In a bid to boost foreign investments, the Yangon Investment Forum 2018 will be held on 9 May, said Yangon Region Chief Minister U Phyo Min Thein.
He made the announcement during the 16th regular meeting of Vice President U Myint Swe with Myanmar entrepreneurs last Monday at the office of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
“The Yangon Region government receives enquiries from foreign investors, and some are heavy enterprises with many affiliated companies. We will focus on those enterprises within three years,” said U Phyo Min Thein.
The forum will provide information about customs regulations, tax relief or exemption. Also, existing investment sectors and other investment opportunities will be revealed.
“We will suggest new industrial zones and provide information on the labour market situation. The effort to enhance foreign investments is the first priority of the Yangon Region government,” he noted.
The Myanmar Investment Law and Myanmar Companies Law have been amended in the incumbent government’s period. Moreover, the new Myanmar Investment Law will provide tax relief to investors depending on the developments made in the regions and states. Investors in remote areas can enjoy a tax break of seven years.
U Aung Naing Oo, Director-General of Myanmar Investment Commission, said the Directorate of Investment and Company Administration (DICA) will organise the investment forum.
Currently, 60 per cent of foreign investments are made in the Yangon Region. Mandalay attracts 30 per cent of the investments. Other regions and states obtain only a small portion of the investments, according to statistics released by DICA.
There are more than 5,800 foreign enterprises in Myanmar, with capital mostly flowing into the manufacturing sector. This is followed by the real estate and other service sectors. Investments worth US$5,300 million were made in the country, as of a month prior to the end of the 2017-2018 fiscal year. Singapore is the largest investor in Myanmar.
By May Thet Hnin