Wednesday, June 28, 2017

MIC announces prioritised sectors for investment

June 27, 2017

The Myanmar Investment Commission (MIC) announced yesterday 10 areas which will be given priority when entrepreneurs submit their investment proposals.

The prioritised areas include agriculture, livestock, export promotion, import substitution and the power sector.

“Both foreign investors and Myanmar citizen investors are welcome to invest in the stated investment areas. The Myanmar Investment Commission and the government of respective states and regions will provide necessary assistance to investors”, according to a statement released yesterday.

The complete lists of priority sectors are:

(1) Agriculture and related services, plus value-added production of agricultural products

(2) Livestock production and breeding, and production of fishery products

(3) Export promotion industries

(4) Import substitution industries

(5) Power sector

(6) Logistic industries

(7) Education services

(8) Health care industry

(9) Construction of affordable housing

(10)Establishment of industrial estate

The new Myanmar Investment Law was enacted on 18th October 2016 by the Pyidaungsu Hluttaw law No. 40/2016. With the approval of the Cabinet Meeting, the Ministry of Planning and Finance issued the Myanmar Investment Rules on 30th March 2017 as Notification 35/2017. This legislation and the Rules give investors easier access to business activities in Myanmar.

Ref; The Global New Light of Myanmar

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