MIC halves application fees for investors as coronavirus bites

Investors who wish to apply for permission to invest in the country will enjoy a 50 percent discount on application fees, the Myanmar Investment Commission (MIC) announced on April 9.

This includes both Myanmar and foreign investors, the MIC said.

The new fee structure will take effect from April 20 onwards and remain effective until the authorities review and revise the fees.

“The main objective is to encourage investments and help businesses save costs in this difficult time,” said MIC director U Myo Min.

The move comes after the Ministry of Investment and Foreign Economic Relations last week called off four regional forums in Yangon, Bago, Monywa of Sagaing and Mandalay due to the COVID-19 outbreak.

The investment forums serve as a platform for investors to explore opportunities to work with local businesses As a result of the cancellations, investments could decline by as much as 40 pc, said U Aung Naing Oo, permanent secretary of the ministry.

MIC approved more than US$500 million worth of foreign direct investments from 11 businesses and K50 billion in local investments on April 3, a day after the total number of COVID-19 positive cases in the country climbed to 20.

This includes investments into sectors such as industry, construction and services, in addition to the expansion of 13 existing businesses. – Translated

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Source : Myanmar Times

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