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Investment Summit: China- Myanmar Economic Corridor

17 May 2019
9506
2019-05-17 16:55

“2019 First Investment Summit of China-Myanmar Economic Corridor” took place in Yangon on Friday with a slogan “Gather Together, Win the Future”.

It is organized by China-Myanmar Economic Cooperation and Development Promotion Association (CMECD) with the aims to brace the business relationships between Chinese and Myanmar enterprises.

Last year, Myanmar signed MOU with China to agree for the establishment of the China-Myanmar Economic Corridor (CEMC) as part of One Belt, One Road initiative. The two governments agreed to team up on many sectors including infrastructure construction, agriculture, economic zones, digital economy, tourism, finance, technology, telecommunications and human resources development under the MOU.

Union Minister, Ministry of Investment and Foreign Economic Relations (MIFER), Thaung Tun said “We are striving to meet the goals of our agreements under the MOU. In order to promote foreign direct investments, we are also carrying out the new standard operating procedures of Myanmar investment sectors. We also aims to give online one-stop services to the investors for smooth investment process. We also work to create a better investment environment that benefits to the country, citizens and investors. In Myanmar, basic infrastructure still remains a challenging sector as a developing country. But the challenging sector may be the best opportunity for the investors to invest in our country. So we always welcome any investors and ready for a hand.”

According to a new report by the Asian Development Bank (ADB), Myanmar’s economic growth is expected to lift in 2019 and 2020 because of the government economic and policy reforms and positive responses to the higher foreign direct investment. The Asian Development Outlook (ADO) 2019 forecasts Myanmar’s economy to grow 6.6% by the end of 2019 and 6.8% a year later.

Member, CMECD said “Chinese investors are now keen interest to invest in Myanmar’s infrastructure, manufacturing as well as real estate sectors. Thanks to the efforts of Myanmar government on the economic and policy reforms, Chinese investors still haven’t face any problems on the investment process when they come to invest in Myanmar. Our CMECD will play as a bridge for investment, cooperation and exchanges between China and Myanmar enterprises.”

According to the Directorate of Investment and Company Administration (DICA), China ranks the 2nd largest foreign investor among 49 countries with over 25 million USD worth investment in Myanmar.

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