Aimed at attracting both local and foreign investors, the Shan State Investment Forum is set to take place on Tuesday and Wednesday in Taunggyi to promote investment in tourism and agriculture in the state, while the Tanintharyi Region Investment Forum is designated to be held on Dec. 6-7 to present investment opportunities in tourism and fishery.
According to the Myanmar Investment Commission, during the one and a half months of the fiscal year 2019-20, which started in October, foreign direct investment of 529.18 million U.S. dollars flowed into the country.
The commission has set a target of drawing 5.8 billion U.S. dollars of foreign investment in the current fiscal year of 2019-20.
According to official statistics, Myanmar attracted more than 81.8 billion U.S. dollars of investment from 1,837 foreign enterprises as of September this year since late 1988.
The new Myanmar Companies Law, introduced on Aug. 1, 2018, allows foreign investors to take up 35 percent in local companies and investment with capital not exceeding 5 million U.S. dollars can be permitted by the regional or state authorities.
The law also provides tax exemption and relief to investors depending on the development of the regions and states, allowing investors in far-flung areas to enjoy tax break of up to seven years.
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