Medicine production and private hospital construction can now take place using 100 per cent foreign investment, said Aung Naing Oo, the secretary of the Myanmar Investment Commission at a press conference on Tuesday.
“Joint ventures are coming. Some European countries have eyes on this business. Previously, medicine production was restricted here for both the Myanmar citizens and foreigners. We’ve relaxed much in the days since the new Investment Law was drawn. Some local pharmaceutical businesses are now partnered with Korean companies. Medicines will be manufactured in our country in the future as we have permitted all investors,” said Aung Naing Oo.
Aside from medical sector, several other sectors are now open to foreign investment.
“It’s wrong for investment opportunities to only be available to crony tycoons. We will give the green light to anyone who meets the legal qualifications,” Aung Naing Oo explained.
Among the four least developed Asean members, Myanmar comes second after Vietnam in attracting foreign investment, and a greater capital influx is expected.
“There are two categories of investment – permitted investment and existing investment. Some companies withdrew their hand after they obtained green light, for various reasons. Currently, the existing foreign investment is worth a total of US$40 billion – it was previously $50 billion, but about $10 billion was withdrawn. But all the permissions for foreign investments granted by this government remain intact,” said Aung Naing Oo.
Source: ELEVEN MYANMAR