Arab Today, arab today myanmar striving to lure foreign investment for economic growth
Last Updated : GMT 21:45:48
Arab Today, arab today
Arab Today, arab today

Myanmar striving to lure foreign investment for economic growth

Arab Today, arab today

Arab Today, arab today Myanmar striving to lure foreign investment for economic growth

Myanmar
Yangon - Xinhua

Myanmar's new government is taking steps in its efforts to attain economic growth, reforming the Myanmar Investment Commission (MIC).

"Myanmar should know how to take the opportunity from its political change for the country's economic growth," commented Aung Tun Thet, an economist who served as advisor to former President U Thein Sein.

This is just a first visible step taken for the country's economic growth since the new government took office in April.

The ruling National League for Democracy (NLD) laid down the objective for reviving the country's economy in its election manifesto.

According to the country's current laws, the MIC has to be reformed under the new government to scrutinize new investment.

A total of 102 proposals for investment including over 50 foreign ones are awaiting to be permitted by MIC.

The new MIC includes 11 members. Two of them are ministers from the Ministry of Planning and Finance and the Ministry of Commerce and one representative from private sector U Aye Lwin who is the joint secretary of Union of Myanmar Federation of Chambers of Commerce and Industry.

Minister of Planning and Finance U Kyaw Win, who is MIC chairman, told Xinhua in March that the new government has planned to boost foreign direct investments with more inflows of capital to back its economic growth.

Ongoing structural constraints, short-term exchange rate pressures, rising inflation peaking at 16 percent in October 2015, and the political transition led to a deceleration in new investment flows last year, according to the World Bank's Myanmar Economic Monitor.

The country drew 9.5 billion U.S. dollars foreign investment in the last 2015-2016 fiscal year with China topping the foreign investors line-up with 18.072 billion U.S. dollars, accounting for 28.36 percent of the total, followed by Singapore with 13.066 billion U.S. dollars and Thailand with 10.5 billion U.S. dollars.

Myanmar's economic growth declined to 7 percent in the 2015-2016 fiscal year from 8.5 percent in the last fiscal year. The slowing growth was due to the shortage of agriculture supply under heavy flooding, a slowdown in new investment during the 2015 election year and lower commodity prices affecting Myanmar's main exports, according to the World Bank.

Abdoulaye Seck, the World Bank's Country Manager for Myanmar, said the country's growth prospects are positive if the government structural reforms and macroeconomic maintain stable.

Meanwhile, the country is still drafting new company and investment laws which are deemed essential for the economic reforming process.

Myanmar needs to encourage private sector for the economic growth. To promote the financial and insurance sectors is extremely important for the country to attract investments, John Goyer, senior director of Southeast Asia Department of U.S. Chamber of Commerce, told Xinhua.

Although the new government vowed to boost the investment in the country's value-added manufacturing and agribusiness sectors, energy and power still remain priorities in the eyes of foreign investors, according to experts.

source : xinhua 

Reviews 1

All comments published of her book, and not necessarily the opinion of Arabstoday

ddfGMT 05:13 2016 Tuesday ,29 November

dfddfd

(3)

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today myanmar striving to lure foreign investment for economic growth Arab Today, arab today myanmar striving to lure foreign investment for economic growth

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday