Yangon-------State Counselor Aung San Suu Kyi on the 29th Annual General Meeting of the Union of Chamber of Commerce and Industries (UMFCCI) held on December 20 said that despite there are challenges due to COVID-10 pandemic, Myanmar has good prospects in economy and economic development.

Although we are facing challenges due to COVID-19, there are good prospects in economy and economic development for our country. Asia, where our country is situated, is the region where rapid economic development takes place. When we said the word economically developed countries, most indicates that these are west countries. But, economic developments are really taking place in Asia. Progress has been taking place in Myanmar as it is one of the countries in Asia. It is due to labour intensive producing garment and textile and export oriented enterprises. 

As the production costs have risen in other countries in the region, investors have started seeking better locations for producing their goods. Because of the strategic location of our country as well as being one of the economically developing countries in Asia, investors will be bound to choose Myanmar as it possesses above characteristics. 

Foreign Direct Investment influx for this fiscal year reaches nearly US $ 5.7 billion and according to Myanmar Investment Promotion Plan (MIPP), nearly 98 percent of the outcome is reached, she said. 

In the present, more investments have come in from Japan, Thailand, South Korea and Singapore while foreign investments from US and European countries are also coming in. COVID-19 pandemic has changed ordinary ways of trading and goods production. Therefore, in the post-COVID period, priority must be given to taking necessary measures to build the kind of economic environment conducive to economic growth we have dreamed of, continued Aung San Suu Kyi.