ASEAN KEY DESTINATIONS
Myanmar announces 10 prioritized areas for investment
Myanmar Investment Commission (MIC) has announced 10 areas which will be prioritized for investment by both local and foreign entrepreneurs, Myanmar News Agency reported Wednesday.
The 10 prioritized areas for investment include agriculture, livestock and fishery, export promotion, import substitution, power, logistics, education, health care, affordable housing construction and establishment of industrial estate, said a statement of the MIC.
Myanmar's new Investment Law was enacted in October last year by the parliament and the cabinet approved the related investment rules and regulations in March this year aimed at giving easier access to business activities in the country.
The rules and regulations comprise 238 chapters defined as land use, tax exemption, arbitration and financial transaction.
The law, which was drafted in 2013 based on suggestions from experts and businessmen with the help of International Finance Corporation (IFC), combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law drafted in 2013.
The new law stipulates that tax breaks are enjoyed by those who invest only after the new law comes into effect.
According to official statistics, total foreign investment in Myanmar hit 70.35 billion US dollars in 1,246 projects up to March this year since late 1988 whereas Myanmar people's domestic investment reached 13.191 trillion kyats (9.69 billion US dollars) as of the same date.
The country expects over 6 billion US dollars of annual foreign investment in fiscal year 2017-18 which began in April.--mizzima.
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