Ministry of National Planning and Economic Development of Myanmar will form a separate department under the Directorate of Investments and Company Administration (DICA) to boost foreign investments in the country, Director Kyaw Zaw Maung of DICA said.
The government has agreed to form the Investment Promotion Department which will be task with educating investors about ways to invest in Myanmar, Kyaw Zaw Maung said.
He said, “We used to hold talks in other countries explaining to potential investors about the requirements, regulations, and tax exemptions regarding foreign investments in Myanmar. We also explain such things to investors who come here. Now, Investment Promotion Department will be formed separately [to emphasize those functions].”
“How to invest in Dawei and Thilawa Port projects needs to be made known to the investors. We also have to help them when they sign Memorandum of Understanding and Memorandum of Agreements.”
Similar departments exist in other Asian and European countries, he added.
As Myanmar embarked its reform process towards democracy in the country, the United States and the European Union have gradually eased the sanctions against the country since 2011. The ongoing political and economic reforms of Myanmar attracted the attention of investors around the world.
Last November, the new Foreign Investment Law was passed in Myanmar which provided a framework for the investments to be made. Until now, China is the largest foreign investor in Myanmar. Lion share of foreign investments pool in energy sector of the country.