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 announced10 areas which will be prioritised for local and foreign investment, reportedMyanmar News Agency.
TheMIC stressed the 10 prioritised areas include agriculture, livestock andfishery, export promotion, import substitution, electricity, logistics, education,health care, affordable housing construction and establishment of industrialestate.
Myanmar'snew Investment Law was enacted in October, 2016 by the parliament and thecabinet approved the related investment rules and regulations in March, 2017aimed at making it easier for business activities in the country.
Therules and regulations comprise 238 chapters defined as land use, tax exemption,arbitration and financial transaction.
Thelaw, which was drafted in 2013 based on suggestions from experts andbusinessmen 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.
Itstipulates that tax breaks are enjoyed by those who invest only after the newlaw comes into effect.
Accordingto official statistics, total foreign investment in Myanmar hit 70.35 billionUSD in 1,246 projects up to March this year since late 1988 whereas Myanmarpeople's domestic investment reached 13.191 trillion MMK (9.69 billion USD).
Thecountry expects over six billion USD of annual foreign investment in fiscalyear 2017-2018 which began in April.-VNA
