Fiscal Year 2017-18: a New Dawn for Economic Policies

​​ The new fiscal year will start on April 1, which also marks the start of new laws and economic policies for Myanmar. The new Myanmar Investment Law, which was recently passed, will come into effect on April 1 and its implementation and enactment will spell changes for the country’s businesses and investors. A developing […]

Transport and Communication Sectors Reach US$3Billion in Foreign Investment

​​ The transport and communication sectors have reached more than US$3billion in foreign investment, accounting for 46 percent of total foreign investment, a source at the Directorate of Investment and Company Administration said. Until the first week of March in this year, US$3.1billion flowed from 14 foreign investments into the transport and communication sector. Myanmar […]

Myanmar surpasses FDI target of $6 bn in fiscal year 2016-17

“We have approved 135 foreign businesses according to the Foreign Investment Law during this fiscal year,” he said this week. “Meanwhile, we have approved FDI inflows of $262.59 million in the Thilawa Special Economic Zone, according to our SEZ Law. In total, we could approve $6.87 billion [Bt240 billion] this year.” Aung Naing Oo is […]

No Foreign Investment Allowed in Mining Sector by NLD Government

​​ ​​Secretary of Myanmar Investment Commission, Aung Naing Oo, said that the MIC did not allow foreign investment in mining sector and the mining sector is not included in the list of sectors for which foreign investment will be encouraged. “There is no foreign business which has been allowed to invest in mining. What is […]

Regions Can Approve up to US$5m Investments

​​ The maximum amount of investments which can be approved by regional and state governments has been set to US$5 million (K6 billion). Region and state investment commissions will now be able to approve proposals without having to seek permission from Myanmar Investment Commission (MIC), according to an announcement from MIC chair U Kyaw Win […]

MIC divides country into three categories

The Myanmar Investment Commission has established three development categories, offering different income tax exemptions depending on the level of development. Under the Myanmar Investment Law, the least developed zones include 14 townships in Kachin State, seven each in Kayah and Kayin, nine in Chin, 35 in Sagaing Region, four in Tanintharyi, five in Bago, 13 […]

KBZ Strengthens Remittance Services with US Banks

​​ After kicking off the US-Myanmar direct money transfer service, Kanbawza Bank (KBZ) has tried to establish a direct channel with US banks, KBZ managing director U Win Lwin told the media. Right now, KBZ has opened a USD settlement account in New York’s branch of Sumitomo Mitsui Banking Corporation (SMBC). Hence, direct money transfer […]

SEZ to Import Japanese Agriculture Machineries

​​ Agricultural machinery manufacturer Yanmar Myanmar Co Ltd in Thilawa Special Economic Zone (SEZ) will not establish production lines in Myanmar but will import and distribute those machineries, Takesi Terada, the firm’s managing director, told the Myanmar Times. Yanmar Myanmar, a joint venture between Yanmar and the Japanese corporation Mitsui, has established import and distribution […]

MIC Recommends Constructing Garment Factories in Sittwe

​​ RANGOON — The Myanmar Investment Commission (MIC) recommended constructing garment factories in Sittwe Township’s Ponnakyun town, according to a statement released last week. The statement was a response to the Central Committee for Implementation of Peace and Development in Arakan State—formed last year and led by State Counselor Daw Aung San Suu Kyi—that asked […]

Pun-Backed Project At Yangon’s Colonial Railway Building Wins ‘Milestone’ Government Approval

​​ The Myanmar In­vestment Com­mission (MIC) has given approval to a mixed-use mega project at the heritage listed My­anmar Railway Company building in downtown Yangon. The Landmark Devel­opment, as it’s known, is divided into two parts. The redevelopment of the colonial era Myan­mar Railway Company building into the five star Peninsula Hotel Yangon and a […]