Myanmar Investment NewsNew in Myanmar Investment
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Burma is taking new steps to encourage FDI - Xinhua
YANGON, July 1 (Xinhua) -- Myanmar has recently revised its investment committee and will soon enact new company laws to encourage investment from abroad. Myanmar's new investment committee has been reorganised with 13 members and the minister as chairperson in the government office of U Thaung Tun.
Together with the adoption of Burma's new company code, the committee called on all Burmese businesses to re-register within six month of the entry into force of the Act on August 1. This step, which partially aims to attract FDI, will enable businesses to take advantage of Burma's new company laws, which have eliminated the mandatory system of submission of authorised capitals and the requirements of a partnership agreement and a previously required partnership agreement.
Under the new leadership, the European Union is committed to transparency, proactivity and the promotion of sound investment. In Yangon, at a get-together with four overseas trade associations from the United States, Australia, the United Kingdom and Europe, the new President of the European Economic Chamber, U Thaung Tun, underlined the investment possibilities in Myanmar and called on the four overseas economic organisations to take full benefit of the changes in order to make investments in the state.
The four overseas trade associations supported Myanmar's economical growth and promised to foster the Myanmar partners. Meanwhile, Myanmar has designed new Yangon regional metropolitan planning and invited domestic and international business to participate in the MD.
Yangon Region Investment Committee said that sub-centres, new cities, train terminals and industry areas will be set up as part of the new city planning. Myanmar's Yangon county has also set up its own new company to carry out the huge metropolitan planning effort that extends to the southwestern New Municipality of Yangon and southern Panhlaing Rivers to the estuary.
International businessmen are welcome to participate in the investment to help develop the infrastructures through public-private partnerships. The Yangon Territory represents 23 per cent of the country's GNP, with 9.2 per cent per annum growing on DSGP. It also witnessed 85 per cent of overall external transactions and has raised a combined 20.2 billion US dollar in FDI from 845 companies since then.
Myanmar recorded an FDI inflow of $5.7 billion annually in the last 2017-18 financial year, with Singapore leading the FDI inflows with $2.1 billion, followed by China. Burma has set itself the goal of attracting $3 billion in FDI during the six-month transition phase, as the administration has shifted its year fiscal horizon from originally April-March to October-September from 2018-2019, leading to a six-month transition deficit.
At the end of March this year, Myanmar's overall FDI has reached USD 76 billion since the end of 1988, with China being the biggest FDI destination, followed by Singapore and Thailand.