1. The 4th General Meeting of “Myanmar-Japan Joint Initiative (Phase II)” was held today in Yangon, co-chaired by H.E. U Set Aung, Deputy Minister for Planning and Finance of Myanmar and H.E. Mr. Tateshi HIGUCHI, Ambassador of Japan to Myanmar.

2. “Myanmar-Japan Joint Initiative (MJJI)” is a framework among both public and private stakeholders between the two countries to discuss concrete measures for expediting improvement of Myanmar’s investment climate. Since the 1st General Meeting under the current administration in June 2016, discussion has been ongoing about improving investment and business environment in each field by establishing 5 Working Groups: “Import & Export”, “Industrial Policy”, “Finance & Insurance”, “Tax Affairs”, and “Investment Promotion”.

3. At today’s General Meeting, each WG’s activities and remaining issues after the 3rd General Meeting in last March were reported and discussed. Major reported progresses include: 1) better mutual understanding on customs procedures, 2) kick-off of automobile policy discussions between Ministry of Industry and the private sector, 3) introduction of tax incentive for listed companies on Yangon Stock Exchange (YSX), 4) positive attitude of Myanmar side to promote Credit Guarantee Insurance, and 5) substantial implementation of New Investment Law and submission of Company Law to the Parliament. It was confirmed that a number of positive measures has been developed for investment promotion. It was also affirmed that remaining issues will continue to be discussed among public and private sectors of both sides within each WG, to which Japan side will provide relevant proposals and knowledge, and that the progress will be assessed in the next General Meeting to be held by the end of this year.

4. Further improvement of investment and business environment is crucial for Myanmar’s economic development. To achieve this goal, Japan is committed to extending its full support under public-private collaboration through MJJI.