The Myanmar Investment Commission (MIC) has announced 10 areas that it wants to be prioritized for investment by both local and foreign entrepreneurs.
The 10 prioritized areas for investment are agriculture, livestock and fishery, export promotion, import substitution, power, logistics, education, health care, affordable housing construction, and establishment of industrial estates, said a statement from the MIC.
Myanmar’s new Investment Law was enacted in October last year by the parliament, and the cabinet approved the related investment rules and regulations in March this year.
The law is aimed at giving easier access to business activities in the country. It stipulates that tax breaks are to be enjoyed only by those that make investments after the new regulation came into effect.
Border trade up
Meanwhile, border trade for the Southeast Asian nation from April 1 to June 16, 2017 hit US$2.47 billion, up by $50.7 million when compared to the same period last fiscal year, Myanmar News Agency reported.
Of the total, exports saw a decrease of $19.86 million while exports rose by $70.55 million, according to official statistics from the Ministry of Commerce.
The decline in exports was due to a major drop in border trade activity in the town of Muse, which contributes the largest trade out of all 16 border trade camps in the country.
Photo: Milei.vencel
