NAY PYI TAW, Jan. 28 (Xinhua) -- The two-day Invest Myanmar Summit 2019 kicked off here Monday to provide local and international investors with opportunity to explore investment potential in the country.
The event, jointly organized by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the Myanmar Investment Commission (MIC) and the Directorate of Investment and Company Administration (DICA), also serves as a platform for businesses to meet where regional government officials will showcase business potential in their own states and regions.
Over 120 regional and private business projects worth a potential value of over 3 billion U.S. dollars will be showcased at the summit, according to a press release.
Speaking at the opening of the summit, State Counselor Aung San Suu Kyi reiterated Myanmar's commitment to the realization of the Sustainable Development Goals, saying that the country has developed a comprehensive social, economic and environmental policy reform agenda, the Myanmar Sustainable Development Plan (MSDP), which provides a unifying and coherent roadmap for all future reforms.
The goals include focusing on peace and national reconciliation, macro-economic management, job creation and private sector growth, human capacity and social development, natural resources management and environmental protection.
Suu Kyi briefed on the government's active pursuit of a range of the Foreign Direct Investment measures in recent years after the government's coming into office including the introduction of the New Investment Law in 2016 and the New Companies Law in 2017.
She also spoke on the liberalization of the retail sector, the education sector, the development of Thilawa Special Economic Zone, and pledged to continue to strive for improvement of the investment climate amid many challenges.
UMFCCI President U Zaw Min Win said among projects open to investors in each state and region is the development of Myotha Industrial Park City in Mandalay region which will create 33,700 jobs in five targeted industries, namely infrastructure, labor-intensive industries like food and wood processing, capital-intensive industries like pharmaceutical and renewal energy production, consumer services and producer services like banking and finance.
Other highlights of the summit include the launch of the National Project Bank, a centralized database of key projects which will enable effective implementation of Myanmar's Sustainable Development Program.