A speech by President Thein Sein about rule of law as it relates to foreign investment from The New Light of Myanmar:
NAY PYI TAW, 9 Oct – President U Thein Sein made a speech at Myanmar Investment Forum held at the headquarters of Korea Trade- Investment Promotion Agency (KOTPA) at 9:30 local time today.
In was also attended by delegation members Union ministers, chief ministers, deputy ministers and departmental heads, UMFCCI Vice-President Dr Mya Han and executives, officials of the Ministry of National Planning and Economic Development and Ministry of Construction, Minister for Knowledge Economy Mr. Hong Sukwoo of the Republic of Korea, KOTPA President Mr. Oh Young Ho and executives.
The KOTRA President and Knowledge Economy Minister extended greetings.
In his speech, President U Thein Sein said he was very glad to have an opportunity for delivering a speech at KOTPA that plays a key role in the sectors of investment and international trade for economic development of the Republic of Korea. He said his country was trying to develop a market-oriented economic system in connection with international economic communities. He said Myanmar is in urgent need of foreign investments and technological aids that could assist in development of Inclusive Economic Institutions which are very important for democratic transition and in the alreadyachieved political process.
Myanmar’s location makes strategically important to two global economic engines and its strategic location has become a place for flow of commodities between developing ASEAN countries and two global economic engines. Myanmar, a focal point of highways that can improve transportation of goods in Asia, was winning a special interest of international investors.
Myanmar’s youthful population has become human resources for the move towards economic development. Myanmar is rich in natural resources importantly required for economic growth. Having economic sectors with small investments when the country possesses good prospects for development has become advantages for the future of the national economy. With the aim of rejuvenating its image in international community, Myanmar is trying to create a favorable economic environment.
He said his government understood that Rule of Law is the basis for sustainability of favorable economic environment. Judiciary reform would be made in real time for ensuring Rule of Law.
He said investments mainly in labour-intensive manufacturing and agriculture sector and infrastructural development that could create rapidly job opportunities for the grassroots are needed. Investment in private sector and changes in government policy are moving towards, he added.
Foreign investments not only contribute to economic development in Myanmar but also assist in democratization and internal peace processes.
The President said he warmly welcomed investments of the Republic of Korea that would be mutually beneficial for the countries and for the peoples, enhancing friendly relations between the two countries.
Next, the President cordially greeted those present and viewed round the booth on activities of KOTRA.