Legislator questions hotel project at defence museum

A legislator on Tuesday asked the parliament for more details about a US$320 million hotel project at the Defence Services Museum. U Kyaw Zayar, Hluttaw representative of No.2 Dagon township, said he wanted to know the agreement about this project and how the people can benefit from it. The legislator also wanted to know if […]

Made Island Offshore Supply Base Receives Green Light

Myanmar Chemical & Machinery Co (MCM) will fork out over US$96 million (K130 billion) under the Myanmar Citizen Investment Law to build an offshore supply base on Made Island in Kyaukphyu, Rakhine State, project director U Tin Soe told The Myanmar Times. The location lies along the 1,000-mile Rakhine-to-Kawthoung coastline, where a host of international […]

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 […]

Tax Incentives for Alcohol, Tobacco Were a ‘Big Mistake’

​​ Providing blanket five-year tax holidays to all foreign investors in recent years was a “big mistake” that will be fixed when a new investment law comes into effect next year, a senior official at Myanmar’s investment body has said. U Aung Naing Oo, director general of the Directorate of Investment and Company Administration (DICA), […]

Myanmar Hopes to Overtake Singapore Economically in 20 Years’ Time: Suu Kyi

SINGAPORE: Myanmar hopes to overtake Singapore’s economy in 20 years’ time and the country is hoping that Singapore will lend a helping hand, said Myanmar State Counsellor Aung San Suu Kyi on Wednesday (Nov 30). Speaking at the IE Singapore’s Global Conversations business dialogue, Ms Suu Kyi, who is in Singapore for a three-day official […]

Myanmar Investment Law to be enacted soon, says DICA director

A draft of the long-awaited Myanmar Investment Law has been submitted to parliament and will be passed soon, bringing a more strategic and nuanced approach to tax exemption in addition to simplifying investment, according to U Aung Naing Oo of the Directorate for Investment and Company Administration (DICA). “We have already put the bill to […]

New Myanmar investment law is the ‘right move’

INTERNATIONAL lawyers have welcomed Myanmar’s new investment law, saying it will create a better investment environment for both local and foreign investors once enforced. Jo Daniels, managing partner of Baker & McKenzie Myanmar, said at a media roundtable that the new law could be one of Myanmar’s most significant legal reforms once approved by the […]

Myanmar Investment Commission to delegate power to state authorities

The laws will be changed to allow the Myanmar Investment Commission to delegate power to regional authorities, said Daw Le Le Thein, deputy minister for National Planning and Economic Development who put forward the bills. “The intention is to share the mandate with regional governments,” she said, adding that if foreign investments can be approved […]

SCCP to invest in three-star hotel project

Singapore-based SCCP Lakeside Co will invest in a three-star hotel project in Hlaing Township in Yangon. Myanmar Investment Commission (MIC) gave the green light to the company on April 10, after approval by respective regional and government ministries. At the meeting, the MIC also granted approval for a 14-storey hotel project which will be run […]

Myanmar honing investment laws to ensure a level playing field for all, minister says

Myanmar is drafting several laws and regulations to create a more level playing field and more favourable investment climate. Set Aung, deputy minister of national planning and economic development and vice governor of the Myanmar Central Bank, told the recent Myanmar Global Investment Forum in Nay Pyi Daw that the foreign investment law was amended […]