Myanmar Government changes rules to increase foreign investment
International investors are showing interest in Myanmar, led by investors from other Asean countries, along with Japan and China said the nation’s commerce minister. To prepare for additional international investment, the Myanmar government has changed the rules to allow investment committees from states and regions to attract investments worth US$5 million or 6 billion kyat. As well, the government has opened branch offices of the Myanmar Investment Commission (MIC) in states and regions.
“We have given more authority to states and regions in line with law,” said Dr Than Myint, the Minister for Commerce.
The MIC announced that over $5 million in foreign investment up until the third week of December for the fiscal year.
Most are from Singapore. In the first half of this year, investments came from Bangladesh, Brunei, China, France, Germany, Hong Kong, India, Indonesia, Japan, Macao, Malaysia, South Korea, Singapore, Sri Lanka, Thailand, Netherlands, United Kingdom, United States, Vietnam, Luxembourg, Samoa, Qatar, South Africa, Taiwan and New Zealand.
The MIC said the transport and telecommunications sector topped the foreign investment list with US$208 million during October and November.
It said Yangon region tops the list of states and regions, attracting foreign investment worth $2.5 billion. No foreign investment has been tallied for Rakhine, Kayah and Chin states.
Source: Eleven Myanmar