On July 8, the Pyihtaungsu Hluttaw–Myanmar parliament– agreed with President Thein Sein’s suggestion to join a wing of the World Bank that will help to guarantee and give assistance with international investment.
Local economists and businesspeople have said that becoming a member of the World Bank’s Multilateral Investment Guarantee Agency(MIGA) willprovide opportunities for foreign investment and support for economic development.
“Our country needs a lot of foreign investment, particularly in the infrastructure and technology sectors,” said Hnin Oo, thevice president of the Myanmar Fisheries Federation. “These investments will be more successful if we cooperate with MIGA,” he said.
Local economist Hla Maung told Mizzima that joining is a positive transformation for
the country’s economy as it emerges from five decades of military misrule.
“It’s been so long since Myanmar cooperated withinternational organizations like this. This will help improve our economy,” said Hla Maung.
MIGA was established by the World Bank 25-years ago to help raise investments, boostliving standards, reduce poverty and partake in economic developmentprojects in developing countries globally.
