NAY PYI TAW - This afternoon the Union Ministry of Investment and Foreign Economic Relations joined with Norway, Switzerland, the European Union, the OECD, and many other international and domestic partners to launch a Second Investment Policy Review as part of a High-Level National Conference on Responsible Business Conduct.
Delivering the keynote address, H.E. U Thaung Tun, Union Minister of Investment and Foreign Economic Relations made clear:
“Responsible investment represents a cornerstone of this government’s vision – a vision of an economy and a society that works for everyone – that benefits the MSME on a street corner in Mandalay just as much as the big multinational up in the twin towers of Myanmar Plaza.”
This Second Investment Policy Review provides the government with in-depth analysis together with a set of comprehensive policy recommendations designed to help lay the foundations for a new investment regime and quality labor standards, and with it, a new era of quality, responsible investment into Myanmar.
Coming six years following the publication of the 1st Investment Policy Review, the OECD and partners used the opportunity to take stock of the significant progress Myanmar has made in the interim.
Mr. Stephen Thomsen, Head of the OECD's Investment and Sustainable Development Unit made particular reference to the ‘almost unprecedented’ degree of statutory liberalization Myanmar has achieved in just five years as well as the rapid progress made toward simplifying the process of starting a business, rising from 170 to 70 on the World Bank’s Ease of Doing Business Index in just 4 years.
The Union Minister also drew attention to Myanmar’s progress while noting that the country was now primed to go further, stating:
“Environmental protection standards, responsible business conduct, and corporate social responsibility, respect for human rights, responsible sourcing practices within supply chains, and decent work for fair wages – all are now embedded within our national reform agenda thanks to the IPR process.”
H.E. Ranieri Sabatucci, Ambassador of the European Union to the Republic of the Union of Myanmar welcomed the launch of the Second Investment Policy Review agreeing that:
“It shows Myanmar’s commitment to engage in meaningful structural reforms of the business regulatory environment and hence to attract quality investment.”
This second Review takes stock of recent achievements and assesses remaining challenges in selected policy areas for nurturing an enabling responsible business environment and ensuring benefits are shared with society at large. The Review also places a strong emphasis on the impact and on how foreign investment can help Myanmar achieve the Sustainable Development Goals and improve the lives of the people of Myanmar.
In this regard, the Union Minister made specific reference to the need for a greater focus on gender equality, stating:
“Myanmar is actively committed to achieving the Sustainable Development Goals by 2030. In this context, we are aware that women’s economic empowerment will be critical - not only for the achievement of gender equality but also because it underpins the achievement of other goals.”
The Union Minister also highlighted the link between ensuring access to electricity and responsible investment by re-stating the government’s commitment to connecting every household to the national grid by 2030, including by:
“…leapfrogging carbon-based energy strategies with a continued commitment to green growth, including off-grid renewable energy, and with the effective and consistent implementation of environmental impact assessments - ensuring projects that fully comply with environmental laws, regulations, and management plans.”
Participants agreed that Myanmar’s reform momentum must be sustained and deepened for the benefits of recent investment climate reforms to be shared widely and for growth to be environmentally sustainable.
The Union Minister echoed this sentiment stating:
“We will need to build back better, and we must do so with a sense of urgency. Other countries are not waiting around for us to catch up.”
The event was attended by over 400 individuals, including H.E. U Bharat Singh, Deputy Minister of Investment and Foreign Economic Relations, members of Myanmar Investment Commission, U Aung Naing Oo, Permanent Secretary of the Ministry of Investment and Foreign Economic Relations, U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration, departmental officials, representatives from the UMFCCI, international organizations and the media.
OECD Investment Policy Reviews present an overview of investment trends and policies in the countries reviewed. This can include investment policy, investment promotion, and facilitation, competition, trade, taxation, corporate governance, finance, infrastructure, developing human resources, policies to promote responsible business conduct, investment in support of green growth, and broader issues of public governance.
The 2020 Myanmar Investment Policy Review can be found in Myanmar and English languages at the link below:
http://www.oecd.org/publications/oecd-investment-policy-reviews-myanmar-2020-d7984f44-en.htm
