Authorities aim to strengthen investment facilitation in related ministries

The Ministry of Investment and Foreign Economic Relations has pledged to strengthen investment facilitation in related ministries.

Speaking at a training workshop in Nay Pyi Taw, U Aung Naing Oo, the ministry’s permanent secretary, stressed the importance of investment facilitation and the role of all investment-facing government agencies in the process.

“Investment promotion and facilitation are two sides of the same coin. In particular, without facilitation, there will be no effective investment promotion,” he said.

“The Myanmar Sustainable Development Plan highlights the importance of investment in enhancing socio-economic development, reducing poverty and creating employment. Facilitation, involving coordination, harmonisation and synchronisation, is critical to achieve our investment attraction plans and targets.”

The one-day workshop, which focuses on investment promotion and facilitation, was organised by the Myanmar Investment Commission and Directorate of Investment and Company Administration (DICA) in collaboration with the UK-funded DaNa Facility.

The event attracted over 50 officials from 16 government agencies, providing the officials with an understanding of the requirements of foreign investors, the often negative impacts of bureaucratic rules and regulations on investors, and ways to support DICA in responding to them. Other similar workshops will be held in Yangon and Mandalay later this month.

Participants also reviewed recent developments in responsible and inclusive business, in financial inclusion, in states and regions business environments, and in Private Sector Development (PSD). These developments will strengthen the enabling business environment and empower the private sector to create jobs and improve the incomes of men and women in Myanmar, especially the poorest people in the remoter areas of the country. Building on the competitive strengths of the states and regions, attracting responsible and inclusive businesses can play a critical role in underpinning the economic strength and social well-being necessary to support national security and peace.

“We know that there are many ways in which private sector activities can benefit society and the poor,” said DaNa Facility senior technical adviser Peter Brimble.

“An important element of this involves the kind of support to investment and business environment improvement that we are implementing here today. This innovative investment promotion and facilitation workshop is a critical element of the government’s overall approach to private sector development.”

Source: Myanmar Times

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