Message from U Khin Maung Aye, Chairman of the Myanmar Investors Development Association (MIDA)
The Government of Myanmar has undertaken sweeping economic reforms over the past several years to liberalize Myanmar’s economy and to open it to foreign investment. The floating of the Myanmar currency (Kyat) and the enactment of the Foreign Invest Law in 2012 are significant reform measures. In addition, the Government enacted the Myanmar Special Economic Zones Law (No.1/2014) in 2014 to attract foreign investment, promote the export of goods and services and create employment opportunities. At present the construction of three major Special Economic Zones (SEZs) is already underway in Dawei (in the south of Myanmar), Thilawa (close to Yangon) and Kyaukphu (Rakhine State). Industrial Zones have also been designated in many parts of the country, totalling 25 in the whole country. The Special Economic Zones and the Industrial Zones provide excellent opportunities for foreign investors. Moreover, there exist tremendous investment opportunities in various sectors of the Myanmar economy, such as agriculture, forestry, mining, infrastructure, oil and gas, and tourism and hotel industry. However, these opportunities remain underutilized for various reasons. Although foreign investors and enterprises are generally aware of the strong political will of the government to open up the country and to create favourable investment climate through preferential policies and various investment incentives, there has been an information gap between potential foreign investors and appropriate local enterprises. As a result, prospective investors are not in a position to make informed decision before investing without first having comprehensive information on economics statistics, policies, laws, rules, regulations, processes, investment environment, market conditions and demand as well as existing and planned projects of Myanmar. Therefore, there has been an urgent need to create an effective entity to provide this service, and to partner foreign investors and enterprises with domestic companies.
With this objective in mind, the Myanmar Investors Development Association (MIDA) was established in early 2015 as a non-profit organization based in Yangon. It is the first of its kind founded as a non-governmental organization with the objective of serving as a medium between international and local companies. Focusing on Myanmar’s emerging market and development potential, it aims to provide the latest information and necessary assistance to investors to enable them to make informed decisions and make full use of the investment opportunities presented by present-day Myanmar. It can also advise foreign companies on the various sectors of the Myanmar economy with the high potential for growth as well as on suitable local businesses. It is able to render technical advice to foreign investors as to how to comply with the domestic laws, rules, regulations, notifications, directives and procedures in the most effective and efficient manner. In this regard, MIDA may also connect foreign companies to local professional entities and the relevant governmental departments and enterprises.
MIDA’s membership is made up of private companies from various sectors of the economy to ensure that it is immensely helpful organization for the prospective foreign investors interested in Myanmar’s economy and potential. You are earnestly invited to contact us when you need information and assistance for your investment decision. If you are seeking the necessary information on investment opportunities in Myanmar, rest assured that MIDA is exactly what you are looking for.
KHIN MAUNG AYE
CHAIRMAN
MYANMAR INVESTORS DEVELOPMENT ASSOCIATION