Myanmar drafts 30-year development plan

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Myanmar AgricultureThe Myanmar government is currently setting up the National Development Plan, which covers the country’s economic and social development over the next 30 years.

The plan includes strategies for poverty alleviation, human resource development, investment and trade sector development, industrial, financial sector and currency development and is – in the initial stage – financially supported by international organisations such as the World Bank, the International Monetary Fund and the Asian Development Bank, according to Khin Shwe, senator and member of national assembly in Myanmar.

The strategy focuses on five key areas during the development period, which are tourism, electricity and power generation, communication and transport, mining and natural resources, as well as property development. In the period up to 2017, the plan targets an annual average GDP growth of 7.7 per cent.

With regards to industrial development, the plan focuses on three special economic zones in Dawei, Thilawa and Kyauk Phyu. Other main investment destinations are Yangon, Myeik and Mandalay. In Yangon, the industries of interest are gems, teak, garments, fishery and tourism. In Myeik the focus will be on granite, palm oil, natural rubber, fishery and tourism. Mandalay, the country’s second major business destination after Yangon, is a good base for investors interested in gold, nickel, power generation, construction and tourism, Shwe said.

The largest investor by project value in Myanmar is currently China, followed by Thailand. Sector-wise, the largest portion of foreign direct investments went into power generation and transmission and in the oil and gas sector. Strong growth is also expected in the tourism sector.

Myanmar has recently issued a new foreign investment law, which – however – has been received warily by foreign investors as it leaves many open questions and much room for interpretation by Myanmar authorities.

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Reading Time: 2 minutes

The Myanmar government is currently setting up the National Development Plan, which covers the country’s economic and social development over the next 30 years.

Reading Time: 2 minutes

Myanmar AgricultureThe Myanmar government is currently setting up the National Development Plan, which covers the country’s economic and social development over the next 30 years.

The plan includes strategies for poverty alleviation, human resource development, investment and trade sector development, industrial, financial sector and currency development and is – in the initial stage – financially supported by international organisations such as the World Bank, the International Monetary Fund and the Asian Development Bank, according to Khin Shwe, senator and member of national assembly in Myanmar.

The strategy focuses on five key areas during the development period, which are tourism, electricity and power generation, communication and transport, mining and natural resources, as well as property development. In the period up to 2017, the plan targets an annual average GDP growth of 7.7 per cent.

With regards to industrial development, the plan focuses on three special economic zones in Dawei, Thilawa and Kyauk Phyu. Other main investment destinations are Yangon, Myeik and Mandalay. In Yangon, the industries of interest are gems, teak, garments, fishery and tourism. In Myeik the focus will be on granite, palm oil, natural rubber, fishery and tourism. Mandalay, the country’s second major business destination after Yangon, is a good base for investors interested in gold, nickel, power generation, construction and tourism, Shwe said.

The largest investor by project value in Myanmar is currently China, followed by Thailand. Sector-wise, the largest portion of foreign direct investments went into power generation and transmission and in the oil and gas sector. Strong growth is also expected in the tourism sector.

Myanmar has recently issued a new foreign investment law, which – however – has been received warily by foreign investors as it leaves many open questions and much room for interpretation by Myanmar authorities.

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