No Foreign Investment Allowed in Mining Sector by NLD Government

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​​Secretary of Myanmar Investment Commission, Aung Naing Oo, said that the MIC did not allow foreign investment in mining sector and the mining sector is not included in the list of sectors for which foreign investment will be encouraged.

“There is no foreign business which has been allowed to invest in mining. What is more, we do not receive any foreign business proposal to invest in the mining industry. There are three business proposals of Myanmar citizens we received. They are still in the scrutinizing process by the MIC. The mining industry does not have foreign investment this year,” said Aung Naing Oo.

The MIC is going to release the list of industries which are going to be promoted for investments. The listed industries will be exempted for taxation and granted subsidies.

“Mining is not included in the promoted sector. Tax exemption will not be granted for the mining industry, but exemption will be granted for value added products,” Aung Naing Oo said.

 

Source: Eleven Myanmar

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