MIC announced prioritized Investment Activities

Announcement for Prioritized Investment Activities in Myanmar – 28/6/2017

1.            The new Myanmar Investment Law was enacted on 18th October 2016 by the Pyidaungsu Hluttaw law No. 40/2016. With the approval of the Union of Government’s Cabinet Meeting, the Ministry of Planning and Finance issued the Myanmar Investment Rules on 30th March 2017 as Notification No. 35/2017. This legislation and the Rules give investors easier access to business activities in Myanmar.

2.            Myanmar Investment Commission will prioritize the following areas when the investors submit their proposals:

(1)        Agriculture and its related services, value-added production of agricultural products

(2)        Livestock production, breeding and production of fishery products

(3)        Export promotion industries

(4)        Import substitution industries

(5)        Power sector

(6)        Logistic industries

(7)        Education services

(8)        Health care industry

(9)        Construction of affordable housing

(10)      Establishment of industrial estate

3.            It is hereby notified that both foreign investors and Myanmar citizen investors are welcome to invest in the above-stated investment areas. The Myanmar Investment Commission and the Government of respective States and Regions will provide necessary assistance to investors.

Source: Myanmar Investment Commission

Foreign investors who can create employment for Myanmar citizens and add value to the industry that it invest in can enjoy benefits such as 3 to 5 years tax holiday and long term lease on property. Investors may have to JV with Myanmar citizens depending on the activities that they invest in. For more info click here.