27 Oct
Our country’s FDI – foreign direct investment target reached 98 per cent two months ahead of the end of the current fiscal year though the COVID-19 pandemic has hit our economy hard. This shows that our country is one of the few countries that achieved positive growth during the pandemic.
Despite COVID-19 challenges, we could maintain the current growth trajectory thanks to the several advances the country has made including a new online Yangon Building Permit System and the recent transition to an online tax payment system.
Despite facing many challenges and uncertainties, we could manage to weather the economic storm.
Meanwhile, Union Minister for Investment and Foreign Economic Relations U Thaung Tun pledged recently that Myanmar would continue taking bold steps to ensure that investors can secure an even greater number of permits and approvals online, via single-digital-windows.
This is just a small indication of what the country has planned. The country is considering other ambitious initiatives.
Reaching Ninety-eight per cent of the FDI target two months ahead of the end of the fiscal year shows positive signs for our economy amidst COVID-19. It also shows that many foreign investors still have a strong interest in investment opportunities in our country despite the pandemic-induced challenges. The IMF forecasts Myanmar’s growth at closer to 2 per cent – still placing us amongst a small handful of nations who will post positive growth this year. Thankfully, most forecasts suggest our rapid return to pre-crisis growth of 6 per cent plus in 2021.
To help our country’s economy regain its momentum as soon as possible, business activities need to be able to resume normal operations, and it depends on our efforts for mitigating the impacts of COVID-19.
Searching for innovative ways and new business strategies consistent with the COVID-19 health guidelines is a must to stay afloat during difficult times. Disruptions to global economic activity that resulted from the COVID-19 pandemic have negatively impacted foreign direct investment of the world’s countries. We are confident that the Myanmar Economic Recovery and Reform Plan (MERRP) will ensure that we remain on track towards achieving the Myanmar Sustainable Development Plan once the COVID-19 pandemic subsides.
Myanmar welcomes responsible, quality investment from wherever it may come and remains committed to providing a level playing field for all responsible investors seeking to do business, or to explore greener pastures in Myanmar.
