1. The 5th Meeting of “Myanmar-Japan Joint Initiative” was held today in Nay Pyi Taw, with participation of representatives of both public and private sectors of Japan and Myanmar, under co-chair of H.E. Dr. Kan Zaw, Minister for National Planning and Economic Development and H.E. Mr. Tateshi Higuchi, Ambassador of Japan to Myanmar.

2. “Myanmar-Japan Joint Initiative”, having started in May 2013, is a forum of discussion among parties of both public and private sectors on concrete measures for accelerating development of investment environment of Myanmar. At today’s 5th general meeting, participants reviewed progress of previous discussion and exchanged views on prospective challenges.

3. To sum up, Myanmar side demonstrated motivated attitudes in listening attentively to concrete requests from Japanese side, in dealing promptly with those being easily resolvable or taking serious consideration on those requiring some reflection. For example, in trade policy and investment related procedures, it is commendable to see successive announcement of ambitious measures in line with relevant international standards and practices, in order to respond to growth of trade and investment volume. Administrative processes have become smoother than before.

4. However, one of the emerging challenges against the backdrop of full-fledged business activation is development of monetary system, such as finance and taxes. Also, outdated system to control foreigners persists in visa and stay-permit policy. Moreover, with a view to improve basic infrastructure such as electricity, telecommunication and transport, enhanced efforts from both Myanmar Government and development partners are much expected.

5. At the meeting, both parties agreed to report today’s outcome to the Heads of state of both countries, and continue further discussion. In addition, it was welcomed Japan will cooperate for elaboration of measures necessary to industrial development of Myanmar with a view to realizing its durable economic development.