25-06-2012 17:10 Myanmar
Myanmar urges for more foreign investment
YANGON, Myanmar (NNN-Bernama) -- Myanmar official media Monday called on foreign entrepreneurs to help Myanmar and come to invest more in the country, saying that foreign investment could help Myanmar rise above the poverty, China's Xinhua news agency reported.
"Facilitated by sweeping reform being initiated by the reformist government in office, it has held wide chances of becoming the Asia's latest economic frontier," said the editorial of the New Light of Myanmar.
"Following the lifting of most economic sanctions against Myanmar, foreign investors are packing their suitcases to visit the Southeast Asian country in pursuit of business prospects," the editorial also said.
An amendment bill to decades-old foreign investment law, drafted by legal professionals and economists, is poised to be discussed and passed in the next parliament session due to start on July 4.
Once the legislation is approved, the international businessmen will flood into the country and set foothold in the country, it predicts.
Parliament members, who will discuss the law, have prioritised the profit of the people, ensuring that the law to be prescribed could stimulate the interest of the multi-national corporations to invest in Myanmar and create a favourable investment climate, it said.
The editorial cited the recent holding of the New Myanmar Investment Summit in Yangon as saying that it has attracted hundreds of global investors, signaling a surge of excitement to set up their businesses in Myanmar.
The foreign direct investment could generate a large number of employment opportunities to the country's young workforce whose previous option for decent jobs is other Asian countries, it pointed out.
Noting that Myanmar also has the experienced workforce who are employed in the neighboring economies. The editorial said for the corporation, they could profit from the young and experienced labor and rich resources.
"The country will get necessary infrastructures from the investment as well. It is a win-win situation," the editorial added.
Observers here said both President U Thein Sein's domestic reform measures and opposition leader Aung San Suu Kyi's play of role in the international would prompt the unprecedented inflow of foreign investment in the country in the near future in the interest of the people and help boost the national economy.