ZCZC
BCN-22
MYANMAR-INVESTMENT-REFORM
Myanmar reforms investment commission
YANGON, June 18, 2018 (BSS/Xinhua) — Myanmar reformed its Investment
Commission with 13 members and the Minister at the Office of the Government U
Thaung Tun was appointed as chairman, said a government’s order issued late
Saturday.
Minister of Commerce Than Myint was assigned as vice chairman of the
commission, while Director-General of the Directorate of Investment and
Company Administration (DICA) U Aung Naing Oo as secretary of the commission.
Meanwhile, according to DICA, Myanmar will also enforce a new Companies Law
starting Aug. 1, aiming at attracting more foreign investment. Promulgation
of bylaws and application of the law as well as working on the operating
manual for online registration will also 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. Singapore
topped the list of foreign investors during the year with 2.1 billion U.S.
dollars, followed by China with 1.39 billion U.S. dollars.
The country targets to attract 3 billion U.S. dollars of foreign direct
investments (FDI) 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 since late 1988 with China standing as the largest foreign
investors’ line up with 19.949 billion dollars, followed by Singapore and
Thailand.
BSS/XINHUA/HR/1435