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 Companies Act sent to parliament

The Myanmar Companies Act – a pivotal piece of legislation that will reform how companies are regulated and allow foreign investors onto the Yangon Stock Exchange – was submitted to the Pyithu Hluttaw at the start this month, according to Directorate of Investment and Company Administration Director General U Aung Naing Oo. The new act […]

Myanmar Will Hit This Year’s Foreign Investment Target After All, Says DICA Official

Myanmar can reach its target amount of investment for this fiscal year despite a slow start that raised doubts the country would bring in the $6 billion projected by officials, the Directorate of Investment and Company Administration (DICA) has said. U Aung Naing Oo, DICA’s Director General, said that although approved proposals are down more […]

Telecom sector attracts most foreign investment in Myanmar in 2016

Telecom sector topped the foreign investment line-up of Myanmar with 47.07 percent of the total investment flowing into the country in the fiscal year 2016-2017, according to the statistics of Myanmar Investment Commission (MIC) Tuesday. The telecom sector was followed by industrial sector with 25.5 percent and the rest went to power, hotel and construction […]

Garment Exports Double Spurred by Rising Orders From Europe

​​ Myanmar garment exports have doubled in 2016 compared to export values of the previous year, according to the Ministry of Commerce. Rising orders from European countries have caused the surge in garment exports, said U Win Myint, Director of Ministry of Commerce. As of December 15th, garment exports reached $1.05 billion, up from $460 […]

Thilawa SEZ Receives US$900 Million in Foreign Investment

​​ RANGOON — Japan-backed Thilawa Special Economic Zone (SEZ) in Rangoon’s Thanlyin Township has received more than US$900 million in foreign investment since its launch in 2014, said a recent report issued by the Myanmar Investment Commission (MIC). “Since the start of the operation, the SEZ has received US$903 million foreign investment,” MIC secretary U […]

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 […]

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), […]

Local, foreign investments in first half of FY reach only US$2billion

Both local and foreign investments in the first half of fiscal year 2016-2017 reached only US$2billion, despite the fact that the investments are expected to hit US$6billion, according to Myanmar Investment Commission (MIC). The investments in the first six months of last year were over US$3billion, US$1 billion higher than that of this fiscal year. […]

New Myanmar Investment Law takes effect in January

Myanmar’s new investment law will take effect on 1 January, 2017, according to the Myanmar Investment Commission. The new law will combine the Foreign Investment Law and the Myanmar Citizens Investment Law, said U Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC). The commission will continue its functions in accepting proposals submitted by […]