Vice President U Myint Swe addresses Chin State Investment and Product Fair
Vice President U Myint Swe attended the opening ceremony of the Chin State Investment and Product Fair held at the Myanmar Convention Center, Mindhamma road, Yangon, yesterday morning.
The event started off with an entertainment program of Chin traditional dances and a video show depicting the natural beauty of China State and investment opportunities in Chin State.
Next Vice President U Myint Swe, Union Minister for Investment and Foreign Economic Relations U Thaung Tun and Chin State Chief Minister U Salai Lian Luai opened the Chin State Investment and Product Fair by pressing a button.
In addressing the opening ceremony the Vice President said the aims of the Chin State Investment and Product Fair were for economic development of Chin State, to show investment opportunities in Chin State, Chin State products and services to local and foreign investors.
According to the Asia Development Bank’s calculations, Myanmar’s per capita income increase rate was 5.9 per cent in 2018 and 6.3 per cent increase was expected in 2019.
Reforms were conducted to create a fair and competitive environment for investment in order for the country’s economy to develop. The most obvious reforms were the newly enacted Myanmar Companies Law, Myanmar Investment Law and modernizing rules, procedures and processes, raising the capacity of states and regions to support trade and investment matters, and reforms in banking sectors.
Permitting more rights and entitlement to the private sector was one of the main pillars of the government’s economic reform program. The aims of these actions were to create mid and long term job opportunities, sustain economic development and to attract investments.
As part of Myanmar’s reform program Myanmar Sustainable Development Plan (MSDP) was drawn up and adopted. The aim of this plan was having mutual harmony between the country’s policy goals and organizations in establishing ways to achieve economic development that was all-inclusive. In addition to being an appropriate road map for foreign investors, this plan recognizes the importance of foreign investment. Furthermore, work processes will be established to remove restrictive policies that were hindering trade and investment.
To raise foreign and local investments and develop the economic environment the Government had introduced the Myanmar Investment Promotion Plan in 2018. As Private Sector Development (PSD) played an important role in the country’s economic development, PSD Framework and processes were established in 2016, the PSD Committee formed and works implemented.
The PSD Framework was drawn up to close the gap between the views of the cooperating participants and reality, understand the difficulties faced by the business persons and to use as a road map. Arrangements were also being made to upgrade the PSD Framework. It will be in the five pillars of improving legal and procedural environment, acquisition of financing, supporting and increasing trade and investment, establishing basic human resources and redefining the State’s role in the trade and service sectors.
The economic environment of all the states and regions will be raised as part of a wide ranging reform. The power of private investments will be used to resolve the challenges of poverty and inequality and to create a better social environment.
The government would coordinate project implementation via a Project Bank to create job opportunities and for private sector development. A Project Bank will soon be published and announced for basic infrastructure priority projects of states and regions including Chin State. The Project Bank also aimed to coordinate the government’s budget allocation, ease the provisioning of supports for private sector and investment and to realign toward the goals and strategies of the Myanmar Sustainable Development Plan (MSDP).
As doors were swung open to increase local and foreign investment into the country, opportunities were increasing via political and economic reforms. Even though the challenge of inadequate infrastructure still remained, these challenges could be converted into an opportunity.
Myanmar was located like a bridge between China and India and was in a unique geographical situation of being a link to ASEAN. The country thus had numerous economic opportunities. Chin State being part of this strategically important country and bordering India indicated obvious market opportunities.
In addition to conducting direct and transit-trades through the Mekong-India economic corridor it would support the development of industrial zones and special economic zones along the corridor.
Investment opportunities in Chin State varies from huge projects to SMEs level in agriculture, livestock breeding, people based travel, hydropower, basic infrastructure development works, traditional weaving etc.
Various investment opportunities in Chin State could be found in agriculture, livestock breeding, people based travel, hydropower, basic infrastructure development works, traditional weaving etc. varying from huge projects to SME level ventures.
The Chin State lay on the strategic economic corridor between India and Myanmar and as the bilateral trade increased there would be more strong and firm opportunities. The ongoing transport, communication and basic infrastructure works were also inviting investment opportunities.
Investors could understand the investment opportunities in Chin State through this fair and were expected to firmly grasp the great prospects. Visitors were also invited to visit Chin State to view in person the beauty of Chin State as well as see first-hand the investment opportunities and invest, urged the Vice President.
After delivering his speech the Vice President took a commemorative group photo with ceremony attendees.
Afterwards he observed the investment opportunity exhibits displayed by government departments and private companies, products and cultural exhibits of Chin State.
Later, the opening ceremony was continued as per the agenda and officials from government departments, the private sector and foreign experts conducted talks on investment opportunities in the Chin State.
The ceremony was attended by Union Ministers Dr. Than Myint and U Thaung Tun; Union Attorney General U Tun Tun Oo; Chin State Chief Minister U Salai Lian Luai; Yangon Region Chief Minister U Phyo Min Thein; Yangon Region Hluttaw Speaker; Chin State High Court Chief Judge; Chin State government ministers; Pyithu Hluttaw, Amyotha Hluttaw and State Hluttaw representatives; ambassadors and diplomats from embassies in Myanmar; Myanmar Investment Commission members; Union of Myanmar Federation of Chambers of Commerce and Industry President and central executive committee members; officials from the United Kingdom Department for International Development (UK DFID), Da Na Facility and DVB Loi Co., Ltd.; development partner organisations; departmental officials; local and foreign business persons and news media.
This fair will be held until 17 March, it is learnt. — MNA
(Translated by Zaw Min)