Myanmar: EU’s preferential trade status withdrawal not to affect FDI flow
A Myanmar official has said the European Union (EU)'s probable withdrawal of its Generalised Scheme of Preference (GSP) will not impact the foreign investment flow into the country, the official Global New Light of Myanmar reported on October 28.
Myanmar attracted 5.7 billion USD in foreign direct investment in the last fiscal year 2017-18 (Photo: AFP)Hanoi (VNA) – A Myanmar official has said the European Union (EU)'s probable withdrawal of its Generalised Scheme of Preference (GSP) will not impact the foreign investment flow into the country, the official Global New Light of Myanmar reported on October 28.
U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA), explained that this will be due to the fact that EU countries have never been leading investors in Myanmar.
He added that the government is deliberating to work out a policy if the EU revokes the GSP.
The EU has granted the GSP for Myanmar since 2013. However, the EU Trade Commissioner announced on October 5 that they will send commission to Myanmar to observe for consideration to revoke GSP out of the Rakhine issue.
Statistics show that foreign investment in Myanmar reached 77.2 billion USD as of the end of August 2018 since late 1988, when the country opened to the investment. China topped foreign investors in the Southeast Asian nation with some 20 billion USD, followed by Singapore with 19.6 billion USD, and Thailand with 11 billion USD.
Britain was the biggest EU investor with nearly 4.4 billion USD, followed by the Netherlands with 1.5 billion USD at the ninth position.
The new Myanmar Companies Law 2017 came into effect on August 1, 2018, registering an important milestone with its efforts to promote foreign investment.
According to statistics, the country attracted 5.7 billion USD in foreign direct investment in the last fiscal year 2017-18 with Singapore topping the list of foreign investors with 2.1 billion USD.-VNA
You should also see
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pool of both domestic and international investors for socio-economic development.
See more
World
Thailand expects wave of tourists during Golden Week
The Tourism Authority of Thailand (TAT) estimates that about 996,000 foreign tourists will visit the Southeast Asian country between April 26 and May 5, known as the Golden Week holidays in Japan, during which Chinese tourists also prefer to travel overseas.
World
Argentinian media praises Dien Bien Phu Victory
Argentinian newspapers have called Vietnam's Dien Bien Phu Victory (May 7, 1954) a symbol of the national liberation movement of oppressed and colonialised peoples worldwide.
World
Laos speeds up granting licences to foreign workers
Laos's Ministry of Labour and Social Welfare plans to issue visas to illegal foreign workers and extend permits to legal ones so that they can continue to work in the country.
World
Argentinian scholar praises Vietnam’s April 30, 1975 victory
The complete reunification of Vietnam on April 30, 1975 was an extremely significant event in the history of the country and the world, opined a scholar from the Institute for International Relations at the National University of La Plata, Argentina.
World
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
