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Investment & Business: Investment Promotion Committee Holds Its 2nd Meeting

28 November 2019
11750
2019-11-28 16:39

The Investment Promotion Committee (IPC) held its 2nd meeting in Nay Pyi Taw, Thursday.

The meeting aimed to discuss policies and procedures on investments, measures on basic infrastructure development, systems relating to the businesses, measures on development of local businesses and human resources development for boosting the country’s investment sector.

Union Minister for Investment and Foreign Economic Relations and Chairman of the Myanmar Investment Commission (MIC) U Thaung Tun gave an opening remark at the meeting. At the evening the Union Minister highlighted on drafting polices and systems relating to the investment based on Myanmar Sustainable Development Plan (MSDP) and Myanmar Investment Promotion Plan (MIPP) for the country development. The investment promotion plans are being drafted in Regions and States based on their strength and challenges. The Union Minister added that based on the plans, boosting productivity of the State will be carried out and the small scale enterprises need to prioritize on manufacturing of sufficient products that are requirement for the State and exporting the products.

According to the World Bank’s 2020 Ease of Doing Business Report, Myanmar improved its ranking by six positions, coming in 165th place out of 190 countries on the index and it is set the reach the top 100 of the index in 2020.

Union Minister, MIFER, H.E. Thaung Tun said “It is targeted to reach Myanmar at ranking between 100 of the index for the Ease of Doing Business in 2020. Currently, Myanmar ranks at the 4th among ASEAN countries for ensuring ease of doing business. According to Ease of Doing Business 2020 by the World Bank, Myanmar ranked at 165th out of 190 countries and moved up six places in compared with the previous year. Moreover, Myanmar was listed among the top 20 most-improved countries. Especially, Myanmar scored significantly in starting a business index and protecting minority investors among the 10 indicators of the world bank.”

Officials from Directorate of Investment and Company Administration, the Investment Promotion Committee, the working groups for the implementation of polices on investment, boosting investments, basic infrastructures development, systems relating to businesses and human resource development joined the meeting.

 

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