Nay Pyi Taw – The Myanmar Investment Commission (MIC) invited international investors to work in Myanmar’s three special economic zones – Thilawa, Dawei and Kyaukphyu – at the 11th Asean Business and Investment Summit on November 12.
Aung Naing Oo, the secretary of the commission said, “We are inviting investors who are interested in Thilawa to do business in Dawei and Kyaukphyu SEZs as well. Our priority is to attract manufacturers, but we would also like to invite foreign companies in the agriculturee sector, as well as value-added businesses. Our first priority is labour-intensive industry, with value-added industry as the second. And our third priority is high-tech industry.”
For a foreign company to do business in Myanmar, its leaders must understand what category their company falls into because MIC distinguishes three kinds of investors. The first category simply has permission from MIC to invest. The second category has permission from the Commission of the Special Economic Zone in addition to MIC. Both categories grant investors the benefits prescribed in the Myanmar Foreign Investment Law. The third category is called “company incorporation,” which doesn’t require permissions from either MIC or the SEZ Management Committee. This third category does not receive any benefits from the Myanmar Foreign Investment Law.
“For the first five years of investments or within five years of obtaining a foreign investment licence, tax relief and exemptions are applied. Importing items that are used for the operation of the business is tax-free,” the secretary said.
Source: The Nation