YANGON, Sept. 14 (Xinhua) — A first ever Myanmar investment outreach forum, involving Myanmar senior government officials and many Myanmar and foreign leading businessmen, will take place in New York on Sept. 24, aimed at promoting international investment in the Southeast Asian country, the forum organizer told a press conference here Sunday.
Under the title “Myanmar: Asia’s Last frontier”, the Myanmar Investment Outreach Forum is organized under the patronage of Myanmar Investment Commission and the President’s Office and joined by Myanmar companies and Peninsula Press.
Headed by Myanmar Minister at the President’s Office U Soe Thane, the Myanmar delegation attending the upcoming forum comprises Minister of Energy U Zay Ya Aung, Minister of Tourism U Htay Aung and Myanmar Ambassador to the United States U Kyaw Myo Htut as well as other senior banking and investment administrative officials.
The organizers quoted U Soe Thane as saying that Myanmar welcomes investors from low-cost and labor intensive industries such as garments, textiles and footwear, adding that part of the government’s strategy to reduce poverty and promote rural development involves seeking investment in sectors that can create good-quality entry-level JOBS.
The organizers also said one of the key aims of the forum will be ensure foreign investors that Myanmar’s political and economic reform process is still on track despite the inevitable challenges and setbacks that often dominate newspaper headlines.
Various major multi-national companies based in Myanmar will have their executives present and speaking at the forum.
At the press conference, Ramona Tarta, Peninsula Press Regional Director, who is the organizer, underlined that Myanmar Investment Outreach is a real milestone for the private sector, while U Htay Aung, Minister of HOTELS and Tourism and Vice Chairman of the Myanmar Investment Commission, called for promoting Myanmar as a destination for tourist and investment.
Director General of the Directorate of Investment and Company Administration U Aung Naing Oo disclosed at the press conference that foreign investment in Myanmar has been on rise year-on-year, receiving 4.107 billion U.S. dollars annually in 2013-14, up from 1.419 billion dollars in 2012-13.
It is estimated to obtain 5 billion to 6 billion dollars in 2014-15 with 3.325 billion dollars already received in the first five months of the present fiscal year.
He continued to say that Myanmar has drawn a 20-year long-term investment promotion plan 2011-2030 which calls for sectoral diversification in economic development and worldwide investment.
In a special INTERVIEW with Xinhua, U Aung Naing Oo revealed that China had been leading in Myanmar’s foreign investment line- up ever since until now accounting for 30 percent of the total but, adding that for this year, Singapore’s investment is more than China.
As for U.S. investment in Myanmar, he said it stands low, remaining at 240 million dollars with some more investment still pouring in.
According to official statistics, Myanmar attracted from 34 counties and regions a total of contracted foreign investment of 46.71 billion U.S. dollars as of June this year since 1988 when Myanmar opened door to the world.
Myanmar promulgated a new foreign investment law in November 2012, replacing the over-two-decade-old 1988 similar law and reformed its investment commission in June this year as part of its efforts to draw more foreign investment into the country in line with its reform strategy.