Foreign investments are invited as Myanmar requires capital and technologies to industrialize, President Thein Sein said on Friday’s morning.
Thein Sein addressed in a meeting with business leaders around the world in the World Economic Forum on East Asia, at Myanmar International Convention Centre in Nay Pyi Taw.
“The country can become prosperous not with agriculture, but with industries. We need capital and technologies to develop an industrialized country. To satisfy the need, we are inviting foreign investments,” President Thein Sein said.
Myanmar is rich in natural resources such as wood, metals, and oil and gas. It has also a sufficient labour force. Therefore, it is the best time for investors to make investments in Myanmar, Thein Sein said.
He also said the newly passed foreign investment law of Myanmar has been carefully thought out to protect the interests of the investors and to be fair and balanced.
Regarding the reform process of Myanmar, President Thein Sein said, “our reforms are twofold: political and economic. Political stability is required for economic development, and vice versa. They are mutually supportive.”
He said the country’s future economy will be supported by the three pillars called private sector, cooperative sector and public sector. Currently, private sector comprises 90 percent of the whole economy.
Thein Sein said there are many challenges to revamp the economy as Myanmar was isolated by economic sanctions for more than 20 years. He added his government is giving priority to poverty reduction and rural development tasks, as 70 percent of the total population lives in villages.