The world is witnessing a monumental shift in its centre of economic gravity, a global economic rebalancing towards Asia, which is expected to account for over 50 per cent of the global GDP by 2040.
Even today, the continent accounts for almost 50 per cent of global investment. It is estimated that our region could drive up to 50 per cent of global consumption growth in the years ahead. In the next decade alone, close to one billion new middle-class consumers will emerge in Asia.
Positioned at the crossroads of Asia, Myanmar constitutes a key bridge between East and West — a link between India and China, a doorway to ASEAN. Myanmar seeks to capitalize on this favourable position by connecting these rising geo-economic regions, offering a strategic trade conduit, providing a gateway to the Indian Ocean, and thus, benefitting the country and the region.
Myanmar is very much a part of the changing Asia and has entered a period of radical change accompanied by unprecedented growth. Our economy has expanded, with GDP rising from US$8.9 billion in 2000 to over $71 billion in 2018. This places our country amongst ASEAN’s fastest-growing economies.
Economic reforms, including the relaxation of economic policies, the introduction of the online registration system, and the implementation of project bank and land bank, have increased investment to $2.3 billion (77 per cent) by mid-2019.
Besides, with the promotion of a more favourable, friendly, predictable, and investment enabling environment that ensures a fair and level playing field, we could attract responsible investment that creates jobs, provides new opportunities, sustains growth, and spreads prosperity.
Over half of the country’s population is young and they can help drive the economy. Myanmar is also rich in natural resources and we can see the benefit in the demand and supply of raw materials.
We have implemented a number of significant reforms in the economic, political, and social spheres aimed at creating new opportunities for investors.
There has been progress, but there are also challenges to be overcome, barriers and obstacles to be removed. We are confident that the current and other reforms will prove fruitful in attracting increased foreign investment and will help us overcome the challenges.
We welcome investors as partners in our endeavor as we pursue the vision outlined in the Myanmar Sustainable Development Plan for a more prosperous, peaceful, and democratic Myanmar.
We are committed to seeing foreign investment thrive and prosper.