Shan State (East) will see new investments in mining and electricity sectors in the 2023-2024 financial year and startups are to be rewarded with five to seven years of income tax exemption, according to the Shan State Directorate of Investment and Company Administration. Corn processing mills within the state were also planning to extend their businesses, the directorate said.
“ We engaged in an investment promotion campaign in the Shan State (East) which resulted in new investments in the mining and electric power sectors. The electricity distribution in the area is not connected to the national grid. Solar electricity businesses with a capacity below 30 megawatts will start in the area as new investments,” U Lay Naing, director of the Shan State Directorate of Investment and Company Administration, under the Ministry of Investment and Foreign Economic Relations told the Global New Light of Myanmar (GNLM), on 9 August.
Eight foreign investments totally worth US$27.558 million and a local investment amounting to K700 million have been approved between February 2021 and July 2023 by the Myanmar Investment Commission and Shan State Investment Committee, he added. — ASH/TH