Myanmar to set up investment board

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The Dawei development at Myanmar’s southern coast is the largest industrial investment project so far in the country

In its shift to an open economy, Myanmar is planning to set up a new Board of Investment to invite and support foreign investors wanting to set up base in the country, Myanmar’s Industry Minister Soe Thane said at the International Conference on the Future of Asia held in Tokyo on May 26, according to the Bangkok Post.

The new agency will be shaped after similar bodies in ASEAN countries, such as the Thai Board of Investment or the Economic Development Board of Singapore, but it will take up to two or three years for its formation, the minister said.

At present, Myanmar operates the Myanmar Investment Commission (MIC), formed in 1994, an informal body which grants investment licenses and tax incentives to investors at ministerial level.

Myanmar wants to attract investment from a wide range of different nations instead of relying on one major source as has been the case in recent years, MIC chairman U Soe Thein said in an earlier interview with the Myanmar Times.

Total foreign direct investment in Myanmar amounted to about $40 billion at the end of 2011 since 1988 when Myanmar opened to foreign investment. Most expenditures are resource-based projects such as mining, power and oil and gas, MIC statistics show. The leading investors were China and Thailand. The huge Dawei project at the country’s southern coast is planned to host a wide range of energy industries.

Myanmar wants to attract at least $4 billion in foreign direct investment in its 2012-13 fiscal year, which began on April 1, based on preliminary enquiries by Japanese and European investors. It is now also looking at labour-intensive industry in the textile, garment, toy and footwear industries, where companies from Thailand, Singapore, Vietnam, South Korea and Japan have already set up businesses.

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Reading Time: 2 minutes

The Dawei development at Myanmar’s southern coast is the largest industrial investment project so far in the country

In its shift to an open economy, Myanmar is planning to set up a new Board of Investment to invite and support foreign investors wanting to set up base in the country, Myanmar’s Industry Minister Soe Thane said at the International Conference on the Future of Asia held in Tokyo on May 26, according to the Bangkok Post.

Reading Time: 2 minutes

The Dawei development at Myanmar’s southern coast is the largest industrial investment project so far in the country

In its shift to an open economy, Myanmar is planning to set up a new Board of Investment to invite and support foreign investors wanting to set up base in the country, Myanmar’s Industry Minister Soe Thane said at the International Conference on the Future of Asia held in Tokyo on May 26, according to the Bangkok Post.

The new agency will be shaped after similar bodies in ASEAN countries, such as the Thai Board of Investment or the Economic Development Board of Singapore, but it will take up to two or three years for its formation, the minister said.

At present, Myanmar operates the Myanmar Investment Commission (MIC), formed in 1994, an informal body which grants investment licenses and tax incentives to investors at ministerial level.

Myanmar wants to attract investment from a wide range of different nations instead of relying on one major source as has been the case in recent years, MIC chairman U Soe Thein said in an earlier interview with the Myanmar Times.

Total foreign direct investment in Myanmar amounted to about $40 billion at the end of 2011 since 1988 when Myanmar opened to foreign investment. Most expenditures are resource-based projects such as mining, power and oil and gas, MIC statistics show. The leading investors were China and Thailand. The huge Dawei project at the country’s southern coast is planned to host a wide range of energy industries.

Myanmar wants to attract at least $4 billion in foreign direct investment in its 2012-13 fiscal year, which began on April 1, based on preliminary enquiries by Japanese and European investors. It is now also looking at labour-intensive industry in the textile, garment, toy and footwear industries, where companies from Thailand, Singapore, Vietnam, South Korea and Japan have already set up businesses.

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