11-13-2020

Economic growth and impact on Japanese companies according to the result of 2020 Myanmar General Election

Myanmar General Election was held on 08 November 2020.

An official of the Union Election Commission counted the ballots at a polling station on November 8 in Yangon, Myanmar right after the voting was finished.

The actual results are not officially announced yet but, the current government, National League for Democracy (NLD) is claiming a resounding victory according to their own unofficial tally of votes.

Since the victory of the National League for Democracy, led by Aung San Suu Kyi in the 2015 general election, Myanmar has gained more foreign direct investment and Japan is one of the major investment nations. According to the Myanmar government, Japan’s investment in Myanmar between 2011 to the present has exceeded $1.7 billion.

On 29 JULY 2020, the state counsellor Aung San Su Kyi announced;
“A new Special Economic Zone will also be developed on the west of Yangon, and the tender process will start soon. The new SEZ was initiated by Chinese investors, but Myanmar is calling on Japanese companies to participate in the project. We guarantee that your company will not only grow but also prosper.”

Therefore, the victory of NLD will lead to further economic growth in Myanmar and increase in business opportunities and profits for Japanese companies.

 

Reference:
https://asia.nikkei.com/Economy/Suu-Kyi-courts-Japan-investment-with-new-economic-zone
https://edition.cnn.com/2020/11/09/asia/myanmar-election-results-nld-intl-hnk/index.html