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FDI has risen under the NLD: U Set Aung

Foreign direct investments (FDI) have increased under the NLD government, said U Set Aung, deputy minister for planning and finance.

“The total approved FDI during the two years from April 2016 to the end of March 2018 under the current government is 16 percent of the total FDI approved during the entire period from 1988 to March 2016. That is why progress is being seen in the investment sector,” he said at the Pyithu Hluttaw meeting held on November 13.

When the Myanmar Foreign Investment Law was passed in 1988, 1110 foreign businesses were allowed to invest during the 28-year period and total the investment amount was US$63.7 billion.

In comparison, 360 foreign businesses were allowed to invest in Myanmar between April 2016 and March, 2018. Total investments amounted to $12.4 billion, U Set Aung said.

To encourage more investments in the Myanmar economy, the Myanmar Investment Commission has identified several sectors as priority sectors. Tax exemptions and other benefits are given to investors in these sectors, which include agriculture and livestock, forestry and marine products.

“Those who invest in the prioritised sectors have the privilege to enjoy 3-7 years exemption from income tax, depending on their business or the regional situation,” said U Set Aung. If there are applications for these prioritised sectors, the authorities will provide all the support required, he added.

U Set Aung was responding to questions about the benefits of investing in Myanmar by Pyithu Hluttaw MP U Khin Cho from Hlaingbwe Township in Kayin State.

However, U Khin Cho said he was not satisfied because “instead of the official who is directly responsible, the deputy minister was sent to provide answers. So, I stopped questioning because nothing will be different if I continued with other related questions,” he said.

SOURCE: MYANMAR TIMES

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