Myanmar vows to promote responsible investment

Myanmar’s Investment Commission has vowed to be transparent, take proactive approach and promote responsible investment under the new management, Myanmar News Agency reported Saturday.

New Chairman of the Myanmar Investment Commission U Thaung Tun, who is also minister at the Office of the Government, made the remarks at a meeting with four foreign chambers of commerce from the United States, Australia, Britain and Europe in Yangon on Friday.

Pledging that the commission will be more efficient and investor-friendly, U Thaung Tun underscored investment opportunities in Myanmar, urging the four foreign business organizations to take advantage of the changes and invest in the country.

According to the Directorate of Investment and Company Administration, Myanmar will enforce a new Companies Law starting Aug. 1, aiming at attracting more foreign investment. The promulgation of bylaws and application of the law as well as working on the operating manual for online registration will be done by the last week of July.

The new law will facilitate rapid registration for companies using the online registration system.

According to statistics, the country attracted 5.7 billion U.S. dollars annual foreign direct investment in the last fiscal year 2017-18 .

The country targets to attract 3 billion U.S. dollars foreign direct investments during the six-month transitional period as Myanmar government has changed its fiscal year period from original April-March to October-September beginning 2018-19.

Total foreign investment in Myanmar hit 76.028 billion U.S. dollars as of the end of March this year since late 1988, with China standing as the largest foreign investors’ line up, followed by Singapore and Thailand.

Source: Xinhua

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