Myanmar-Japan-US tripartite forum invites responsible investments

State Counsellor Daw Aung San Suu Kyi meeting with ambassadors, representatives of the respective embassies from Japan and the US at the Myanmar-Japan-US Forum in Yangon yesterday. Photo: MNA
State Counsellor Daw Aung San Suu Kyi meeting with ambassadors, representatives of the respective embassies from Japan and the US at the Myanmar-Japan-US Forum in Yangon yesterday. Photo: MNA

A forum to discuss fostering responsible investment took place at Novotel Yangon Max Hotel in Yangon yesterday morning.
The Myanmar-Japan-US Forum on Fostering Responsible Investment was jointly organized by the Ministry of Investment and Foreign Economic Relations, the Japanese Embassy in Myanmar, the US Embassy in Myanmar, the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, the Japan Chamber of Commerce and Industry, the American Chamber of Commerce in Myanmar, the Japan External Trade Organization, the Japan International Cooperation Agency and the US Commercial Service in Myanmar.
The forum was aimed to inform the economic and investment reform moves of the country, the advantages for investments benefitted from the Myanmar Sustainable Development Plan (MSDP) and the Myanmar Investment Promotion Plan (MIPP), and to invite responsible investment into the country.
According to the figures of Directorate of Investment and Company Administration, the investments from Japan and the United States to Myanmar have amounted to US$1.2 billion and $432.796 million respectively up to the end of July this year.
State Counsellor Daw Aung San Suu Kyi delivered a keynote speech at the forum, saying that Myanmar economy has expanded, with GDP rising from US$8.9 billion in the year 2000 to over $71 billion in 2018. This has placed Myanmar amongst ASEAN’s fastest-growing economies.
She also said that structural changes enabled by greater levels of foreign investment have seen the emergence of a new breed of vibrant companies and many of the larger, more established firms have come in from the cold.
The State Counsellor also welcomed investors from Japan and the US, saying that the Thilawa Special Economic Zone near Yangon is pulsating with activity as some 108 companies, over half of which are Japanese, have invested in the Thilawa SEZ; the Suzuki Motor Company is in the lead producing a range of passenger cars and small trucks. The Japanese probiotic drink manufacturer Yakult also commenced operations in Thilawa earlier this month.
In her remark on the investments of the United States, she said the US investment has been supporting Myanmar’s development through the energy capabilities, technologies and solutions provided by General Electric.
Another well-known US brand, Chevron Corporation, through its local subsidiary, has contributed to Myanmar’s economic growth and development for over twenty years.
The Ford Motorcar Company opened an assembly plant here in recent years, creating new jobs and serving the expanding domestic car market.
The Overseas Private Investment Corporation committed over US$ 250 million through Apollo Towers, one of Myanmar’s largest telecom tower companies, to finance the construction of over 1,800 telecommunications towers to satisfy the growing demand for modern communications infrastructure of Myanmar.
The State Counsellor then met with Japanese and the US ambassadors, representatives of the respective embassies, UMFCCI, JICA, JETRO and the businesspersons of these two countries to ask about their experiences in doing business in Myanmar.
U Thaung Tun, Union Minister for Investment and Foreign Economic Relations, made an opening remark on the forum. He emphasized on the relaxation of policies in investment sector, the registration of companies on Myanmar Companies Online (MyCO), the project and the land bank.
The Union Minister also added that Myanmar has seen the 77 per cent increase in investments, worth about $2.3 billion, in the first half of this year.
Later, the two dialogues were held to exchange views on the challenges and new opportunities for the government in promotion of investment sector.
The first dialogue was participated by Union Minister U Thaung Tun, Japanese Ambassador to Myanmar Mr Ichiro Maruyama, the US Ambassador to Myanmar Mr Scot Marciel to discuss about challenges faced by private sectors in promoting their investments and the cooperation of Myanmar, Japan and the United States to help address these issues.
The second dialogue of Japanese and the US businesspersons focused on the role of local and foreign investors and challenges to promote investments in Myanmar market.
The forum was concluded in the afternoon with the closing remark of UMFCCI’s President U Zaw Min Win. — MNA  (Translated by Aung Khin)

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