Myanmar strives to boost foreign investment in new fiscal year
Xinhua
Xinhua, YANGON: Myanmars new investment law, endorsed by the parliament in October 2016, has taken effect with its rules and regulations from April, the start of the new fiscal year 2017-18.
The law, which was drafted in 2013 based on suggestions from experts and businessmen with the help of the International Finance Corporation (IFC), combines the Foreign Investment Law drafted in 2012 and the Citizens Investment Law drafted in 2013.
Myanmar Investment Commission (MIC) permitted 15 foreign enterprises investment worth 79.464 million U.S. dollars in the first week of April, bringing the total to 164.375 million U.S. dollars at the beginning of this fiscal year 2017-18.
Despite being criticized for its less achievement for economic growth in the first year of its tenure, National League for Democracy (NLD)-led government had striven to promote foreign investment last year.
Local economists pointed out that promoting foreign direct investments is an effective short-term way to remedy the countrys budget as well as economy.
In addition to forming new MIC, enacting new investment law and its regulation, introducing governments investment policy, the government attracted the foreign investors by offering favorable income tax exemptions.
The investors will enjoy tax breaks if they invest in governments promoted areas and sectors.
The MIC designated promoted areas across nation dividing three zones based on the regional development
