Manufacturing summit to lure more FDI

 

The Myanmar Investment Commission (MIC) says it is looking forward to a major increase in activity with the expectation of between US$4 billion and $5 billion by 2015. 

To entice more foreign direct investment into the country, the Ministry of Industry has endorsed the hosting of Myanmar Manufacturing Summit during May 26-27, which will be participated by investors from 15 countries, according to the Singapore-based organiser, Centre for Management Technology (CMT).

Maung Myint, Union Minister of Industry, will give an opening address. Officials from the Directorate of Investment and Company Administration (DICA), Ministry of Commerce and various ministries plus major manufacturers from the garment, industrial, packaging industry will share insights on challenges and opportunities in the thriving Myanmar manufacturing sector.

A delegation from the Ministry of Industry lead by DG as well as local Myanmar companies are also joining foreign delegates as they explore new opportunities and to tap on the summit as knowledge gateway in 'Transforming Myanmar into the next manufacturing powerhouse'.

Myanmar has been promoting itself as a manufacturing centre, thanks to the low cost workforce. It has developed new special economic zones for the purpose. Some Hong Kong textile companies have agreed to move some factories in the country.

According to CMT, the summit will explore opportunities and perspectives from global/ local manufacturers plus legal, economic and political aspects.

To highlight its commitment to promote more investment, the government also showed full support to the summit. 

To make presence felt at the event include Prof. Dr. Aung Tun Thet, the economic advisor to President's Office, and a member of the President's National Economic and Social Advisory Council and the MIC. He will share a comprehensive overview of 'Promoting an Investor Friendly Environment in Myanmar'.