Off the wire
Spotlight: Argentine, Chinese firms join hands to bolster food biosecurity in China  • Austrian president calls for return to "normality" following election  • Commentary: G7 increasingly crippled as an "elite club"  • Canadian business leaders mull increased cooperation with China  • Australians commemorate "National Sorry Day"  • Spending remains tight as New Zealand government focuses on debt  • Forum on Southeast Asian economic cooperation opens in south China  • Brent crude surpasses 50 USD per barrel for first time in 2016  • UN chief urges DPRK to stop provocations  • Tokyo shares close higher in morning on strong U.S. stocks  
You are here:   Home

Myanmar takes measures to attract investment in less-developed regions

Xinhua, May 26, 2016 Adjust font size:

Myanmar will reduce tax on foreign investors in a bid to woo them to invest in less-developed regions, an official report said Thursday.

"Less developed regions in Myanmar could see an increase in investment if tax were to be reduced to make such business ventures more attractive," the Department of Investment and Companies was quoted as saying.

The measure will be included in the new foreign investment law which is currently being drawn up, the department revealed.

Less developed areas cover Chin, Kayah and Rakhine states where primary requirements are basic housing and road infrastructure along with access to electricity which presents a special opportunity for potential investors.

The agricultural sector will be given priority to such investment, said officials of the department.

According to the Myanmar Investment Commission, over 80 submissions have been made to the commission so far during 2016-17 fiscal year by foreign and domestic companies intending to make investment in the country.

The year has attracted over 15 billion U.S. dollars or 30.89 percent in the electricity sector and 37.767 million U.S. dollars or 0.06 percent in the construction sector, statistics show. Endit