Ayeyarwady, Shan advance investment promotion plans

Myanmar is broadening the options for businesses to invest in the country, having recently permitted investors to branch out beyond Yangon and
Mandalay and into the country’s other states and regions despite COVID-19.The Ayeyarwady Region Investment Committee this month permitted investments in hotels and tourism, manufacturing and construction worth around US$5 million and K3.2 billion to take place in the region, according to the Directorate of Investment and Company Administration.

The projects are expected to create more than 2000 jobs. The committee has so far endorsed 35 local and foreign investments other sectors including transport and
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Meanwhile, Shan State will move forward with a 10-year investment promotion plan for fiscal 2019-20-2030-31, according to the Shan State Investment Committee.
The aim of the plan is mainly to further development of the Shan State economy by employing a higher proportion of the workforce, installing necessary basic
infrastructure and enabling the provision of services that can support investors and businesses.U Soe Nyunt Lwin, Shan State Minister for Planning and Finance, said the regional government is inviting local and foreign investors to invest in agricultural sector.He said Shan State is one of the top destinations in which to invest in the sector due to the climate and terrain.

The Shan State Investment Promotion Plan (SSIPP) will serve as the regional government’s central roadmap to promote domestic and foreign investments in Shan
State. Under the plan, the regional government aims to raise foreign direct investments in Shan to US$1.4 billion by 2025 and US$2.3 billion by 2030.
It plans to raise local investments to K1.7 trillion by 2025 and K3.4 trillion by 2030.

The state attracted US$780 million worth of FDI in fiscal 2018-19, according to the Shan State Investment Committee. Most of the foreign investments are
channeled into the power sector, representing around 70pc of total FDI in the state.
In Shan State, foreign investors have channeled funds into the power, manufacturing, hotels and tourism, mining, and agriculture are the main sectors.
Under the SSIP, the regional government plans to draw more investments into agriculture and livestock, small-scale production businesses, service providers,
infrastructure, energy and high-tech industries are the top priorities.

Despite Shan State having an abundance of natural resources and a young workforce, the state has been unable to progress due to the lack of skills, infrastructure and a functioning market system, the plan said. Among the reasons for that is unstable conditions in the region and at the border areas.

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Source : Myanmar Times

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