YANGON — The Yangon Region Investment Committee hopes to boost foreign investment through an upcoming investment forum that is slated for May 9.
Yangon Chief Minister U Phyo Min Thein, who also chairs the Yangon Region Investment Committee, told reporters at a press conference on Friday that the country’s commercial capital has a high potential for investments.
He said there are plenty of opportunities up for grabs in Yangon including industrial zones, city expansion, housing projects and other development projects.
About 300 foreign and 200 local investors are expected to attend the forum, which is organized by the Yangon Region Investment Committee (YRIC) along with other partners.
The forum will take place at the Novotel Yangon Max Hotel.
U Myo Khaing Oo, secretary of the YRIC, said he expects the forum will attract a lot of foreign investment.
The committee approved 40 foreign and 9 local businesses in the manufacturing sector and other service sectors with a total pledged amount of US$59 million and 23 billion kyats, from August, 2017 to April 11. Those approved 49 businesses are expected to create some 22,000 local job opportunities.
The officials said that the forum will provide information on company registration, regulations, tax exemption, investment application procedures and other investment opportunities to facilitate easy access for investors.
“For this year, our expectation is rule of law and a clean city, as well as boosting the city’s economy,” chief minister U Phyo Min Thein said.
He pledged the conservation of city heritage and environmental protection along with the economic developments.
The chief minister said the committee will hold the investment forum annually.
