11 July 2019
At the month of April 2019, the most investing sector in Myanmar was Transport and Communications with 70% increase compared to at the month of March, according to DICA, Directorate of Investment and Company Administration.
Manufacturing was followed as the second most investing sector after Transport and Communications with 11 % increase. Moreover, the other major investing sectors such as Hotel and Tourism and other services were followed.
As the latest World Bank’s ease of doing business ranking showed that, Myanmar ranked 171 out of 190 economies in the world. This means, Myanmar’s ease of doing business ranking is getting worse compared to previous years.
Regarding to its concern, Ms. Cherry Trivedi, CEO of Myanmar Institute of Directors gave a remark that the responsibility lies in the government at first, and the responsibility also lies in businesses as well as individual.
When we are looking at the growth of Hotel and Tourism, 5 % rise of Foreign Direct Investment can be found.
At the month of April, there were altogether nine countries and region which were investing in Myanmar including Singapore, China, Hong Kong, Japan, Thailand, R.O.K, Marshall Island, Samoa and Brunei Darussalam.
Ms. Cherry Trivedi explained her findings on why Myanmar was ranked almost below in the World Bank’s ease of doing business ranking.
“We have created a massive progress in creating new law to make it easy to do business in Myanmar. But, what we don’t have is the educating the enforces and regulators that has to implement these laws, which are the government staffs and the officials. If that mechanism does not work, then the next time what happens is when the investors come in or runs the day-to-day business, the law and enforcement are not tied in. So, different information is dispersed differently. You hear different things from different people, if you want to work in Myanmar. That is what created Myanmar’s ease of doing business ranking low.”
Among the countries investing in Myanmar on April, Singapore stood at the top investor list with more than USD 1,500 million. China was almost USD 300 million, while Hong Kong was less than USD 250 million.
For Brunei Darussalam, it was USD 7 million, which can be considered as the first step of Brunei Darussalam investing in Myanmar. Looking back in the previous three months, Brunei Darussalam was not investing in Myanmar at all.
Ms. Cherry Trivedi, CEO of Myanmar Institute of Directors explained what we need to do to make the ease of doing business ranking improves.
“So, what do we need to do, we need to make streamline one stop shop and clear communications of our laws and our enforcement mechanism. We need to educate our civil staffs, our government staffs. We need to empower them to make those decisions, to enforce the laws, and to give one story, not different story.”