1,432 Hotel Licences Issued

​​ The Ministry of Hotels and Tourism says it has issued licences to 1,432 hotels and guest houses, including 27 with foreign investment. By last month the ministry approved 421 licences in Mandalay Region, 354 in Yangon Region and 290 in Shan State. There are reportedly more than 56,000 hotel rooms in the country with 17,700 in Yangon. There are five hotels with joint investment and 21 government-owned hotels. The ministry has allowed foreign-owned hotels in Yangon, Mandalay, Bagan, Kawthoung, Tachilek and Myeik. Investment in hotel construction reached more than US$3 billion. Singapore has led investment with US$1.6 billion, partly because it was used as a conduit by the US and other countries that imposed sanctions […]

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 […]

Amendments to Myanmar Companies Act up for Parliamentary Discussion

​​ RANGOON — Suggested amendments to the Myanmar Companies Act have been written and submitted by the Ministry of National Planning and Finance to the government for discussion in upcoming Union Parliament sessions. The Myanmar Companies Act was established in 1914, when Burma was under British rule. The National Planning and Finance Ministry has, in […]

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 […]

Myanmar Receives US$2.5 Billion in Connection to 65 Foreign Investment Projects in Hotels And Tourism

Myanmar has received almost US$2.5 billion (Ks3.3 trillion) in foreign investment injected into 65 projects in the hotel and tourism sector as of the end of October 2016, the Directorate of Investment and Companies Registration (DICR) has reported. After recording $2.481 billion invested into the hotel and tourism sector by the end of October, foreign […]

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 […]