human resource and industrial development; and expanding businesses which provide goods, services, and opportunities for all citizens.
To achieve private sector growth and guide future reforms to the business environment, the government developed and adopted a Private Sector Development Framework and Action Plan aimed at a coherent, high-level approach for Myanmar’s private sector agenda. The framework emphasises strategic partnerships between the public and private sectors, and practical solutions to address business obstacles and problems, including comprehensive investment promotion, facilitation and aftercare activities.
Ladies and gentlemen, the panel discussions today and our state/region booths serve as platforms to showcase state and region business opportunities, generate greater awareness on the improving investment climate in Myanmar, and present the international business community with opportunities to discuss deals with the Myanmar private sector. We aim to highlight the enormous potential investment opportunities in Myanmar’s states and regions.
We will also demonstrate the growing awareness of the newly-formed state and region investment committees on the promotion and facilitation of foreign and domestic investment. This includes the decentralization of investment promotion functions in the new Myanmar Investment Law and the establishment of an environment conducive to enhanced investment at the state and region level.
I hope I have been able to convince you that the Myanmar government is fully committed to welcoming foreign investment to support Myanmar’s inclusive economic development and to enhancing the awareness of the state and region business opportunities.
Ladies and gentlemen, in conclusion, I would like to add a personal note to my remarks. I sincerely appreciate the extensive activities of DICA, with inputs from development partners such as UKaid, the DaNa Facility, and the International Trade Center, in working with state and region governments to build capacities in trade and investment promotion and facilitation.
I have been fortunate to participate in a number of workshops and to receive materials over the past few years that have provided me with tools and ideas that I have been able to take back to Magway and implement.
I am also pleased to note the growth of innovative evidence bases to support businesses seeking opportunities in Myanmar’s states and regions, and also to assist policymakers to identify and address key issues and constraints.
First, the Myanmar Business Environment Index which is a comprehensive diagnostic tool specially designed to evaluate and improve Myanmar’s subnational business environment. With around 5,000 businesses surveyed across all states and regions, the Index allows government to target improvements in each state and region, and permits investors to assess state and region business opportunities. The first Myanmar Business Environment Index report was produced earlier this year and provides the clearest picture to date of the state of local economic governance in Myanmar.
Second, the Myanmar Financial Inclusion Roadmap and the Roadmap Strategy Action Plan (carried out by the DaNa Facility jointly with the United Nations Capital Development Fund), including detailed reports on financial conditions in each of the states and regions.
Third, the efforts by the government and key partners to disseminate information to the states and regions on recent developments in responsible and inclusive business, in financial inclusion, and in Private Sector Development (PSD). These allow our state/region investment teams to be more aware of the importance of these issues and more effective as promoters.
Ladies and gentlemen, I hope you all have a fruitful session and enjoy the business excursion today across Myanmar’s states and regions. And if you still have time, please drop by the State/Region booths which are open for business until 2:00 pm this afternoon.