Invest Myanmar Summit

CDC’s Country Representative for Myanmar, Thiri Thant Mon, and General Counsel, Mark D. Kenderdine-Davies, attended the inaugural Invest Myanmar Summit in Nay Pyi Taw, Myanmar’s capital on 28-29 January 2019. It was Myanmar’s first official national investment conference, a collaboration between national, regional and state governments and Myanmar’s private sector. The two-day event was attended by over 1,600 international and local delegates, and 40 exhibitor companies. Nearly 200 national and regional projects were on display with a total investment value of US$20 billion.

Myanmar’s leader Aung San Suu Kyi opened the Summit by stating, “In recent years, we have undertaken a number of reforms, some major and obvious, some more subtle but, in their own way, equally significant. All are primarily focused on updating the regulatory and legal environment aimed at developing a market-based economy which targets inclusive economic growth. Necessary structural reforms have also been made to boost Myanmar's development through greater integration with the global economy.” She also reaffirmed the government’s commitment to facilitating foreign direct investment, saying, “I stand here to reaffirm our commitment to continue our reforms and to build an investment-friendly environment.”

Many of Myanmar’s key reformers presented at the Summit. One of the key features was the launch of the new national level project bank, containing key infrastructure projects that have been pre-screened and approved by Nay Pyi Taw. Ten out of 14 states and regional governments also presented their regions and key projects.

Thiri observed that “the Summit was a game changer for Myanmar. It is an extremely positive sign that the NLD government is taking the economy seriously after focusing on other efforts such as peace since coming to power in 2016. It was also great to see all the states and regions compete for investment and understand that investment is essential for development.”

“It was an impressive, well-coordinated performance”, said Mark, “the Government has been criticised for not focusing on economic growth, particularly the role played by the private sector. They are making amends. The legal and regulatory changes highlighted by Aung San Suu Kyi and her ministers have been well received by investors. If implemented quickly, I foresee the country climbing the World Bank’s [Ease of] Doing Business Index rapidly, which can only be a good thing. Given the nature of the Summit, I listened carefully to references to events in Rakhine State. The official line continues to be that the issue will only be resolved through the efforts of the Bangladeshi and Myanmar governments with international support. The Government emphasised the importance of inclusive economic growth in the region and encouraged investors to visit the region for themselves and see what role they can play in its regeneration. The governments of and businesses from China and Japan are expected to play a significant role in this initiative.”