Heavy investment businesses in Myanmar requiring environmental impact assessment are set to seek approval from the Myanmar Investment Commission (MIC), an official report said Tuesday.
However, mineral enterprises are prescribed to seek approval first from the ministries concerned and then the MIC will grant permit to them, the report quoted the secretary of the MIC as saying.
Apart from the heavy investment requiring environmental impact assessment, other small or medium investment businesses are no longer to seek approval from the MIC, but they need to be registered at the Directorate of Investment and Company Administration (DICA), the report added.
Meanwhile, a new investment law has been submitted to the parliament for approval, according to which foreign investors will enjoy the benefit of exemption from income tax if they locate their investment in underdeveloped areas.
MIC permitted a total of 38 foreign investment projects worth 383.877 million U.S. dollars during the five-odd months period since the new government took office in April, according to the DICA.
These investments were mostly brought to industrial sector such as garment and manufacturing. Myanmar has set the annual foreign investment target at 6 billion U.S. dollars for the fiscal year 2016-2017, while it drew 9.5 billion U.S. dollars in the last fiscal year 2015-2016.
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