MIC Receives $3.4 Billion in Proposed Foreign Investment Projects

​​ Around 70 proposed foreign investment projects worth about US$ 3.4 billion have been submitted to the Myanmar Investment Commission (MIC), just two and a half months before the end of fiscal year 2016-17, says Aung Naing Oo, secretary of the MIC. As of January of this the fiscal year, Myanmar has received foreign investment […]

Light Manufacturing to Lead Way in Foreign Investment

​​ RANGOON — Burma’s light manufacturing sector will lead the way in foreign direct investment in 2017 although investor concerns over the country’s infrastructure persist, according to the local business community. Foreign investors visiting in the last year had questions over energy supply, transport and land issues and heavy industry manufacturers are hesitant to invest, […]

Myanmar Confident of Topping $6 Bn FDI

​​ THE MYANMAR Investment Commission is confident of reaching its $6 billion (Bt216 billion) target for foreign direct investment in the 2016 fiscal year to March 31, although the nine-month figure accounts for only slightly half of the target. Despite the decline in FDI inflow, Aung Naing Oo, director-general of the Directorate of Investment and […]

Promising Future to Improve Australia’s Interest in Myanmar: Chamber

​​ Although Australia’s investment in Myanmar is less than US$130 million, the country has many rooms for improvement to receive the influx of Australian investors thanks to its promising future, said Jodi Weedon, chief executive of Australian-Myanmar Chamber of Commerce Weedon said in a recent interview that Myanmar’s recent political and economic reforms led the […]

Ministries in ‘Heated Discussion’ With Investment Body Over Details of New Law

​​ Government ministries having been slowing down efforts to draft rules and regulations for Myanmar’s new investment law because they are reluctant to relinquish powers over companies that fall under their remit, a senior official at Myanmar’s investment body has said. U Aung Naing Oo, director general of the Directorate of Investment and Company Administration […]

MIC to Prioritise Needy Townships

​​ Under the new Myanmar Investment Law, investment promotion plans will identify zones 1, 2 and 3 to prioritise the townships most in need, according to the Directorate of Investment and Company Administration under the Ministry of Planning and Finance. For income tax exemption under the new law, underdeveloped regions are designated as zone 1, the regions with moderate development zone 2 and developed regions zone 3. With government approval, the Myanmar Investment Commission (MIC) may give income tax exemption to zone 1 investors for seven consecutive years, zone 2 investors for five years and zone […]

Singapore Firms Wary About Rushing Into Myanmar

The expected wave of investment from Singapore firms venturing into Myanmar following the nation’s reforms has not occurred, mainly due to wary companies waiting for clearer policy direction. Many thought the rise to power of Ms Aung San Suu Kyi’s National League for Democracy (NLD) a year ago would trigger the piling of investors into […]

19 Projects Resulted in Over 9,400 New Jobs

A total of 9,412 job opportunities were created from enterprises approved by the Myanmar Investment Commission, it is learnt at a recent MIC meeting. Among the new ventures were nine enterprises with foreign direct investment, seven with Myanmar citizen investment and three with joint venture investments, according to the Directorate of Investment and Company Administration. […]

Myanmar to Ramp up Gem Exports Post-Sanctions

YANGON — Earlier this month, Washington removed all remaining sanctions on Myanmar, including bans on imports of jade and rubies to the U.S. The move was in response to the Myanmar government’s initiative to achieve more democratic society, led by State Counselor Aung San Suu Kyi, since it was launched in March. U.S. establishments are […]

Myanmar’s New Investment Law Regulations to Take Effect Next April

NAY PYI TAW, Oct. 27 (Xinhua) — Myanmar’s new Investment Law will take effect with its regulations on April 1 next year, an official of the Directorate of Investment and Company Administration (DICA) told the media in Nay Pyi Taw Thursday after a Consultation Workshop for Implementing Regulation of the Myanmar Investment Law was held. […]