Bago Region prepares for investment fair

Bago Region Chief Minister U Win Thein holds a coordination meeting to organize Bago Region Investment Fair 2020 in Bago on 26 February.  Photo: Tin Soe
Bago Region Chief Minister U Win Thein holds a coordination meeting to organize Bago Region Investment Fair 2020 in Bago on 26 February.  Photo: Tin Soe

Bago region government held a coordination meeting at its office on 26 February to organize an investment fair.
Chief Minister U Win Thein emphasized the crucial role of public-private partnership for regional development.
“Bago Region is strategically located with motor roads and railways. It can be linked to ports. Furthermore, investors can enjoy a tax break for two more years than Yangon, which is part of adequately developed regions (Zone 3) that grant tax exemptions for three years. Bago has been included in the list of moderately developed regions (Zone 2), which enjoy a five-year tax holiday. I hope the fair will bring investments to the region,” he said.
Bago Region Investment Committee Secretary U Ko Ko Lat detailed the preparations for the trade fair, while director Dr Wunna Aung listed the objectives of the fair. The experiences gained during previous investment fairs were also discussed at the meeting.
The event aims to showcase business opportunities, highlight the region’s investment potential, promote foreign investment, create jobs for local people, and build connections between local businesses and their international counterparts.
Meanwhile, the Yangon Region Investment Forum 2020, which was earlier scheduled to be held in February-end for investment promotion in the region, has been postponed to a later date on account of COVID-19, according to the Directorate of Investment and Company Administration (DICA).
In a bid to boost investments in all regions and states, investment fairs are being held with the support of the region and state governments.
The DICA has been apprising local and international investors of the latest developments, such as the recent enactment of the new Myanmar Investment Law and investment opportunities.
Investments in Bago Region primarily flow into manufacturing businesses.
More than 80 foreign businesses are being executed in the Bago Region, according to the regional Investment Committee.
According to the Myanmar Investment Law, the region and state Investment Committees are allowed to grant permissions to local and foreign proposals, where the initial investment does not exceed K6 billion, or US$5 million, as part of efforts to simplify the verification process of investment projects. — Tin Soe/ Ko Htet (Translated by Ei Myat Mon)

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