Rakhine State Govt holds press conference on Investment Fair

A PRESS conference was held at the Jasmine Palace Hotel in Yangon yesterday concerning the Rakhine State Investment Fair 2019, which will be held at the Jasmine Palace Resort Hotel on Ngapali Beach in Thandwe Tsp, Rakhine State from 21 to 23 February.

In his opening remarks, Rakhine State Chief Minister U Nyi Pu said, “The geography, allocation of land and water bodies, and the presence of natural resources make it a good foundation for developing the nation. Our proximity with the Bay of Bengal also makes it a strategic location. There are a lot of opportunities for us. We have abundant rivers, streams and flatland, and also forests and mountains. This is why we need to bring in more investors because there are so many prospects.”

Rakhine State’s location near the Bay of Bengal makes it an economic proxy between China, India and ASEAN countries.

The Chief Minister also said, “We already have a long-term socioeconomic development strategy ready. It was designed with the aid of international diplomats and experts. The State Counsellor has also given approval. There are six main sectors in the strategy: agriculture and livestock, fishery, eco tourism, capacity building, transport and communication, and small industrial enterprises and industrial development.”

The Rakhine State Investment Fair 2019 is led by the State government with guidance from the Union government and major cooperation from JICA and JETRO, said state minister U Kyaw Aye Thein. He said, “Ethnic entrepreneurs are also involved. I think about a hundred companies are coming to the fair. We will also hold a second press conference. We will also cooperate with the Rakhine Federation of Chambers of Commerce and Industry, which is under the UMFCCI”.

When asked about the issue of stability in the State for investment, U Nyi Pu replied, “It’s not the entire state that is undergoing instability. Places like Ngapali and southern Rakhine are very calm and stable and suitable for investing for development. The issues concerning Rakhine State are occurring only in Maungtaw District’s Maungtaw, Buthidaung and Yathedaung townships. If you invest in developing the entire Rakhine State then those small areas will eventually become more stable and follow the trend to development. Don’t see only the small area and miss the entire State. Use them.”

In the current government administration, there are 17 foreign companies investing in Rakhine State. There are 12 in hotels and tourism, one in construction, three in livestock, and one in oil and natural gas. Foreign investment from 2000 to 2016 amounted to US$9 billion, with the most investment put into oil and natural gas.

U Kyaw Hlaing, Chair of MSR, replied to the motive behind organizing the first investment fair in the State. He said, “Our aim is to help investment pour into Rakhine State. The local people will have increased job opportunities and the local companies will gain capital, technology, and market access through the investors.”

Rakhine State ranks the third least developed zone in the country. Licensed companies coming to invest in Rakhine State will be granted 7 years of tax exemption. The State government will also help companies signing MoUs at the fair to acquire the land needed for running their businesses within the legal time limit of one and a half month.

State minister U Kyaw Aye Thein said “There will also be three discussion programmes. One will involve people from the government sector, another will involve only Japanese business people, and another will involve the private sector discussing about the Kyaukpyu Special Economic Zone and the Kaladan River All-round Development Project. The important thing is for companies wishing to invest in Rakhine to sign MoUs. We have acquired preliminary agreements with three companies. If the discussions go well we will sign the MoUs with them and other companies willing to invest. And finally, on the third day, we will take everyone on a tour around the locations ripe for investment.”

(Translated by Zaw Htet Oo)

By Nyunt Ko Ko

Photo: MNA

Ref; The Global New Light of Myanmar