“Our economy appears poised to achieve the much sought after “V-shaped” recovery in 2021 and with it a return to high rates of equitable, inclusive and sustainable growth where we shall remain for the foreseeable future”
The Myanmar government has recently announced two new major infrastructure projects during the Myanmar-Japan Investment Dialogue on Economic Recovery After Covid-19 and New Investment Opportunities. State Counsellor H.E. Daw Aung San Suu Kyi delivered a keynote address at a virtual speech at the event. Excerpts…
Today we connect via undersea cable and satellite, but we are bound by a force much deeper and more enduring – a bond of history.
Our contemporary diplomatic ties reach across a number of decades but actually, Myanmar-Japan relations span centuries.
Historians have yet to establish exactly when the first contact between our nations occurred. Some surmise it may have been as early as the 16th century, a time of exploration and rapid expansion in global trade, as market and trading routes emerged connecting continents from Asia to the Americas.
As goods, people and ideas spread, it is entirely plausible that traders from Myanmar would have made their way across the seas to Japan. We do not know that Japanese samurai warriors were once present in Mrauk-U, forming a trusted contingent of the Arakanese King’s bodyguard.
Our shared history has forged close bilateral bonds stronger than tama-hagane.
Since 2011, Japanese investment in Myanmar has exceeded $1.7 billion.
In Myanmar today, you will find a workforce familiar with Japanese culture and responsive to the needs of Japanese firms.
A 2017 opinion poll conducted by Japan’s own Ministry of Foreign Affairs found that over one in three Myanmar respondents identified Japan as their most trusted country. I do not doubt that if same poll were conducted today, that figure would be even higher.
Japanese brands have likewise gained prominence amongst Myanmar consumers. Japanese cars in particular enjoy overwhelming popularity.
I last visited Tokyo in October where I attended the Myanmar-Japan Investment Forum. On the occasion, I noted that Myanmar would continue to enjoy growth rates well above 9 per cent securing our position as one of ASEAN’s fastest-growing economies.
While much has changed in 2020 due to the Covid-19 pandemic, forecasts suggest that Myanmar will remain the region’s third fastest growing economy, although at rates lower than expected.
Myanmar has so far been spared the worst. This positive situation has been made possible via “whole-of-nation” approach to combatting Covid-19, and with the generous support provided by friends and partners around the world.
I am happy to say that our economy appears poised to achieve the much sought after “V- shaped” recovery in 2021 and with it a return to high rates of equitable, inclusive and sustainable growth where we shall remain for the foreseeable future.
While both Myanmar and Japan have so far been able to weather the Covid-19 storm we have to recognise regretfully that the world as a whole has not fared well.
The International Monetary Fund predicts that the cumulative loss to global GDP in 2020 and 2021 may exceed $9 trillion that is the greatest sum that combined economies of Japan and Germany in our region alone.
Interestingly, we have witnessed some of the least affluent countries and presumably least capable of mounting a sustained and robust defence against Covid-19, achieve some of the most positive results.
It appears that most crucial determinants of success has been whether government has been able and willing to take early and decisive action with the protection of people as the foremost priority.
This is what has occurred in Myanmar. To date we have just 350 officially recorded cases. However, while our country’s case load remains low we do not shy away from the fact that Covid-19’s social and economic impacts have been significant.
With cross-border restriction in place in most countries, international tourism has been halted. Our garment manufacturing sectors and MSMEs have also faced significant disruption.
As recovery efforts continue we look forward to resuming cross-border travel, including business and tourist travel, and we are taking steps to ensure that this occurs as quickly and as safely as possible. In the meantime we must continue to engage via the wonders of the digital age.
Mon Sez and Yangon Industrial Park Announcement
Since April 2016, across the combined 34 permitted projects, Japanese investments is estimated to have contributed to the creation of over 6500 thousand jobs.
We know that meaningful growth and quality job creation will not be achieved without continued quality investment – quality investment that creates quality jobs. Jobs that pay well. Jobs that offer security.
Quality job creation remains at the heart of the Myanmar Sustainable Development Plan, and building upon successes such as Thilawa. We shall be announcing two major job creation initiatives – a brand new industrial park to the west of Yangoon, and a new economic zone in Mon state.
Further details will be provided in due course. At this initial stage I wish to affirm that the development of these important new initiatives will be conducted via a Swiss Challenge tender process that will be open, transparent and competitive.
I would like to thank both the Government and the people of Japan for your support over the years, a support based on common values of democracy, fundamental human rights, and rule of law and firm sense of responsibility. These principles continue to guide the implementation of our Covid-19 Economic Recovery Plan, our Myanmar Investment Promotion Plan and indeed our Myanmar Sustainable Development Plan.
I believe all of us here sincerely wish to see peace and prosperity flourish throughout Myanmar, and that we share great expectations for Myanmar’s future success.
