Myanmar signals second wave of reforms

Reading Time: 2 minutes
The government in Myanmar is keen to develop frameworks for investment security

Myanmar’s president Thein Sein said on a televised speech on June 19 that the country is set for a “second wave of economic reforms”, which aim at tripling GDP per capita over the next few years. These reforms will be part of a detailed five-year national plan, he added.

So far, the country’s much noticed reforms included a managed float of its currency and drawing up a new foreign investment law. Future reforms will focus on development in infrastructure, agriculture and industry “for the people”, Sein said.

This week, Myanmar suspended commercial tax on import of some agriculture-related items including fertilisers, pesticides, farm equipment and machinery. The exemptions are granted until March 31, 2013. Commercial tax exemption has also be extended on some export items including rice, beans and pulses, corn, sesame, rubber, freshwater and saltwater products and certain animal products.

On June 1, Myanmar has also introduced visa on arrival facilities for business travellers, conference delegates and transit visitors from 27 countries, including ASEAN, some EU states as well as the US, Australia, China, India, Japan, South Korea, New Zealand, Switzerland and Taiwan. Visa on arrival for tourists will be available “soon”, state media reported.

On June 20 and 21, the 2012 New Myanmar Investment Summit was held in Yangon, drawing more than 300 foreign delegates seeking information on investment opportunities. However, the outcome of the conference was mixed, the Myanmar Times reported, as delegates felt that there were still many grey areas concerning foreign investment in the country, for example ownership issues, disputes with joint venture partners, arbitration and enforcement issues as well as a lack of infrastructure and high operating costs, coupled with political instability and a crippled banking system.

The government said it was keen to secure foreign investment to gain credibility for its reform process.

 

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

The government in Myanmar is keen to develop frameworks for investment security

Myanmar’s president Thein Sein said on a televised speech on June 19 that the country is set for a “second wave of economic reforms”, which aim at tripling GDP per capita over the next few years. These reforms will be part of a detailed five-year national plan, he added.

Reading Time: 2 minutes

The government in Myanmar is keen to develop frameworks for investment security

Myanmar’s president Thein Sein said on a televised speech on June 19 that the country is set for a “second wave of economic reforms”, which aim at tripling GDP per capita over the next few years. These reforms will be part of a detailed five-year national plan, he added.

So far, the country’s much noticed reforms included a managed float of its currency and drawing up a new foreign investment law. Future reforms will focus on development in infrastructure, agriculture and industry “for the people”, Sein said.

This week, Myanmar suspended commercial tax on import of some agriculture-related items including fertilisers, pesticides, farm equipment and machinery. The exemptions are granted until March 31, 2013. Commercial tax exemption has also be extended on some export items including rice, beans and pulses, corn, sesame, rubber, freshwater and saltwater products and certain animal products.

On June 1, Myanmar has also introduced visa on arrival facilities for business travellers, conference delegates and transit visitors from 27 countries, including ASEAN, some EU states as well as the US, Australia, China, India, Japan, South Korea, New Zealand, Switzerland and Taiwan. Visa on arrival for tourists will be available “soon”, state media reported.

On June 20 and 21, the 2012 New Myanmar Investment Summit was held in Yangon, drawing more than 300 foreign delegates seeking information on investment opportunities. However, the outcome of the conference was mixed, the Myanmar Times reported, as delegates felt that there were still many grey areas concerning foreign investment in the country, for example ownership issues, disputes with joint venture partners, arbitration and enforcement issues as well as a lack of infrastructure and high operating costs, coupled with political instability and a crippled banking system.

The government said it was keen to secure foreign investment to gain credibility for its reform process.

 

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid