The latest developments in the New Yangon City Mega Project and Myanmar’s push to bring major foreign players on board for the ambitious initiative were among the topical issues explored at an informal meeting held between Phyo Min Thein, the Chief Minister, and representatives from Oxford Business Group (OBG).
This key urban project will be rolled out in stages, with the first and second phases set to be implemented in the form of three and five-year plans respectively. Yangon’s regional government is now drawing up its initial project pipeline of road networks and transport infrastructure, assisted by the China-based, publically traded infrastructure construction company, China Communications and Construction Company.
Phyo Min Thein told the global research and consultancy firm that collaborative ventures would play a key part in driving the project forward. “We need everyone to participate if we are to successfully fulfill this mega project, including cooperation between our local players and major international corporations,” he said. ther subjects discussed at the meeting included the effectiveness of recent measures put in place at a national level to help encourage foreign investment, such as the new Investment Law and Companies Law. Plans to ease congestion in the city centre and its surrounding areas, by overhauling Yangon’s public transport system through the provision of integrated bus and water bus services, were also a topic of debate.
Commenting after the meeting, Dario Gutiérrez Medina, OBG’s editorial manager in Myanmar, said that although several challenges were combining to pose a risk to the country’s strong growth trajectory, Myanmar should benefit from the far-reaching reforms implemented over recent years to create a more open, investor-friendly economy. “Yangon has its own unique challenges, stemming from a rising population, lack of affordable housing and severe congestion problems as a result of inadequate infrastructure,” he said. “Our meeting with Phyo Min Thein gave us valuable insight into the measures that are being introduced to enhance the city’s and Myanmar’s business climate, which are undoubtedly timely, given the scale of the New Yangon City Mega Project and the role that international investors are expected to play in moving it forward.” The meeting with Phyo Min Thein took place with work under way on The Report: Myanmar 2019, OBG’s forthcoming publication on the country’s investment opportunities and economic development. The New Yangon City Mega Project is expected to be a key focus of the report.
The publication will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments and will also contain a detailed, sectorby-sector guide for investors, alongside contributions from leading personalities. The Report: Myanmar 2019 will be available in print and online. It will be produced in cooperation with the Myanmar Investment Commission.