Myanmar solicits more foreign investment<\/p>\n
BANGKOK (AFP): Myanmar is looking for more foreign investment
\nin the three key industries of agriculture, building and consumer
\nproducts to boost the domestic economy, a government official
\nsaid Friday.<\/p>\n
Daw Theingi Tin, the director of Myanmar's Directorate of
\nInvestment and Company Administration, said the country had many
\nincentives for investors such as tax breaks and helpful export
\nregulations.<\/p>\n
"To boost Myanmar's economy we need more investment from
\nforeign investors in agriculture processing, construction and
\nconsumer products," she told a seminar here on trade and
\ninvestment in Myanmar.<\/p>\n
The government had already relaxed its investment law for
\nforeign investors as part of measures aimed at helping Myanmar
\njoin the Association of Southeast Asian Nations (ASEAN), she
\nsaid.<\/p>\n
"Almost 60 percent of tariffs have been cut to zero-to-five
\npercent to attract the investors and to qualify for ASEAN
\nregulations," the official said.<\/p>\n
Theingi said Myanmar particularly needed investment in
\nagriculture, which accounts almost 80 percent of national income
\nand in related industries such as fertilizer and freezer
\nproduction.<\/p>\n
The second priority of investment was building and
\nconstruction because of the need for more basic infrastructure
\nfor the country's development, she said.<\/p>\n
"We have only one steel factory and one major cement plant,
\nwhich is still under construction," she said.<\/p>\n
The official said there was massive demand for the third
\ninvestment priority, consumer products.<\/p>\n
Myanmar had maintained economic growth at an average of six
\npercent for five years, she said, forecasting increased growth by
\nthe end of this year on completion of key infrastructure
\nprojects.<\/p>\n
According to Myanmarese government statistics, there have been
\n226 projects with 5.2 billion dollars of foreign capital invested
\nin Myanmar up to November this year since 1988 when Myanmar
\nopened its doors to foreign investors.<\/p>\n
Pairote Sompouti, assistant secretary-general of Thailand's
\nBoard of Investment said the liberalization of trade in Myanmar
\nhad attracted foreign investors.<\/p>\n
"Myanmar is one of the best countries in the region for
\ninvesting because of the low wages, plentiful natural resources
\nand huge domestic market," he said.
\nMany investors were concerned about the Myanmarese government --
\nwhich came to power in 1988 after a bloody crackdown against pro-
\ndemocracy demonstrators, he said.<\/p>\n
But Pairote said he believed the Myanmarese government was
\nstable and the situation should not detract investors.<\/p>\n
Myanmar's opposition leader Aung San Suu Kyi has called for
\neconomic sanctions to prevent investment which she says only
\nbenefits the ruling military and its associates.<\/p>",
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"sponsor": "Okusi Associates",
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