The Myanmar Investment Commission (MIC) has suggested that apparel stitching factories be set up in Ponnakyun, Sittwe in a bid to create job opportunities for local people and also stop migration.
MIC has recommended several fiscal incentives for companies interested in starting projects in Sittwe, to encourage investment in a less developed region.
A MIC statement informed that these incentives include an income tax exemption for seven years and exemption on customs duties and local taxes, on import of raw materials and partially manufactured goods. The relaxation of duties and taxes would be for those companies, who import raw materials to export finished goods.
The statement also said that since the region was underdeveloped in terms of infrastructure; the investors should be allowed to use the land free of charge, which will help attract investors.
The state owned investment body also recommended that an apparel manufacturing facility be built by a public company, in cooperation with an existing garment factory.
Source: fibre2fashion
