Vice President U Myint Swe addresses Taninthayi Region Investment Forum 2019
Vice President U Myint Swe addresses Taninthayi Region Investment Forum 2019
Date: December 08, 2019
Private Sector Development Committee Chairman Vice President U Myint Swe who is in Taninthayi Region Myeik Town attended the opening ceremony of the Taninthayi Region Investment Forum 2019 Exhibition and addressed the Taninthayi Region Investment Forum 2019.
He attended the opening ceremony of the Taninthayi Region Investment Forum 2019 Exhibition held at Sea View Condo, Myeik yesterday morning.
The ceremony was opened by the Vice President, Taninthayi Region Chief Minister U Myint Maung, Deputy Ministers U Sett Aung and U Kyaw Lin, Region minister for planning and finance Daw Yi Yi Cho cutting the ceremonial ribbon.
Next, the Vice President took commemorative photos with attendees and inspected the exhibits in the Taninthayi Region Investment Forum 2019 Exhibition.
He then attended the Taninthayi Region Investment Forum 2019 held at the Pearl Thanda Hotel. Dance entertainments were first performed and Taninthayi Region Investment Forum 2019 was started with the Vice President striking the Mingala Golden Gong three times.
In addressing the forum the Vice President said investment forums had been held in states and regions and the day’s investment forum was the first to be held in Taninthayi Region.
Holding investment forums states and regions wise exposes the specific economic benefit and strength of the respective state and region. State/region products were promoted and investors get to know the investment opportunities in the state/region.
Furthermore the forum would create opportunities for the region’s micro, small and medium enterprises (MSMEs) and interested investors to establish contact.
Taninthayi Region is at the southern most part of Myanmar covering 43,328 sq. km. and according to the 2014 Census, had a population of more than 1.4 million. On the east and south is Thailand, north is Mon State and the west is Andaman Sea placing the region in an economically important location.
The main products of Taninthayi Region were natural pearl, cultured pearl, aquatic products, rubber, palm oil and bird nest. Mining was also a major business or work in the region. Furthermore, it had numerous beaches and islands and nature based travel business was playing a main and important role in the region’s development.
There were also many possibilities of producing high-value and value-added products in Taninthayi Region.
As of October 2019, 44 foreign investors had invested US$ 2,385 million in Taninthayi Region. 71 local investments had invested US$ 233.96 million (K 282,326.163 million). Most investments were in the energy, hotel and tourism, building construction and agriculture sector.
Myanmar as a member country of ASEAN had pledged to implement the ASEAN Economic Community (AEC-2025) and had to strive towards establishing regional integration through inter-personal and basic infrastructure connectivity.
Taninthayi Region being the western most gate of Greater Mekong was situated in an important position to connect to the Southern Economic Corridor (SEC).
Taking an example from coastal region development of the countries of the world, Dawei Special Economic Zone was being established for development along Taninthayi Region’s coastal areas. By establishing a deep sea port and industrial zones in the Dawei Special Economic Zone, it would link markets of the Greater Mekong, Southern Economic Corridor, Middle East and India. Private sector and development partner organizations are urged to firmly grasp these opportunities, cooperate and work hand in hand with Myanmar for socio economic development of Taninthayi Region. In World Bank Ease of Doing Business Ranking for 2020, Myanmar had risen to 165 from last year’s ranking of 171. Aims to increase Myanmar’s Ease of Doing Business Ranking were included in the Myanmar Investment Promotion Plan (MIPP).
Of the 10 indices set to measure Ease of Doing Business, Myanmar had progressed significantly in Dealing with Construction Permits, Protecting Minority Investors, Registering Property and Enforcing Contracts and was included in the 20 most progressive countries. Relevant ministerial departments and organizations were cooperating for significant progress in other indices.
The Myanmar Investment Law and the Myanmar Company Law are the foundations in creating a business environment that supports investors. The Myanmar Investment Law can be seen as including enactments that were important for responsible investment. The Myanmar Investment Commission aims to invite and permit responsible investments that would not affect the natural and social environment. Establishment of the electronic company registration system known as MyCO allows effective and fast company registration via online as well as using digital system for all works related to a company.
The ministry was also amending procedures that were causing difficulties for investors to do business while stages or levels to do things were being amended and reduced step by step. The government was drawing up and implementing MIPP for the country’s development. MIPP was drawn up with the aim of achieving an equal and prosperous social environment and a balanced development by promoting responsible investments. MIPP will be reviewed every five years to be in line with the country’s economic aims and policies.
The Myanmar Sustainable Development Plan (MSDP) has been drawn up with the aim of achieving the Sustainable Development Goals (SDGs). The plan places emphasis on the importance of the private sector in creating responsible investment through the cooperation of government entities and the private sector. The government was working towards a balanced socio-economic development and natural environment development.
In addition to this Myanmar Private Sector Development Framework an Action Plan has been drawn up for private sector development in Myanmar. The framework and action plan encompasses “improving legal and procedural environment,” “works for obtaining financing,” “support and increase trade and investment,” “redrawing the State’s role in trade and service sector,” and “creating basic human resources.”
“While relaxation and reforms were conducted to ease procedures for investment countrywide, Taninthayi Region, located in an economically strategic location with improved roads and communications, had enabled investors to easily invest in this region,” said Vice President U Myint Swe.
Much thanks is owed to the Ministry of Investment and Foreign Economic Relations, the Myanmar Investment Commission, Taninthayi Region government, Taninthayi Region Investment Commission, and Directorate of Investment and Company Administration for successfully organizing the Taninthayi Region Investment Forum 2019 and Myanmar Investors Development Association (MIDA) and DaNa Facility for support and assistance provided by them.
Businesses are urged to cooperate and work together in regional development by investing in Taninthayi Region that had great economic potential. In the coming years, it is believed that investment would increase in Taninthayi Region, said the Vice President.
Next, Taninthayi Region Chief Minister U Myint Maung delivered a speech on Taninthayi Region Investment Forum 2019 and Deputy Minister for Planning, Finance and Industry U Sett Aung explained about the Taninthayi Region Investment Forum 2019. MIDA Chairman U Khin Maung Aye also explained about the aims of holding this investment forum.
The morning session of the forum was concluded after the Vice President and forum attendees have taken a commemorative group photo.
In the afternoon session discussions on strategic investment status and works conducted toward increasing investment in Taninthayi Region, all inclusive businesses, responsible investment, sector wise investment opportunities, economic corridors, regional connectivity and sector wise investment opportunities, MIDA projects in Taninthayi Region, economic environment and investment opportunities in Taninthayi Region were held and business matching was conducted. This forum will be held until 8 December. Later in the evening Vice President U Myint Swe left Myeik for Yangon by air.
The forum was attended by Peace Commission Chairman Dr Tin Myo Win, Region Chief Minister U Myint Maung, Region Hluttaw Speaker U Khin Maung Aye, Region Chief Justice U Tin Aung, Deputy Minister Maj-Gen Aung Thu, Dr Tun Naing, U Sett Aung and U Kyaw Lin, Region ministers, Region Advocate, Region Auditor, Region Hluttaw representatives, ambassadors and diplomats, Permanent Secretaries, directors general, economists, local and foreign business persons, invited guests and officials.