The government reiterated its target of attracting more than US$200 billion in investment over the next 20 years, said State Counsellor Daw Aung San Suu Kyi.
The effort will be carried out according to the Myanmar Investment Promotion Plan (MIPP), the state counsellor said at the Invest Myanmar Summit 2019 in Nay Pyi Taw on Monday.
“Under the MIPP, the investment target will be more than US$200 billion for local business sectors. We will transform Myanmar from a low-income country to middle-income country,” Daw Aung San Suu Kyi said.
While overall foreign investment in Asia-Pacific declined slightly last year, the region received the most foreign investment in 2017 and Myanmar saw 45pc growth in foreign investment that year, she said.
At the summit, the 10 chief ministers except for the ministers from Bago, Magwe, Kachin and Kayah presented briefings about investment opportunities in their respective states.
As Myanmar still has opportunities for economic development in numerous sectors, and needs a good economic environment, that vision is possible, said Union of Myanmar Federation of Chambers of Commerce and Industry Vice President U Aung Kyi Soe.
“Efforts are being made to make areas such as infrastructure, real estate, the garment industry, manufacturing, tourism, and ports to make the country more attractive to investors,” said U Aung Kyi Soe.
“As various sectors of the country’s economy are ripe for development, there isn’t any reason that we can’t meet US$200 billion investment target in 20 years,” said U Aung Kyi Soe.
To improve strategic planning and conditions to attract foreign investors, a project bank has been implemened by the Ministry of Planning and Finance and the Ministry of Foreign Economic Relations, said Daw Aung San Suu Kyi.
The effort will see attempts to optimise conditions for investors utilising available options like the national budget, development assistance, and private investment, to attract participation in projects prioritised by the government that will be carried out as public-private partnerships, the state counselor said.