Rakhine investment fair attracts 30 proposals worth $5 bln

A total of 30 agreements worth US$5 billion were signed at the Rakhine State Investment Fair 2019, with the state’s hotels and tourism sector topping the list of both local and foreign investors.


“Local and foreign investors have submitted proposals to invest in Rakhine State as they see the State’s prospects. Thirty agreements were signed at the fair. Of them, 27 are Expressions of Interest, two are project proposals, one is a B-to-B MoU. The proposals are valued at $5.249 billion,” said Dr. Htoo Min Thein, the Secretary of the Rakhine State Investment Committee.


The hotels and tourism sector has topped in the list of investments, followed by agriculture, energy, livestock and fishery, production, construction, human resource development, and other sectors.


“Investors in the hotels and tourism sector focused on areas around Manaung, Ngapali beach, and Gwa beach. They have also shown interest in the livestock and fishery sector in northern and southern areas in Rakhine State. Fish and prawn units are expected to enter there,” said Dr. Htoo Min Thein.


During the investment fair, which was held from 21 to 23 February on Ngapali Beach in Thandwe, Rakhine State, about 14 proposals were submitted to the State government for investment in the hotels and tourism sector, which can create more jobs than other sectors.


More than 600 local and foreign businesspersons attended the fair and visited areas which have potential for business.


The investment fair was organized by the Rakhine State government with support from the Myanmar Investment Commission, the Japan International Cooperation Agency (JICA), the Japan External Trade Organization (JETRO), the Myanmar Survey Research Co. Ltd (MSR), and private sector companies with the aim to create investment opportunities and connect local businesses with domestic and foreign investors for economic development of Rakhine State.

 

—Han Lin Naing, Yamanya