A Japanese businesses delegation has outlined a number of measures needed for Myanmar to foster more Japanese investment in a meeting with State Counsellor Aung San Suu Kyi in Napyitaw, state media reported.
The proposal, put forth by the Japanese Chamber of Commerce and Industry (JCCI), led by its chairman Akio Mimura, emphasized the need for infrastructure development and called for laws on investment and customs clearance to encourage Japanese companies to increase investments in Myanmar.
Myanmar needs to develop its power supply and transport infrastructure to attract Japanese investment, said Mimura.
The two parties also discussed the need for continued dialogue and cooperation on economics and trade between Myanmar and Japan.
A statement released by the Japanese delegation after the meeting said the proposal to Suu Kyi’s government includes publicising master plans and credible schedules to achieve a stable supply of electricity and efficient transportation and logistics, improving investment, trade, and customs-related regulations, and immigration systems.
Suu Kyi showed high regard for the proposals and indicated she will work towards their implementation, said Mimura.
The meeting with Mimura marks the first meeting between Suu Kyi and a Japanese business leader since she took office last April.
Japan, the world’s third largest economy, has invested heavily in Myanmar since before it began its democratic transition.
Japan maintained relations with Myanmar throughout the years of crippling sanctions placed on the junta by the US and European countries with Japanese businesses investing heavily in Myanmar’s manufacturing industry in the late 90s and 2000s.
In recent years, the Japanese government has dolled out billions of dollars of loans to Myanmar for national infrastructure projects as well as the country’s ongoing peace process. Last November, Japanese Prime Minister Shinzo Abe announced a $7.7 billion private and public sector aid and development package for Myanmar, coinciding with Suu Kyi’s visit to Japan.
More recently, Japan pledged an $824 million soft loan for five infrastructure which includes the up-grade of the Mandalay-Yangon railway and the Yangon Regional Water Supply project.
Source: Myanmar Business Today
