The outreach was supported by the DaNa Facility and the International Trade Centre (ITC), and funded by the UK’s Department for International Development.

Addressing the business audience, Magway Region Chief Minister U Aung Moe Nyo highlighted the importance of the Myanmar Business Environment Index and said the index provides “the clearest picture to date of the state of local economic governance in Myanmar.”

He said that the administration sees growing foreign and domestic investment in the states and regions as a critical element of “inclusive growth” in the poorer areas and a key factor contributing to Myanmar’s “inclusive development”.

In response, the authority has “increasingly focused on improving business environments in the states and regions”.

“The government is actively putting in place a strong enabling environment for investment and the infrastructure to generate growth. But it is the creation of a vibrant private sector that turns investment into jobs and poverty reduction.

“We will also demonstrate the growing awareness of the newly-formed state and region investment committees on the promotion and facilitation of foreign and domestic investment. This includes the decentralisation of investment promotion functions in the new Myanmar Investment Law and the establishment of an environment conducive to enhanced investment at the state and region level,” he told investors.

The DaNa Facility and ITC teams coordinated panel discussions where senior officials from several states and regions pitched business opportunities. Meanwhile, an exhibition area hosted display booths that promoted investment opportunities in the different states and regions.

State and regional authorities are increasingly looking to attract more investment in recent years. Nay Pyi Taw has also signalled an investment push beyond major cities like Yangon and Mandalay.

The chief minister referenced the Myanmar Business Environment Index, the Myanmar Financial Inclusion Roadmap and the Roadmap Strategy Action Plan, which was carried out by the DaNa Facility jointly with the United Nations Capital Development Fund. The latter two provide detailed reports on financial conditions in each of the states and regions.

The Asia Foundation has published the first Business Environment Index (MBEI) for Myanmar, with the support of the DFID. The index is based on a nationwide survey of 4874 companies – many of them small and medium-sized enterprises – in services and manufacturing industries and represents the voice of the private sector across the country. It measures 10 components of good economic governance and provides data and analysis which policymakers may use when reforming the business environment.

The MBEI, measuring transparency in government activities, complements the Pwint Thit Sa (Transparency in Myanmar Enterprises) report conducted by the Myanmar Centre for Responsible Business, which monitors the level of corporate disclosure to the public.

“To achieve private sector growth and guide future reforms to the business environment, the government developed and adopted a Private Sector Development Framework and Action Plan aimed at a coherent, high-level approach for Myanmar’s private sector agenda,” Chief Minister U Aung Moe Nyo said.

Source: https://www.mmtimes.com/news/states-and-regions-woo-investors-nay-pyi-taw-forum.html