The Myanmar Investment Commission (MIC) has recently announced 10 areas which will be prioritised for local and foreign investment (Photo: Reuters)

Hanoi (VNA) – The Myanmar Investment Commission (MIC) has recently announced 10 areas which will be prioritised for local and foreign investment, reported Myanmar News Agency.

The MIC stressed the 10 prioritised areas include agriculture, livestock and fishery, export promotion, import substitution, electricity, logistics, education, health care, affordable housing construction and establishment of industrial estate.

Myanmar's new Investment Law was enacted in October, 2016 by the parliament and the cabinet approved the related investment rules and regulations in March, 2017 aimed at making it easier for 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 the International Finance Corporation (IFC), combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law drafted in 2013.

It 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 USD in 1,246 projects up to March this year since late 1988 whereas Myanmar people's domestic investment reached 13.191 trillion MMK (9.69 billion USD).

The country expects over six billion USD of annual foreign investment in fiscal year 2017-2018 which began in April.-VNA