The 2019 Invest Myanmar Summit was held on January 28 and 29 in Naypyidaw, and jointly organized by the newly founded Ministry of Investment and Foreign Economic Relations and the Union of Myanmar Federation Chamber.
The two-day summit exhibited over 200 government and private investment projects worth $20 billion, and included discussion on sustainable and balanced development projects and investment banks.
At the summit, Daw Aung San Suu Kyi, State Counsellor of Myanmar, talked about the investment opportunities and visions for Myanmar in her speech.
Citing the newly adopted Myanmar Investment Promotion Plan, she said that Myanmar expects to attract up to $200 billion in foreign investments over the next 20 years, and can be a country with a middle income bracket.
One sector in particular that she pointed out was agricultural. This is a promising area for investors due to the fact that Myanmar owns the largest area of land in South East Asia.
“Every region and state has their own advantages, but some sectors need government support for investment in order to attract investors. We want Myanmar to become investment hub in the region by creating a good investment environment for local and foreign investors,” said U Pyo Min Thien, Chief Minister of Yangon.
ASEAN + 3 Macroeconomic Research Office estimates Myanmar’s economic development would increase to 7.4 percent this fiscal year, and estimates that the inflation rate in the country will be stable at 5 percent in fiscal year 2019.
This is the right time, she said, for Myanmar and the region at large to act boldly by adopting high ambitions based on these positive estimations.
Given the fact that 10 ASEAN countries, along with China and India have the combined consumer market of 3.5 billion people worth $15 billion, accounting 20 percent of global GDP. Daw Aung San Suu Kyi said that she hopes the region rise to become a significant market.
She also acknowledged that there are challenges in Myanmar and encouraged investors to turn the challenges into opportunities.
Dr. Zaw Myint Maung, Chief Minister of Mandalay Region, remarked that this time is an important turning point for Myanmar economy and showcasing investment projects can strengthen trust of the investors.
Invest Myanmar Summit 2019 received around 1,600 attendances including twelve union ministers, ten chief ministers and 150 representatives from regions and states.
Source:https://www.mmbiztoday.com/articles/myanmar-expects-attract-200-billion-over-next-twenty-years