New Industrial Zones Planned

Five industrial zones are in the process of being selected, according to Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC).

“State and regional governments were asked to suggest appropriate areas for industrial zones and have provided lists. We need to further assess them. We’re now in the process of choosing the sites,” he said.

He added that investment would be invited after the assessment was done.

“The MIC will release a statement soon. Currently it’s still in discussion,” he said.

The MIC announced that income tax exemptions and tax relief would be given according to types of industrial zones and an area’s development needs.

Myanmar’s investment law was passed last October.

International lawyers welcomed the law, saying it would create a better investment environment for both domestic and foreign investors once enforced.

 

Source: Eleven Myanmar

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