KUALA LUMPUR, March 23 — Myanmar aims to further leverage on the Asean network to achieve its 2011-2016 economic policy Framework for Economic and Social Reforms (FESR).

Finance Minister U Win Shein said Myanmar would continue actively participating in the activities of Asean, given the region's tremendous potential to boost the country's social and economic development.

" Asean is a huge region and it's an economic dynamo of the 21st century.

"Therefore, we are actively participating in the activities of Asean to achieve our economic reform target," he told Bernama.

He was speaking on the sidelines of the inaugural Asean Finance Ministers’ and Central Bank Governors' Meeting (AFMGM) at the Kuala Lumpur Convention Centre here on Saturday.

The six-year FESR focuses on fiscal and tax reforms, monetary and financial sector reforms, liberalisation of trade and investment, governance and transparency, private sector development, mobile phones and internet and infrastructure, among others.

Through the FESR, the country also plans to achieve an 8.0 per cent growth in gross domestic product (GDP) by 2016.

"This year, our GDP target is in the region of 8.0 per cent and the foreign direct investment (FDI) goal is to reach between US$4 billion (RM14.83 billion) and US$5 billion," Win Shein said.

According to the Asian Development Bank, Myanmar's economy is on track to grow by 7.8 per cent in both fiscal years 2014 and 2015.

Win Shein said Myanmar had at present introduced liberalisation of the banking and insurance markets, unification of exchange rates, initiation of the forex exchange market, as well as, a regulated microfinance market.

He said the country would set up its first ever Stock Exchange in the near future, in an attempt to develop the capital market.

The government has also enacted the Foreign Investment Law to encourage FDI for the ease of doing business in Myanmar, where the most crucial sectors that need investment are electricity (power) and financial access for small and medium enterprises.

In a separate interview, Myanmar's National Planning and Economic Development Minister Dr Kan Zaw said the country aimed to diversify its economy to manufacturing from agriculture and energy as part of the FESR.

He said the move was taken as the country is attempting to strengthen its resource-based exports moving forward.

Neighbouring China remains the biggest trading partner followed by Thailand, Singapore, the United Kingdom and Asean.

The reform process has been underway in Myanmar since early 2011, when military rule was replaced by a new military-backed civilian government.

Asian corporations have generally remained willing to continue investing in the country, and initiate new investments, particularly in natural resources extraction.

"Malaysian companies are investing in the oil and gas exploration in our country and other manufacturing industries," Kan Zaw added.

Malaysia took over the Asean chairmanship from Myanmar at the beginning of this year and will host the 26th Asean summit on April 26-27. — Bernama