Myanmar reforms investment commission

YANGON — Myanmar reformed its Investment Commission with 13 members and the Minister at the Office of the Government U Thaung Tun was appointed as chairman, said a government’s order issued late Saturday.

Minister of Commerce Than Myint was assigned as vice chairman of the commission, while Director-General of the Directorate of Investment and Company Administration (DICA) U Aung Naing Oo as secretary of the commission.

Meanwhile, according to DICA, Myanmar will also enforce a new Companies Law starting Aug. 1, aiming at attracting more foreign investment. Promulgation of bylaws and application of the law as well as working on the operating manual for online registration will also be done by the last week of July.

The new law will facilitate rapid registration for companies using the online registration system.

According to statistics, the country attracted 5.7 billion U.S. dollars annual foreign direct investment in the last fiscal year 2017-18. Singapore topped the list of foreign investors during the year with 2.1 billion U.S. dollars, followed by China with 1.39 billion U.S. dollars.

The country targets to attract 3 billion U.S. dollars of foreign direct investments (FDI) during the six-month transitional period as Myanmar government has changed its fiscal year period from original April-March to October-September beginning 2018-19.

Total foreign investment in Myanmar hit 76.028 billion U.S. dollars as of the end of March since late 1988 with China standing as the largest foreign investors’ line up with 19.949 billion dollars, followed by Singapore and Thailand.

Source : Xinhua News

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