Myanmar government finance chiefs have urged to foreign businesses to capitalise on the opportunities now in the country.
At an event at the Novotel Yangon on March 18, Finance and Planning Minister Kyaw Win said the country was on the right track to secure a stronger future for both domestic and foreign businesses.
He said factors that were stunting growth included illegal trade, lacklustre loan options and monopolies as well as the general chaotic growth of business hubs like Yangon.
Kyaw Win said the time for progress had come.
“I invited many foreign businesses to say that new investment laws would soon be enacted with transparency, and offering fair ways to invest. An attractive investment environment has taken shape. We assure you that the government will be supporting both domestic and foreign investors in their endeavours: 2018 and 2019 will be when Myanmar will truly sprint ahead economically,” said Kyaw Win.
Director-general of the Myanmar Investment Commission (MIC) and secretary of the Directorate of Investment and Company Administration (DICA) Aung Naing Oo said: “Our projection was to obtain around US$6 billion of FDI [foreign direct investment] and according to our records the MIC had already approved around US$6.8 billion.”