The government has made no obstacle for foreign investments in the mining sector in Myanmar, but permission is needed from the Ministry of Mining if one desires to do business in that sector according to Myanmar Investment Commission (MIC).
“We allow foreign investments in the mining sector, but we don’t give any subsidies in that sector. We give subsidies in manufacturing and production sectors rather than extracting natural resources,” said Aung Naing Oo, secretary of MIC.
He added that since the former president Thein Sein’s administration in 2015, the Ministry of Mining has not promoted business investments in the mining sector.
According to the Directorate of Investment and Company Administration, there have been no foreign investments during 2016-2017.
Although there is no closure for doing business and making investment in the mining sector, the mining sector is not among the sectors that receive tax exemptions.
The investments in the mining sector was more than US$2.8 billion from the period between the 1988-1989 fiscal year and the 2016-2017 fiscal year, according to the Directorate of Investment and Company Administration. In the 2010-2011 fiscal year, the foreign investment was the highest at more than $1.3 billion.
Source: Eleven Myanmar
