The Kayah (Karenni) State is still among the states with the least investment as it has faced political instability even though the state is said to be peaceful now, the Kayah State Directorate of Investment and Company Administration (DICA)’s director Daw May Myo Zaw said.
“Business owners and potential investors are monitoring this. They are monitoring the period in which the NCA (nationwide ceasefire agreement) is yet to be signed. These situations create hindrances and inconveniences for the investors,” she said.
The state government is drafting policies to bring mutual benefits to the public and carrying out supervisions and preventing environmental harms in order to prevent projects that will invoke objections from the public, she continued.
The Kayah State receives the least investment in Myanmar after the Chin State and investors are monitoring the state with great cautions due to political instability.
The Kayah State government has stated that it will connect with local and foreign investors and create opportunities in agriculture, mining, manufacturing, banking, and hotel and tourism sectors within the state. The Kayah State Chief Minister said the state government will invite local and foreign investors and develop the state.
“It’s good to invite [the investment]. You can say this is a progress. Every state and everyone needs this, but [the state government] need to see whether [the investment] matches with local tradition and customs. It can’t do as it likes,” said Ko Phoe Sweet, spokesperson of the Kayah Earthright Action Network (KEAN).
Daw May Myo Zaw said the inability to open international border trade point is one of the reasons why the Kayah State has low investment and this remains to be a challenge for bilateral trading.
She added that the Kayah State will receive more investment if the public trusts the investment projects carried out by the government.
Local residents have objected to nearly all large-scale investment projects in the Kayah State. The state government said it is trying to minimize environmental harms that are caused by carrying out the projects.
“[The projects] weren’t revealed to the public. We believe [the revelation] was only superficial. Have they written reports to show that the projects will not bring harms to the environment? If so, they need to be revealed to the public,” said Ko Phoe Sweet.
The state government will not wait until the signing of the NCA and it has been carrying out development tasks and the peace process.
Investors need to fulfill the local residents’ needs and carry out projects that are not opposed by the public after getting their support.
Chin State ranks top in the list of least foreign investment in Myanmar, followed by the Kayah State. Bago Region receives the most investment, according to statistics released by the Myanmar Investment Commission in August 2017.
