We will explain the meaning of Increasing Competitiveness and The Business Environment. Only by creating a good, free, and fair business environment will more large-scale quality investment come from all over the world.
In order to do so, the government has set up a good investment facilitation strategy. A good investment facilitation strategy is to be transparent and accountable. Myanmar will be able to attract foreign direct investment with lower wages, Rich in resources; Market size; In addition to its central location, it is attracting investors with tax exemptions. However, we need to increase our competitiveness, as countries in similar situations will attract similar investors.
Competitiveness is important for creating an effective market. With the influx of foreign direct investment (FDI), local businesses must strive to become more competitive by penetrating not only domestic but also regional and global markets.
Existing investors need to seize the opportunity to become more competitive as more business ventures come in. The influx of large foreign investment companies will boost the business of local investors. It will drive innovation. Our customers will be able to choose the products and services they prefer and will be able to buy more at a reasonable price.
What is Increasing Competitiveness and The Business Environment?
Increasing investment is an important development policy, and the government is attracting foreign direct investment, both domestically and internationally, that is not only responsible and quality, but also conducive to sustainable development.
Recently, I have noticed that foreign car companies are becoming more and more interested in investing in Myanmar. As these companies are multinational corporations, such investments in Myanmar are highlighting the growing confidence in the Myanmar investment environment.
According to media reports, Singapore will be able to produce the first European-standard SC NEUSTAR buses with a complete Knocked Down system with a 100% investment. The plant will be able to produce up to 600 buses a year and will be exported not only domestically but also to Hong Kong and Singapore.
Toyota will also set up a plant in Myanmar that will produce 2,500 Toyota Hilux cars a year. The entry of multinational corporations will expand Myanmar’s transportation industry and increase its competitiveness in the automotive sector.
With the expansion of the new car market, foreign direct investment (FDI) will increase, and the export of domestically-made auto parts will be a major boost to economic growth. The influx of qualified multinational corporations (MNCs) has strengthened Myanmar’s economic laws. Procedures have become easier and faster.
We too are reaping the benefits of being highly competitive. In the past, a SIM card cost more than 5 million kyats, but with the opening up of the market economy and the opening up of private joint ventures, more and more telecom operators have become more competitive and accessible to all classes of people. As the number of operators increased, so did our choice of options and the ability to purchase at a reasonable price.
The Business Environment
The government will also provide better infrastructure. High-quality business services; We will make investment easier by strengthening the quality of our workforce and the protection of intellectual property rights.
Investors should not only choose a place to invest, but also a place where they can make a profit. They will also invest in areas that are strong enough to protect their property rights. The government has also strengthened its legal framework to create a viable, predictable and competitive investment environment.
Myanmar Investment Law to protect investors and their investments in accordance with the law; Myanmar Companies Law, which provides legal regulation of companies with MyCo, an electronic company registration system, for easy company formation in Myanmar. Competition law to create a free and fair competition environment in the market; To firmly protect the efforts of entrepreneurs; Encourage innovation and counterfeiting.
To Increasing Competitiveness and The Business Environment, you should follow this laws. In the absence of dishonest people, Intellectual property laws such as the Industrial Design Copyright Law; Trademark Copyright Law Patent law; Laws such as the Literary and Artistic Copyright Act have also been enacted. Consumers related to a product or service; In order to fully protect the rights of consumers and to ensure a fair process between consumers and business owners, arbitration laws have been enacted to resolve disputes between businesses and businesses effectively and quickly, and peacefully.
Copyright laws include the Industrial Design Copyright Law; Trademark Copyright Law; Patent law; Laws such as the Literary and Artistic Copyright Act have also been enacted. Consumers related to a product or service; In order to fully protect the rights of consumers and to ensure a fair process between consumers and businesses, arbitration laws have been enacted to resolve disputes between consumers and businesses effectively and quickly, and peacefully.
The influx of large investments from many countries will create more job opportunities. New technologies will also be available for transfer. If we can seize these opportunities and become skilled workers, we will be able to create an educated community that can create home-grown technologies.
In addition, multinationals will be able to link domestic products to the global production chain and export more, generating foreign exchange earnings, tax revenue, and improving the socio-economic life of the people.
The government should provide good support for foreign direct investment, such as financial development; Trade opening; While providing comprehensive support to strengthen the quality and legal framework of institutions and infrastructure.
Our local businesses warmly invite foreign investors and leverage the technology and resources available to them. Market linkages; This is a good time to leapfrog into the regional and global market by gaining management and production strategies and becoming more competitive.
Modern Law and Modern Burma
The enactment of modern company law has laid a solid foundation for the private sector to develop. Corporate law is a catalyst for growth for all companies that adhere to it. However, companies need to be able to register their companies through MyCO clearly and simply and to comply with the relevant laws in their respective fields of business and contact the relevant departments as needed.