Per capita income of citizens is projected to hit 3,000 US dollar per year in 2030, and the World Bank’s the ease of doing business index for Myanmar rises to within the top 100 by 2020, said Vice-President Myint Swe.
In her speech at the opening of Invest Myanmar Summit 2019 at the MICC-2 in Nay Pyi Taw on January 28, Myanmar State Counsellor Daw Aung San Suu Kyi said the government issued the Myanmar Investment Promotion Plan (MIPP). Over 200 billion USD quality and responsible investments were expected to inflow into the country within the next 20 years. It was expected to become a middle-income country.
Myanmar has laid down the short-term Myanmar Investment Plan (2016-2017), the mid-term plan (2021-2022) and the long-term plan (2026-2027).
With the aim of promoting foreign investments in the country, the Myanmar Investment Commission (MIC) drafted the long-term foreign direct investment promotion plan since 2013, in cooperation with Japan International Cooperation Agency (JICA). The government starts implementing this long-term plan this year. To further promote future investments, the MIC modified the long-term FDI promotion plan into the MIPP in cooperation with the JICA in order that it is suited to the government’s policies.
According to the objective of the MIPP, the FDI is to hit 5.8 billion USD every year from 2016 to 2017, 8.5 billion USD from 2021-2022 to 2025-2026, 12.3 billion USD from 2026-2027 to 2030-2031 and 17.6 billion USD from 2031-2032 to 2035-2036.