Myanmar Investment Commission (MIC) will hold an investment fair on September 30 in Mandalay region for the first time, in the hopes of attracting more investment in upper Myanmar.
“Our main purpose of holding this fair in Mandalay is to increase foreign investment in Mandalay region, and also to promote Mandalay’s small and medium enterprises. We wish to form connections with foreign companies to get more investment and technology,” Daw Nay Nay Oo, director of MIC Mandalay Region, told Myanmar Business Today.
According to the national multi-development program, investment fair is a prescribed tool to promote foreign investment in the country.
The “Myanmar Investment Fair” in Mandalay will invite 30 foreign businesses to participate, MIC said.
“Currently, foreign investors have not put much into the [Mandalay] region, as they fear weak returns. Some businesses are waiting for the country’s political situation to stabilise before investing. If they hold this investment fair in Mandalay, they will see the real conditions around Mandalay region and will be more interested in investing,” U Tun Yin , general manager of Myo Thar Industrial Zone in Mandalay region, told Myanmar Business Today.
Mandalay is closer than Yangon to India and China, so businesses have a greater possibility to save on land transportation costs, U Tun Yin claimed.
In the current 2015-16 fiscal year, foreign investments in Madalay have been limited to one Japanese investment of $18.97 million dollars, while local investors have invested K9 billion.