Off the wire
• French president backs EU aid plan on Syria's Aleppo  • Iraq summons Turkish ambassador over Erdogan's comments on Mosul battle  • Study shows decline in wildlife populations in Kenya  • Major news items in leading German newspapers  • Update: Iran's president starts visit to Hanoi for talks  • Iran denies claims of arming Yemeni Houthi militants  • Miss Universe pageant to push through as schedule on Jan. 30  • Myanmar grants country's first mobile financial service license  • 39 militants killed in clashes in Afghan Kunduz city: official  • UNRWA employees strike in Gaza, Jerusalem  
You are here: 　 Home

Myanmar new law to promote foreign investment

Xinhua, October 5, 2016 Adjust font size:

The new Myanmar Investment Law will take effect in the near future to promote foreign investment, Myanmar Investment Commission (MIC) announced Wednesday.

The House of Nationalities ( Upper House) on Wednesday approved the bill, after it was passed by the House of Representatives ( Lower House) last month.

The new investment law, which combines the Foreign Investment Law drafted in 2012 and Citizens' Investment Law drafted in 2013, includes tax breaks which are different from those stipulated under the former government.

Under the new law, tax breaks are only provided to investments in sectors promoted by the new government, said U Aung Naing Oo, secretary of MIC and director general of Directorate of Investment and Company Administration (DICA).

With the help of Asian Development Bank, Myanmar is also drafting the new Company Act, key to allowing foreign investors in Yangon Stock Exchange, according to the Securities and Exchange Commission of Myanmar.

Myanmar is devoted to providing guarantee to foreign investors and luring more investment, experts say.

The MIC has permitted a total 38 foreign investment projects worth 383.877 million U.S. dollars in five months since the new government took office in April.

From late 1988 to August this year, total foreign investments in Myanmar amounted to over 64. 4 billion U.S. dollars, according to MIC. Endit