The International Financial Corporation (IFC) the sister organisation of the World Bank, is partnering with the Yangon City Development Committee(YCDC) to reform the city’s construction permit system and optimise the role of the private firms.
“The goal of this partnership with IFC is to streamline and automate Yangon’s construction permit process by June 2019. This will allow us to reduce paperwork and complete applications on time. It will also help builders and investors execute projects efficiently,” said Daw Hlaing Maw Oo, YCDC’s Secretary.
Myanmar’s construction sector currently accounts for around 5 percent of the workforce and has the highest earning potential compared to other sectors, according to a recent World Bank study.
Apart from creating jobs, construction also supports the development of vital infrastructure projects and other industries, such as manufacturing and tourism.
Despite its importance to the economy however, there is much room for improvement in dealing with construction permits and easing the process of doing business in Myanmar.
As such, the IFC, in partnership with Australia, the UK and Japan, will support YCDC in reforming Yangon’s current construction permit system by implementing a more efficient and streamlined process in obtaining the permits.
The reform will reduce administrative bottlenecks and increase Myanmar’s management capacity, thus promoting sustainable private sector development and creating jobs.
The parties will also work to ensure an improved system under which the needs of the Yangon construction sector are better addressed.
“An efficient, transparent, and affordable permit system can lead to a healthy, competitive and sustainable construction sector,” said Vikram Kumar, IFC country manager for Myanmar.
“With its vast experience in reforming construction permit systems globally, IFC is well-positioned to help Yangon draw property investors by establishing a streamlined process.”
We expect Myanmar’s ‘Dealing with Construction Permit’ ranking in the Doing Business report to improve once the reform is fully implemented.”