Nov 16, 2014

China tops investor list

China is the top investor in Myanmar so far this year, according to the Directorate of Investment and Company Administration.

Until the end of October, total foreign investments exceeded US$50 billion, of which US$40 billion is operating in the country.

Myanmar Investment Commission (MIC) is giving the green light to local and foreign companies in accordance with the Foreign Investment Law and the Myanmar Citizens Investment Law. In so doing, the MIC has prioritised schemes that can create the most job opportunities for citizens.

A total of 30 countries are investing in the country. China stands first with $14 billion (58 businesses); followed by Singapore with $6.6 billion (106 businesses), Hong Kong with $6.5 billion (73 businesses), with South Korea fourth and Thailand fifth.

In August, the MIC listed the businesses in which foreign investors can run joint ventures with local companies and the lists of firms that can run with a separate provision.

Foreign companies with the MIC’s green light can get tax exemption and other allowances but alcohol and cigarette manufacturing and related services cannot be tax exempt.

Source: Eleven Weekly Media