‘Credible’ Plan for Electricity Supply Among Changes Needed to Boost Investment, Japanese Businesses Tell Suu Kyi

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A Japanese busi­nesses delega­tion has outlined a number of measures needed for Myanmar to foster more Japanese investment in a meet­ing with State Counsel­lor Aung San Suu Kyi in Napyitaw, state media reported.

The proposal, put forth by the Japanese Cham­ber of Commerce and In­dustry (JCCI), led by its chairman Akio Mimura, emphasized the need for infrastructure develop­ment and called for laws on investment and cus­toms clearance to encour­age Japanese companies to increase investments in Myanmar.

Myanmar needs to de­velop its power supply and transport infrastruc­ture to attract Japanese investment, said Mimura.

The two parties also dis­cussed the need for con­tinued dialogue and coop­eration on economics and trade between Myanmar and Japan.

A statement released by the Japanese delegation after the meeting said the proposal to Suu Kyi’s government includes publicising master plans and credible schedules to achieve a stable sup­ply of electricity and effi­cient transportation and logistics, improving in­vestment, trade, and cus­toms-related regulations, and immigration systems.

Suu Kyi showed high regard for the propos­als and indicated she will work towards their imple­mentation, said Mimura.

The meeting with Mimura marks the first meeting between Suu Kyi and a Japanese business leader since she took of­fice last April.

Japan, the world’s third largest economy, has in­vested heavily in Myan­mar since before it began its democratic transition.

Japan maintained re­lations with Myanmar throughout the years of crippling sanctions placed on the junta by the US and European countries with Japanese businesses investing heavily in My­anmar’s manufacturing industry in the late 90s and 2000s.

In recent years, the Japanese government has dolled out billions of dol­lars of loans to Myanmar for national infrastruc­ture projects as well as the country’s ongoing peace process. Last November, Japanese Prime Minister Shinzo Abe announced a $7.7 billion private and public sector aid and de­velopment package for Myanmar, coinciding with Suu Kyi’s visit to Ja­pan.

More recently, Japan pledged an $824 million soft loan for five infra­structure which includes the up-grade of the Man­dalay-Yangon railway and the Yangon Regional Wa­ter Supply project.

 

Source: Myanmar Business Today

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