Promoting the economy through international relations

 DURING her official visit to the Federal Democratic Republic of Nepal, State Counsellor Daw Aung San Suu Kyi discussed maintaining close relations, cooperation, promoting trade, implementing peace, and other matters at the Nepal Chamber Expo 2018, in meetings with leaders in Nepal, and at the Asia Pacific Summit 2018.

The State Counsellor, during the Nepal Chamber Expo, cordially invited Nepal’s business community to invest in Myanmar and explore business opportunities here that will benefit both countries. “We have to strike the right balance between stability and development which are interdependent.

Both are indispensable if we are to reach our political goal of establishing a democratic federal Union and lay a firm foundation for sustainable development,” she said.

“To this end, we have adopted a National Economic Policy which is inclusive and people-centered. We have also laid down an economic framework that will support the long-term conservation and fair allocation of natural resources among all States and Regions. Healthy growth is equitable growth that will act as a strong, unifying force,” she added.

To create a more attractive, investor friendly environment, the Myanmar Investment Law was enacted in October 2016, she said adding, the law simplifies the process for investment applications, provides incentives, guarantees protection for business ventures, and a more transparent, more liberalized, and a more protected investment environment.

The Government recently established the Ministry of Investment and Foreign Economic Relations, which will play a pivotal role in creating business opportunities, encouraging local and foreign investments, and coordinating all- round economic cooperation with regional and sub-regional organizations.

Myanmar has seen increased foreign investments in recent years. There were over a thousand foreign investment ventures in the period between 1988 and the new government’s assuming office, which brought in over US$63 billion. In just two years since the new administration took office, the number of foreign investors have risen by 360 and investments have increased by $12 billion.

As of September 2018, bilateral trade between Myanmar and Nepal totalled $2.866 million. Myanmar exports agricultural and forest products, hardwood, and veneer to Nepal and imports consumer goods. It is heartening to know that ten Nepalese companies have registered with the Myanmar Investment Commission as of March 2018.

This sentiment was echoed by the State Counsellor during her visit to Nepal. “Of course, there is a lot of room for further economic cooperation between our two countries. Understanding and friendship between our two countries has been steadfast for many decades. The similarities in culture, tradition, and experiences will enable us to enhance people-to-people contact, which will subsequently bring together not just our people but also our business interests.”

Thus, we can clearly see that Myanmar is undergoing transparent economic transitions in which negotiations and interconnectivity between the Union government and countries within the region and outside will help turn around the country’s economy for the better.

Ref; The Global New Light of Myanmar