Myanmar approves 8 more investment projects

Myanmar has approved eight more projects in five sectors in a latest scrutiny of submitted foreign investment projects, according to the Myanmar Investment Commission, Trend reports citing Xinhua.

The investment projects worth a total of 232.21 million U.S. dollars were granted at Saturday's meeting of the commission in Yangon.

These projects are in the sectors of manufacturing, real estate, service, livestock and fishery which will create over 1,700 job opportunities.

According to the commission's statistics, by the end of October, Myanmar received the investment mainly from Singapore, China and Thailand in three top sectors with oil and gas accounting for 27.29 percent, power sector 25.77 percent and manufacturing sector 14.04 percent.

In October, the commission had given green light to eight investment projects from home and abroad which were worth a total of 384.48 million U.S. dollars.

Those projects, scattered in real estate, education service, agriculture and manufacturing sectors, were designed to create 33,279 local employment opportunities.

More statistics show that Myanmar attracted more than 81.8 billion U.S. dollars of investment from 1,837 foreign enterprises as of September this year since late 1988.

The new Myanmar Companies Law, introduced on Aug. 1, 2018, allows foreign investors to take up 35 percent in local companies and investment with capital not exceeding 5 million U.S. dollars can be permitted by the regional or state authorities.

The law also provides tax exemption and relief to investors depending on the development of the regions and states, allowing investors in far-flung areas enjoy tax break of up to seven years.