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Yangon Region unveils priority projects for investment, eyes sustainable urban development

2018-05-17 11:50

YANGON, Myanmar, May 17, 2018 /PRNewswire/ -- More than 1000 local and international investors took part in the Yangon Investment Forum 2018 (YIF 2018) last week. Showcasing Yangon as a leading investment destination in Asia, the event was organised by the Yangon Region Investment Committee (YRIC) and the Directorate of Investment and Company Administration (DICA).

Commenting on the event, Yangon Region Chief Minister H.E U Phyo Min Thein said, "We are delighted with the response. Yangon is the economic epicentre of Myanmar and the potential for growth here is tremendous. What many consider as challenges, we see as opportunities."

Attendees include business leaders from Myanmar enterprises as well delegates from around Asia, North America, Europe and the Middle East. Asian investors made up more 80 per cent of the international delegates led by China (27%), Singapore (11%), Thailand (11%), South Korea (6%) and India (5%).  

The Chief Minister unveiled priorities in five key sectors namely industry, trade &logistics, transportation and sustainable urban development. Major projects that are open for investment include a deep sea port, an integrated logistics zone, new special economic zone, and the New Yangon City Project.

He also highlighted investment opportunities in the areas of public transportation, including the development of inland water transport jetties, further improvements to the public bus and railway infrastructure, and building a central urban traffic management system to ease road congestion. Fresh investments in power & energy, including renewables were likewise regarded as priority.

"Building a smart, sustainable Yangon is part of our vision. We are committed to promote a green economy and encourage those that are keen to seize investment opportunities in Yangon to forge partnerships towards responsible and inclusive growth," Chief Minister H.E U Phyo Min Thein added.

From FY 1988-1989 to 2017-2018, there were 64517 total registered businesses in Myanmar, 69 per cent are in Yangon, according to the Myanmar Investment Commission. From FY 1988-1989 to 2017-2018 there were 845 foreign investment enterprises amounting to USD billion 20.28 in investment; and from FY 1994-1995 to 2017-2018, there were 585 Myanmar enterprises amounting to kyat billion 6990.22 in investment.

Home to seven million people, Yangon is a booming consumer market with the population expected to increase to 10 million by 2030. As a manufacturing hub, it accounts for 73 per cent of the country's total manufacturing investments. Yangon is the headquarters of major companies, as well as banks and financial institutions; and its ports handle 90 per cent of the country's total imports and exports.

YIF 2018 is held in partnership with main sponsor Myanmar Investors Development Association (MIDA), co-sponsor Republic of the Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI), and with support from technical consultants German Cooperation through GIZ, PwC Myanmar and Novotel Yangon Max Hotel.

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Source: Yangon Region Investment Committee
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