Land bank to go online

Myanmar’s land bank will be fully digitalised and online access given to investors applying for land on which to do business in the country,” said U Thaung Tun, chair of Myanmar Investment Commission.

Obtaining land is the main challenge for both local and foreign investors when they set up businesses in Myanmar.

The country is already making several economic reforms, and aims to accelerate the reforms, said U Thaung Tun, and the setting up of the online land bank is one of the priorities of the Ministry of Investment and Foreign Economic Relations.

The current economic reforms are of great help for the future economic development of the country. So, the country’s economy will surely improve, said U Thaung Tun.

Myanmar’s rank moved up from 171st to 165th on the Doing Business Report 2019 released by the World Bank due to the economic reforms.

“We welcome the government’s reforms for private sector development. Foreign investments are needed for the emerging market of Myanmar. The current reforms will contribute a lot to future development,” said Thomas Neisinger, the German ambassador to Myanmar. – Translated

Source : Myanmar Times

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