Chu Van Anh
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IFC Works with Myanmar Government to Generate Investment and Improve Business Environment
Naypyidaw, Myanmar, December 20, 2013—IFC, a member of the World Bank Group, today signed a memorandum of understanding with Myanmar’s Ministry of National Planning and Economic Development to support its efforts to improve the country’s investment policy and regulation framework. This will make it easier to do business in Myanmar and help stimulate domestic private sector growth and attract sustainable foreign investment.
IFC will work with the ministry on a new investment law and regulations to improve protection for both foreign and domestic investors and streamline investment approval procedures to promote a business enabling environment. By combining the two existing separate laws for local and foreign investors, the new law aims to create a level playing field for all businesses.
“The cooperation with IFC will help accelerate our continued efforts to create a more business-friendly environment for both domestic and foreign investors,” said U Aung Naing Oo, Director General of the Directorate of Investment and Company Administration, Ministry of National Planning and Economic Development. “We will be able to enhance our own investment policy and business regulations through this cooperation and hope to learn from international best practices.”
IFC will also help Myanmar implement investment climate reforms in top priority areas, including promoting a public-private dialogue platform to facilitate the reform process.
“Together with the World Bank, IFC is supporting the government’s economic reforms aimed at strengthening the private sector as a key driver for economic growth and employment in Myanmar,” said Vikram Kumar, IFC Resident Representative for Myanmar. “Improving Myanmar’s investment policy and strengthening the regulatory framework will encourage private sector investment and increased competition within Myanmar as the country becomes more integrated with ASEAN and the rest of the world.”
IFC is supporting the government’s market-oriented reforms by providing advisory services and investment to strengthen the private sector. This will create investment opportunities and jobs that will benefit the population and lead to greater shared prosperity. IFC is also working with the government and financial sector to improve access to finance for small and medium enterprises and to increase financial inclusion through microfinance. Efforts are also underway to assist with private sector involvement in infrastructure, with an initial focus on the power and telecommunications sectors.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org
Dec 20, 2013