Investment Potential in Irrawaddy Region Pushed by Chief Minister
By Salai Thant Zin 3 December 2018
PATHEIN—Irrawaddy Region’s chief minister has promised to provide his best support for investors in the region.
Speaking at the Irrawaddy Region Investment Fair held on Friday and Saturday to attract local and foreign investors, Irrawaddy Region’s chief minister U Hla Moe Aung invited local and foreign investors to invest there, saying that there are a wide variety of investment opportunities in the region ranging from the deep sea port, oil refinery, oil and mineral mining, agriculture and livestock, property development and hotels and tourism.
“The regional investment commission will simplify the procedures for local and foreign investors in line with the Myanmar Investment Law [in order] to boost investment in the region. In particular, we will give priority to livestock and agriculture,” said the chief minister.
The investment fair was jointly organized by Japan International Cooperation Agency and the regional government and took place on Nov. 30 and Dec. 1.
Over 350 people, including potential investors from Asia and Europe, local businessmen, foreign diplomats and economists, attended the fair.
The regional government, through its investment commission, clarified potential business opportunities in the region during the fair. Since the commission’s formation in July 2017, it has approved foreign investments worth $12.25 million, according to the regional government.
Meanwhile, local businesspeople invested nearly $33 million in 16 businesses during the same period, and over 3,100 jobs were created.
Several countries, including Hong Kong, China, South Korea, Japan, Singapore, France, India, Malaysia and Luxembourg are investing in the region through 12 garment factories, an offshore supply base, oil and gas exploration and electricity among others.
“I believe that such expos will contribute to the national economic development,” said U Tint Swe, executive director of MRPL oil and gas company which operates in Irrawaddy Region.
“But there is a problem with transportation in Irrawaddy. Pathein is just some 100 miles away from Yangon but the roads are not good. Similarly, the roads from Pathein to the project sites are also not good. If transportation improves rapidly, the region will develop more swiftly,” he told The Irrawaddy.
The fair was attended by Myanmar’s commerce minister, officials of the Myanmar Investment Commission, and the government’s team of economic advisors.