Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) Executive Committee Member U Htun Htun Naing said yesterday that a delegation from Myanmar will be visiting India for a three-day trip next week to promote Rakhine State as an investment destination.

He said this at an event to announce UMFCCI will be hosting the “Invest Myanmar Summit” in Nay Pyi Taw on January 28 and 29 next year.

The delegation to India will include the Rakhine state chief minister, senior state officials, and businessmen from Rakhine State.

“We want to invite more investments to be made in Rakhine State to promote peace. More jobs and economic opportunities are needed for the development of Rakhine State. As India and Rakhine are on either side of the Bay of Bengal, we prioritise India to promote Rakhine,” U Htun Htun Naing said.

Currently, beans from Magwe Region are exported to India via Yangon Port, but if they could be exported from Rakhine State, it would save time and cost since the distance from Sittwe to Kolkata is shorter than from Yangon to Kolkota, he said as an example of the trade possibilities between India and Rakhine State.

Besides agricultural products and livestock, another area that offers promise is tourism as India and Rakhine share cultural similarities, he added.

U Htun Htun Naing said all this is part of a larger effort by Myanmar to promote Kachin, Chin, Mon, Rakhine, Shan, Taninthayi, Yangon and Mandalay as destinations for investors from China, Hong Kong, South Korea, Japan, Thailand, Singapore, Australia, India, the UK and US.

He said sectors that offer potential for foreign investors include manufacturing, textile, power generation and distribution, tourism, education, value-added food products, health services, infrastructure, and real estate.

Source: https://www.mmtimes.com/news/efforts-raised-boost-rakhines-investment-potential.html