Xinhua, Yangon :
Myanmar continued to attract more foreign investment in the current 2017-18 fiscal year that started in April in the wake of lesser investment in the last 2016-17 fiscal year.
With a new investment law coming into effect on April 1, the government lures foreign investors by offering favorable income tax exemption which includes tax breaks if they invest in government’s promoted areas and sectors.
The Myanmar Investment Commission (MIC) designed three zones as promoted areas based on the regional development, setting the promoted sectors for investments as agricultural businesses, forestry businesses, livestock and breeding, food manufacturing, goods processing, infrastructure development and industrial zoning to support the government’s 12-point economic policy.
According to statistics, a total of 6.874 billion U.S. dollars of foreign direct investment from 135 foreign enterprises entered Myanmar in the last fiscal year which ended in March, the first re-declination of such investment over the past five years.
However, laws and regulations alone are not enough to bring in large amounts of foreign investments for creating job opportunities. Creation of better business environment and increase in flexibility of financial sector are also essential factors attracting more investment, said experts.
Myanmar continued to attract more foreign investment in the current 2017-18 fiscal year that started in April in the wake of lesser investment in the last 2016-17 fiscal year.
With a new investment law coming into effect on April 1, the government lures foreign investors by offering favorable income tax exemption which includes tax breaks if they invest in government’s promoted areas and sectors.
The Myanmar Investment Commission (MIC) designed three zones as promoted areas based on the regional development, setting the promoted sectors for investments as agricultural businesses, forestry businesses, livestock and breeding, food manufacturing, goods processing, infrastructure development and industrial zoning to support the government’s 12-point economic policy.
According to statistics, a total of 6.874 billion U.S. dollars of foreign direct investment from 135 foreign enterprises entered Myanmar in the last fiscal year which ended in March, the first re-declination of such investment over the past five years.
However, laws and regulations alone are not enough to bring in large amounts of foreign investments for creating job opportunities. Creation of better business environment and increase in flexibility of financial sector are also essential factors attracting more investment, said experts.
