YANGON, March 18 (Xinhua) -- Myanmar is striving to attract investment in the western Chin state, stressing that private investment can help resolve the challenges of poverty and inequality and create a better social environment there.
Official media the Global New Light of Myanmar on Monday called for the endeavors in its editorial following the end of a two-day Chin state investment and product fair held in the former capital of Yangon, which was aimed at promoting investment and building up a network between foreign and local entrepreneurs to explore market opportunities for Chin products.
The fair was organized by the Myanmar Investment Commission (MIC) and the Chin state government.
The fair included investment seminars, business matching and product shows featuring Chin traditional costume, fruits and coffee.
Transportation difficulties and lack of adequate infrastructures such as electricity are the main challenges for Chin state in attracting investors, MIC Secretary U Aung Naing Oo said.
Due to its unique geographical location, Myanmar is in a position to serve as a bridge between India and China, besides acting as China's link to Southeast Asia.
Myanmar's strategic location on the Mekong-India economic corridor also supports the development of industrial zones and special economic zones along the corridor.
Investment opportunities in Chin state vary from huge projects to small-and-medium-sized enterprises (SMEs) in agriculture, livestock breeding, community-based tourism, hydropower, basic infrastructural development works and traditional weaving among others, officials said.
The local government is taking measures to upgrade the infrastructure as well as the private sector development framework. Enditem
to Chin state, lying on the strategic economic corridor between India and Myanmar, will have better and more concrete opportunities as bilateral trade increases.
The ongoing transport, communication and basic infrastructural works in the state also serve as investment opportunities.
Meanwhile, the government is making arrangements to upgrade the private sector development framework to help businesses overcome challenges.
The upgrade involves areas such as improving the legal and procedural environment; access to financing, supporting and increasing trade and investment; establishing basic human resources; and redefining the state's role in the trade and service sectors.
The economic environment of all the states and regions will be improved as part of a wide-ranging reform, the editorial said.