30 July

Union Minister for Planning, Finance and Industry U Soe Win held a virtual meeting with the US-ASEAN Business Council President Mr Alexander C Feldman and party yesterday afternoon. During the virtual meeting, the Union Minister said that Myanmar welcomes the US companies that are interested in doing investments in Myanmar. 

Currently, Myanmar has exerted efforts in order that the relevant policies, regulations and laws can meet international standards. Moreover, “mobile payment system” has been developed, according to the Union Minister. The Union Minister also invited US companies to take part in the COVID-19 Economic Relief Plan (CERP) of Myanmar.

The US-ASEAN Business Council congratulated Myanmar on effectively controlling the COVID-19 pandemic. The delegates of the council also asked questions about the development of SMEs, mobile payment system, tax system and Financial Inclusion Roadmap of Myanmar. Myanmar has implemented pilot projects of mobile payment system in some areas. Moreover, technical assistant and training have been provided to encourage SMEs to participate in the “Digitalization Transaction”.

During the meeting, Myanmar officials also explained the reforms in tax system and the financial inclusion roadmap, and the process of finalizing the Insurance Business Law, which will be submitted to the Hluttaw. The virtual meeting was also attended by Deputy Minister Dr Min Ye Paing Hein, the permeant secretaries and senior officials. 

Representatives from the 10 US top companies including Chevron, Chubb, Coca-Cola and Visa took part in the discussion. 

MNA (Translated by Maung Maung Swe)