Myanmar leader Aung San Suu Kyi on 22nd October 2016 made a pitch to foreign investors, promising a clearer legal framework and opportunities in untapped economic sectors, two weeks after U.S. President Barack Obama lifted most sanctions on the country.
Myanmar Investors Newsletter
Myanmar leader Aung San Suu Kyi on Saturday made a pitch to foreign investors, promising a clearer legal framework and opportunities in untapped economic sectors, two weeks after U.S. President Barack Obama lifted most sanctions on the country.
Since taking power in April, Suu Kyi has been criticized for delays in forming a commission to approve foreign investment projects, overzealous scrutiny of construction sites in the country's largest city, and an economic plan that lacked details.
That, combined with a big political shake-up after the first democratic elections in decades, meant foreigners invested only $380 million from April to July, down from $2.6 billion in the corresponding period last year.
The situation changed in September, when Suu Kyi visited Washington, where Obama announced his intention to remove economic sanctions. Suu Kyi quickly followed with a push to pass foreign investment law and other necessary regulations.
"Our government noticed particular criticism from the public that an economic growth of the country is slowing," said Suu Kyi at a meeting with foreign donors, diplomats and investors in the capital Naypyitaw.
