The import value on investment-related equipment during April 1-November 14, of the 2014 fiscal year, was more than US$3 billion, a big surge from US$1 billion during the same period of last fiscal year, according the Ministry of Commerce.
These imports were made by investment companies obtaining privileges from the Myanmar Investment Commission (MIC).
“Business people imported investment-related goods with a waiver on import duty to use in companies, which received the privileges from MIC. This year, we will see higher tariff-free equipment imports than last year,” said an official at the Ministry of Commerce.
Till November 14 in the 2014 fiscal year, the imports on investment-related goods and equipment totalled US$3,455.765 million, compared to US$2,365.207 million in the same period of last fiscal year.
Business people submit their import proposals to MIC and when they import investment goods for their MIC-permitted firms, they will get an exemption on import duty.
MIC will approve the proposals for local investment firms, foreign investment firms, and joint-venture firms at the meetings by its commission based on comments and scrutiny from related ministries, and regional and state governments.
As of July 31, 2014, investment values by private companies, which obtained privileges to invest in Myanmar, were over US$4,573 million while investment values by foreign business people at the end of October, 2014, were over US$50 billion.
Source: ELEVEN MYANMAR