ZCZC
BCN-35
MYANMAR-FOREIGN-INVESTMENT-PROJECTS
Myanmar regional gov’t grants 5 foreign investment projects in 10 months
YANGON, July 4, 2018 (BSS/Xinhua) – Myanmar’s Mandalay region government
has granted five foreign direct investment (FDI) projects worth 13.633
million U.S. dollars from August 2017 to June 2018, the official Global New
Light of Myanmar reported Wednesday.
During the 10-month period, the regional authorities also approved nine
local investment worth 23.129 billion kyats (16.53 million U.S. dollars).
Myanmar government formed the Mandalay Region Investment Committee in July
2017, entrusting power to the regional authorities to approve FDI sought in
the region which does not exceed an initial investment of 5 million U.S.
dollars.
According to official figures, the union government approved a total of 62
FDI projects worth 3.262 million U.S. dollars and 154 local investment’s
worth 4.872 trillion kyats (3.48 billion U.S. dollars) across regions and
states during the 10-month period.
Meanwhile, Myanmar recently reformed its investment commission and will
enforce a new companies law starting Aug. 1.
The move, partly aiming at attracting foreign investment, will allow the
companies to benefit from the new Myanmar Companies Law which has abolished
the mandated system of submitting an authorized capital as well as the
requirement of an article of association and a memorandum of association
previously prescribed.
The new law will also facilitate rapid registration using the online
registry system.
BSS/XINHUA/HR/1400