Myanmar announces restriction of some investment activities

2017-04-14 11:05

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Myanmar Investment Commission (MIC) has announced restriction of some investment activities, as some sectors will only allow investment by the state.

According to Global New Light of Myanmar Friday, sectors restricted to state investment include security and defense, arms and ammunition for national defense, national postage stamps, establishment of post offices and post boxes, air traffic, pilotage services, natural forest and forest area except businesses relating to reduction of carbon emission, radioactive metals such as uranium and thorium, electric power system and electrical works.

Meanwhile, 12 sectors are open for foreign investment including fresh water fisheries and relevant services, publishing and distribution of periodicals in ethnic languages including Burmese, among others.

A total of 6.874 billion U.S. dollars of annual foreign direct investment from 135 foreign enterprises entered Myanmar in the last fiscal year 2016-17 which ended in March, bringing the total foreign investment to 70.35 billion U.S. dollars since late 1988.

Myanmar targets over 6 billion dollars' foreign investment inflow in the current FY 2017-18.

Meanwhile, Myanmar's new investment law, endorsed by the parliament in October 2016 and approved by the government, began to take effect in April.

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