Myanmar’s economic reform process has not yet reached its goal, Parliamentary Speaker Thura U Shwe Mann told business people and media at a meeting at the office of the Hlinethaya Industrial Zone on December 13.
“Our country needs to carry out more and more reform processes. Although the nation is satisfied with the political reform processes, it needs to carry out much more reform in the economic and social sectors,” he said.
Thura U Shwe Mann said that it is necessary to review the success of the government’s reform of the economic system. This is important if local entrepreneurs are to cooperate with the government in helping raise local and foreign investment in the country.
Local economists claim the reason why foreign company investment is limited at present is due to problems with infrastructure and rules and regulations.
Economist U Maw Than said that he felt there are great expectations for a flow of foreign investment into the country.
“In my view, we need to attract more foreign investors to the country,” he said.
Local garment entrepreneur U Aye Thaung said that despite the growing list of foreign investors, much of the foreign company input is at the small and medium enterprise level, rather than major projects.
U Zaw Min Win, vice president of the Union of Myanmar Federation of Chambers of Commerce and Industry, claimed the delay in economic development and foreign investment was the result of the weak points in the government’s economic policies and worry amongst the international community about Myanmar’s business laws and politics.