Myanmar's economy is expected to grow in coming years while the country's GDP is estimated to rise to 6.8 percent in 2020, Vice President Myint Swe quoted Asian Development Bank as saying.
The Vice President delivered an opening speech at the Myanmar EU Economic Forum held in Nay Pyi Taw on June 5.
"Myanmar enacted the Competition Law in 2015, the New Myanmar Investment Law in 2016 and the New Myanmar Company Act in 2017 to attract more foreign investment. Under the Company Act, companies are allowed to register online and more transparency and fewer restrictions are guaranteed. As a result, foreign investors will be able to own up to 35 percent of shares in a domestic company. Foreign companies are allowed to make 100 percent investment in a foreign-owned wholesale and retail company," said Myint Swe.
He added that the Ministry of Planning and Finance allowed five foreign companies to do business within the insurance sector on April 5, 2019.
He said such reforms aimed to boost Myanmar's economy in 2019 and 2020. He quoted the Asian Development Bank as saying that the country's GDP was 6.2 percent in 2018, and is estimated to rise to 6.6 percent in 2019 and 6.8 percent in 2020.
The Vice President said that the trade between Myanmar and EU amounted to US$1.27 billion in 2016-2017 fiscal year and increased by over US$800 million bringing the total amount to US$2.07 billion in 2017-2018 FY. The amount is likely to increase more in 2018-2019 FY, he added.
This is the third time Myanmar has hosted Myanmar EU Economic Forum which will discuss trade and EU investment, health innovation, sustainable health improvement system, seamless industry for garment business, traffic safety, transport, agro-based economy, energy, Myanmar's economic growth and ongoing economic development efforts.
