Myanmar must show it is pro—foreign investment: ESM Goh

Naypyidaw, Myanmar: Singapore’s Emeritus Senior Minister Goh Chok Tong on Tuesday said the government of Myanmar needs to show that the country is pro—foreign investment, with clear investment laws and policies.

Mr Goh, who is leading a delegation to Myanmar to strengthen cooperation, made these points to the media after he met Myanmar’s President Thein Sein in Naypyidaw.

ESM Goh told reporters that there were many opportunities in Myanmar.

"Our (Singapore’s) business people must come over here, assess for themselves the political risks ... the economic risks of investing over here ... (and) the state of (Myanmar) labour," he said.

Mr Goh said he is positive that Myanmar is on the right track politically and economically.

During their 45—minute discussion, Mr Thein Sein expressed concern about poverty in his country. He said that to eradicate poverty, Myanmar needs to create employment and attract investment.

He also said Myanmar is keen to draw investments to labour—intensive industries, such as garments and electronics.

Mr Goh said Singapore can help Myanmar in human resource development and capacity building.

He later met Myanmar’s Lower House Speaker Shwe Mann, also in Naypyidaw.

Mr Shwe Mann acknowledged the excellent bilateral relations between Singapore and Myanmar, and expressed appreciation for Singapore’s consistent support for Myanmar.

He briefed ESM Goh on the role of the Union Parliament in Myanmar’s democratic reforms and expressed support for initiatives that will enhance bilateral relations between the two countries.

Mr Goh also met Myanmar’s Investment Commission Chairman and Minister for Industry Soe Thane and Presidential Economic Advisor Myint.

They had wide—ranging discussions on developments in Myanmar and potential areas for economic cooperation.

They agreed that both countries should enhance cooperation in financial sector development, which would support the government’s economic reforms.

Mr Goh will travel to Yangon on Wednesday to meet Yangon Region Chief Minister Myint Swe and Yangon City Mayor Hla Myint.

ESM Goh last visited Myanmar in June 2009. Since then, a lot has changed in the country.

In 2010, the Myanmar government took major steps towards political reforms, such as releasing political prisoners who include opposition leader Aung San Suu Kyi.

— CNA/wm