President U Htin Kyaw has called on local authorities to focus on projects that advance the government’s 12-point economic plan.
Speaking at a meeting called by the National Planning Commission, the President urged state and regional governments to pursue big projects, so long as they could be carried out without putting strain on public funds, the Xinhua news agency reported.
The meeting was called to discuss the country’s national plan for 2017-18, which was drawn up by the Ministry of Planning and Finance.
State Counsellor Aung San Suu Kyi, who is also Deputy Chairperson of the Commission, said it was very important for her government to be flexible about “criticisms and suggestions from parliament” and that projects drawn by the government should not “be implemented according to the attitude that they are all correct and precise.”
She added: “The first priority is that projects must benefit the country – and for that to happen, we must cooperate with each other.”
The NLD’s 12 point, economic policy paper, revealed in July last year, lists attracting foreign direct investment, improving infrastructure and developing the agricultural sector among its main priorities.
New rules and regulations for an investment law passed in October are expected to give clarity on which areas within states and regions will offer special incentives to attract investors.
The vast majority of foreign investment money in recent years has flowed into Myanmar’s major commercial hubs, while most peripheral states and regions have seen little benefit.
Myanmar’s GDP is expected to grow 6.9 percent this year, according to World Bank figures. President U Htin Kyaw noted at the meeting that Myanmar’s economic growth slowed in the first half of this fiscal year, due mainly to a slump in agricultural production, foreign investment and exports.
Source: Myanmar Business Today
