Friday, June 23, 2017
The Myanmar Times
The Myanmar Times

Avoid loss of foreign investments: report

The Yangon Region Finance, Planning and Economic Committee has sent its yearly report to the regional parliament, urging for action to be taken in order to avoid the loss of foreign investments.

Committee chair Daw Sandar Min said the regional government must put emphasis on issues that could affect investments and the economy.

Among the issues highlighted were high-rise buildings, the Yangon new city project, Dagon 1 city project, Mingalar market and squatter issues that affected factory owners.

She said solutions would hopefully be implemented under the current 2017-18 fiscal year, in accordance with the new investment law’s economic policies and regulations.

Daw Sandar Min said the committee had informed the regional parliament of the issues during the 2016-17 fiscal year, but the government had yet to reply on how it planned to address these concerns.

She also said evidence of how factory owners were threatened and how foreign investment would be affected had been sent to the government.

“We may lose foreign investments if the regional government doesn’t solve the issues, regardless of whether or not the State Counsellor is inviting investors from overseas to come.

“Everyone already knows the lack of laws in the industrial zone, and the government still has not addressed this problem.

“Over the high-rise building issue, developers already lost billions of kyat,” she said on April 6.

In the last fiscal year, the committee also advised the government to scrap two flyover projects in Yangon and use the K32.2 billion budget for development in areas under the Yangon City Development Committee.

According to the committee’s report, only K3.9 billion from the flyovers’ budget had been spent. The money went to Hlegu township, the constituency of the Yangon chief minister.

The Finance, Planning and Economic Committee consists of 11 MPs, including two from the military. Its report was compiled based on field visit findings.