11:10:00 AM
Myanmar Trade Office (Taipei)
- Dear Valued Visitors,
- We are pleased to announce that following Myanmar Registered Foreign Chamber of Commerce Association's recommendation or invitation letter are eligible for the Business Visa application.
- Thai Business Association of Myanmar
- French - Myanmar Chamber of Commerce & Industry (FMCCI)
- European Chamber of Commerce in Myanmar(Euro Cham Myanmar)
- Malaysian Business Chamber
- British Chamber of Commerce in Myanmar
Thank you,- Myanmar Trade Office (Taipei)
- Ministry of Labour,Immigration and Population
- Republic of the Union of Myanmar.
Showing posts with label English Version. Show all posts
Showing posts with label English Version. Show all posts
Monday, April 23, 2018
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11:10:00 AM
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Myanmar Trade Office (Taipei)
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English Version
,
News
,
Notice
,
Visa Information
,
Visa Service
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11:07:00 AM
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Myanmar Trade Office (Taipei)
-
English Version
,
News
,
Notice
,
Visa Information
,
Visa Service
- Dear Valued Visitors,
We are pleased to announce the launch of the new trial for our official Tourist Visa (Express Service), which will be available starting April 1 st, 2018. With this new service, you can apply for a regular Tourist Visa using expedited application processing, 365 days a year, with results issued within 24 hours. The cost of this service is NT$2000, and is available to all applicants currently eligible for a regular Tourist Visa. Note that Express Service is not available for Business Visa. Finally, please be reminded that all services are strictly non-refundable, and all other terms and conditions apply.
Thank you,- Myanmar Tdade Office (Taipei)
Ministry of Labour, Immigration and Population - Republic of the Union of Myanmar.
Monday, August 14, 2017
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2:56:00 PM
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Myanmar Trade Office (Taipei)
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English Version
,
Investment
,
News
Negotiations over an agreement on investment promotion and
protection between Myanmar and Singapore have started, according to
Directorate of Investment and Company Administration (DICA) Director
General U Aung Naing Oo.
“During the last 4 or 5 years, Singapore has been the top investor in
Myanmar and thus it is a country with which we have a strong investment
relationship. The objectives of the agreement are to fully protect
bilateral investments, to avoid obstacles in doing business, to provide
more investor rights and to ensure smooth operations. In addition, it
aims to avoid damages as a result of the nations’ policies and programs.
By signing such an agreement, investments between the two countries can
be safely made.” U Aung Naing Oo said at a press conference held at
DICA office in Yangon.
After an initial meeting between Myanmar and Singapore on August 7-8, the second meeting is scheduled to be held in early October, he said.
“We agreed with Singapore to finalise the discussions by the end of 2017,” he added.
Yearly permitted investments by Singapore in Myanmar are US$ 418 million in 2012-13, US$ 2.3 billion in 2013-14, US$ 4.3 billion in 2014-15, US$ 4.25 billion in 2015-16, US$ 1.83 billion in 2016-17 and US$ 1.05 billion in 2017-18 (up to July).
Meanwhile, similar agreements are under way between Myanmar and the EU as well as Hong Kong.
“Negotiations with EU have been completed. EU is now making internal discussions with the negotiated outcomes. It is also being discussed within the ministries on the Myanmar side,” U Aung Naing Oo said.
Subsequently, legal experts from each side will negotiate further to include legal opinions and compatibility with existing laws. Finally, we will submit to the Cabinet for approval. After finishing all the procedures in 2017, we expect to be able to sign the agreement with the EU in early 2018.” he said.
Currently, Myanmar has signed similar agreements with China, India, Laos, Thailand, Vietnam, the Philippines, Israel, Kuwait, Japan and South Korea.
A draft investment promotion and protection agreement has been shared with Bangladesh and Russia but negotiations are still at very early stages. Meanwhile, Myanmar has also signed a trade and investment promotion and incentive agreement with Indonesia.
Source: MMTIMES
 |
| Myanmar and Singapore are negotiating an agreement to protect investors. Aung Htay Hlaing/The Myanmar Times |
After an initial meeting between Myanmar and Singapore on August 7-8, the second meeting is scheduled to be held in early October, he said.
“We agreed with Singapore to finalise the discussions by the end of 2017,” he added.
Yearly permitted investments by Singapore in Myanmar are US$ 418 million in 2012-13, US$ 2.3 billion in 2013-14, US$ 4.3 billion in 2014-15, US$ 4.25 billion in 2015-16, US$ 1.83 billion in 2016-17 and US$ 1.05 billion in 2017-18 (up to July).
Meanwhile, similar agreements are under way between Myanmar and the EU as well as Hong Kong.
“Negotiations with EU have been completed. EU is now making internal discussions with the negotiated outcomes. It is also being discussed within the ministries on the Myanmar side,” U Aung Naing Oo said.
Subsequently, legal experts from each side will negotiate further to include legal opinions and compatibility with existing laws. Finally, we will submit to the Cabinet for approval. After finishing all the procedures in 2017, we expect to be able to sign the agreement with the EU in early 2018.” he said.
Currently, Myanmar has signed similar agreements with China, India, Laos, Thailand, Vietnam, the Philippines, Israel, Kuwait, Japan and South Korea.
A draft investment promotion and protection agreement has been shared with Bangladesh and Russia but negotiations are still at very early stages. Meanwhile, Myanmar has also signed a trade and investment promotion and incentive agreement with Indonesia.
Source: MMTIMES
Monday, July 10, 2017
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10:05:00 AM
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Myanmar Trade Office (Taipei)
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English Version
,
Import/Export
,
News
,
Trade
 |
Border trade with Thailand is up $9 million dollars this fiscal which began in April, figures of the Ministry of Commerce show.
Since the beginning of April until June 16 border trade with Thailand topped $250 million through seven border gates including Tachilek, Myeik and Myawaddy.
Despite the increased trade volume, Myawaddy, the second largest trade gate in the country, saw trade decrease by of over $4 million compared to last year while Tachelik and Hteekhee border gates saw lesser decreases.
Meanwhile, Myanmar's trade deficit continues to grow after the ministry revealed border exports country wide dropped by almost $20 million while border imports rose by $70 million compared to the same period last year.
Since the beginning of April until June 16 border trade with Thailand topped $250 million through seven border gates including Tachilek, Myeik and Myawaddy.
Despite the increased trade volume, Myawaddy, the second largest trade gate in the country, saw trade decrease by of over $4 million compared to last year while Tachelik and Hteekhee border gates saw lesser decreases.
Meanwhile, Myanmar's trade deficit continues to grow after the ministry revealed border exports country wide dropped by almost $20 million while border imports rose by $70 million compared to the same period last year.
-
9:40:00 AM
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Myanmar Trade Office (Taipei)
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English Version
,
Investment
,
News
 |
Myanmar’s
least developed states and regions have seen no new investment
proposals despite tax incentives having been released this year in a
bid to attract foreign and local businesses in those areas.
The country’s poorest areas have seen little of the billions of US dollars of foreign investment flowing into the country in recent years because of their lack of infrastructure, high logistics costs and ongoing ethnic conflicts.
“No proposal for other regions and states has been received by the office. I think they [investors] care about production and logistical costs more than tax exemptions,” U San Myint, Deputy Director General of the Directorate of Industry and Company Administration (DICA), said.
“Yangon is the main business hub of the country with cheaper logistics costs, so most proposals go to Yangon.”
The country’s poorest areas have seen little of the billions of US dollars of foreign investment flowing into the country in recent years because of their lack of infrastructure, high logistics costs and ongoing ethnic conflicts.
“No proposal for other regions and states has been received by the office. I think they [investors] care about production and logistical costs more than tax exemptions,” U San Myint, Deputy Director General of the Directorate of Industry and Company Administration (DICA), said.
“Yangon is the main business hub of the country with cheaper logistics costs, so most proposals go to Yangon.”
-
9:34:00 AM
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Myanmar Trade Office (Taipei)
-
English Version
,
News
 |
Local
logistics startup Kargo has won “Seedstars Yangon 2017”, the Myanmar
leg of the global startup competition “Seedstars World”.
Kargo will now head to Switzerland to participate in a 3-day boot camp with international mentors and investors and has a chance to win up to $1 million in equity investment at the annual Seedstars Summit.
“Winning Seedstars Yangon gives us unparalleled access to the Seedstar network of investors, both regionally and globally, in particular at the Seedstars Summit in Geneva in March 2018, as well as the opportunity to win $500k of Seedstar's own fund. But it's also terrific exposure, both through media and across the local and regional start-up scene,” George Oliver, CBO of Kargo, told Myanmar Business Today.
Kargo will now head to Switzerland to participate in a 3-day boot camp with international mentors and investors and has a chance to win up to $1 million in equity investment at the annual Seedstars Summit.
“Winning Seedstars Yangon gives us unparalleled access to the Seedstar network of investors, both regionally and globally, in particular at the Seedstars Summit in Geneva in March 2018, as well as the opportunity to win $500k of Seedstar's own fund. But it's also terrific exposure, both through media and across the local and regional start-up scene,” George Oliver, CBO of Kargo, told Myanmar Business Today.
Friday, June 30, 2017
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10:36:00 AM
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Myanmar Trade Office (Taipei)
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English Version
,
Investment
,
News
 |
Seven
local and foreign companies have submitted investment proposals for
the Thaton Industrial Zone in northern Mon State, according to the
Ministry of Industry.
The ministry said it is in the process of implementing the proposals put forward for the 678 acre site, which include medicine, soft-drink and garment manufacturing facilities.
“We will also work to approve future proposals, together with those that have been submitted and those approved companies will be allowed to use existing industrial buildings in the zone should they want,” said an official from the state-owned No. 3 Heavy Industrial Enterprise (HIE-3) which has been tasked with implementing the project under the ministry.
The ministry said it is in the process of implementing the proposals put forward for the 678 acre site, which include medicine, soft-drink and garment manufacturing facilities.
“We will also work to approve future proposals, together with those that have been submitted and those approved companies will be allowed to use existing industrial buildings in the zone should they want,” said an official from the state-owned No. 3 Heavy Industrial Enterprise (HIE-3) which has been tasked with implementing the project under the ministry.
Thursday, May 25, 2017
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9:48:00 AM
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Myanmar Trade Office (Taipei)
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English Version
,
Investment
,
News
Monday, May 22, 2017
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11:02:00 AM
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Myanmar Trade Office (Taipei)
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English Version
,
Investment
,
News
 |
| Puma Energy |
Puma
Energy Asia Sun (PEAS), majority owned by oil company Puma Energy,
opened its $92 million petroleum product storage facility at the
Thilawa industrial port, as it seeks to consolidate its position in the
fuel-hungry developing market.
The country's “largest” and “most modern” refined products import terminal will enable ships carrying up to 50,000 tones of petroleum products to unload directly at the facility via Thilawa's river port, a crucial juncture for Myanmar's development.
“This is an opportunity for us [PESA] to connect Myanmar and the fuel needs of the country with an international system, so the principle benefits will be the fact that we can bring in competitively priced supply into the country,” David Holden, General Manager of Puma Energy Asia Sun, told Myanmar Business Today.
The country's “largest” and “most modern” refined products import terminal will enable ships carrying up to 50,000 tones of petroleum products to unload directly at the facility via Thilawa's river port, a crucial juncture for Myanmar's development.
“This is an opportunity for us [PESA] to connect Myanmar and the fuel needs of the country with an international system, so the principle benefits will be the fact that we can bring in competitively priced supply into the country,” David Holden, General Manager of Puma Energy Asia Sun, told Myanmar Business Today.
Tuesday, April 25, 2017
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2:49:00 PM
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Myanmar Trade Office (Taipei)
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English Version
,
Import/Export
,
Investment
,
News
,
Trade
,
Trade Promotion
 |
| An industrial port terminal on the banks of Yangon's Hlaing river Photo Credit : Soe Zeya Tun/Reuters |
It follows the success of the system at shipping ports and the international airport in Yangon region, he added. The government has been trialling the system at 10 locations in Yangon including ports along the Yangon River and commodity checking gates at the Yangon International airport.
The system was developed with technical and financial assistance worth $40 million from the Japanese government’s international development arm, the Japan International Cooperation Agency (JICA). It automatically records information on imports and exports using specialist computer software.
Technicians are planning to add updates to enable the system to be able to recognise which customs channel, red, yellow or green, the goods are passing through. It will be able to automatically calculate the taxes and print the release orders for goods in the green channel.
There are plans to extend the system to the Muse trading gate in Shan state, at the border with China, and the Tatchileik crossing at the Thai border. Officials say MACCS minimises illegal trade and prevents backlogs of shipping containers.
Under the NLD government more than K10.9 billion worth of contraband has been seized across the country, including K5.26 billion from regions and states outside of Yangon.
Source: MyanmarBusinessToday
Monday, February 20, 2017
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12:52:00 PM
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Myanmar Trade Office (Taipei)
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Chinese Version
,
English Version
,
Investment
缅甸投资 Q & A Myanmar Investment
一般讯息
The General
Information
国家Country
项目 Item
|
缅甸
Myanmar
|
越南
Vietnam
|
中国
China
|
台湾
Taiwan
|
面积 (万km2)
Area (10,000km2)
|
68
|
33
|
957
|
3.6
|
人口 Population
(万,ten thousand)
|
5,900
|
9,300
|
134,000
|
2,300
|
GDP (意美元)
(billion USD)
|
590
|
1,700
|
89,000
|
20,870
|
人均 GDP (USD)
GDP-per capital
|
1,000
|
1,932
|
6,642
|
20,870
|
最低薪资 min. wage
USD (NTD)
|
70
(2,100)
|
130
(3,900)
|
295
(8,800)
|
630
(19,047)
|
员工相关资讯
Relevant
Information on Local Staff
Q>最低薪资为何?
What
is the min. wage of general staff and other regions?
Wednesday, February 8, 2017
-
11:30:00 AM
-
Myanmar Trade Office (Taipei)
-
English Version
,
Investment
,
News
With the new investment law sailing through both houses of parliament this month, formal approval appears imminent, as a signature from the President's Office is all that is required to see it passed. The Myanmar Times
sat down with Myanmar Investment Commission secretary U Aung Naing Oo
this week to discuss what the new law means for both foreign and local
businesses and how the MIC plans to direct investment towards particular
sectors and specific parts of the country.
How will the new investment law make it easier for foreign investment?
If you look at the new law there are actually two categories. One is MIC’s permitted business and the other one is MIC’s approved businesses. The idea is that if you also look at our previous, 2012 foreign investment law, all investment needs to be approved by the MIC. Anyone who wants to do business in Myanmar had to submit a proposal to Myanmar Investment Commission, regardless of whether it is a small business or a big business. And that would take a long time, because of the procedures. We would also need to consult with the different government agencies and that also took a long time. So in order to obtain a permit from the Myanmar Investment Commission it takes, maybe, around three months. It was very costly for inventors who had to consult with law firms in preparation of their proposal to make sure. Also they need to consult and discuss with the ministries for the ministries consent.
So our idea is, after the propagation and the enactment of the rules for the new investment law, the procedures will be much easier, for not only foreign investors but for local investors as well.
Only a few proposals will be screened and permitted by the Myanmar Investment Commission. Some of the businesses will be approved by state and regional governments. Some big business will be approved by the Myanmar Investment Commission. The idea is to grant easier access for business.
There were concerns from local business that Myanmar’s investment laws favour foreign investors. How does the new law address these concerns?
Actually this is one of the reasons why we have merged two investment laws into one. Previously, we had two laws for investment. One is for Myanmar citizens and one is for foreign investors. What was happening was that foreigners thought that our Myanmar citizens law favoured local businesses and also the local business community thought that the Myanmar Investment Commission was in favour of foreigners. They both thought that there was no fair competition between local and foreign businesses. Therefore, having one law makes it easier for us, and also for foreigners and the local business community. At the time of the propagation of the 2012 foreign investment law there were a lot of concerns from the local business community, because they thought that an influx of FDI meant the collapse of their businesses. We tried to make it more secure for both of them by setting up some rules and also releasing notifications. But this law is a single law, not only for foreigners but also for local businesses.
If you look at the new investment law, we have some reservations for local SMEs and local businesses. So the law makes it very secure for local investors as well.
What‘s an example of that?
If you look at, for example, land lease, according to the new investment law foreigners can lease the land either from the government or from the private owner for initially 50 years, and it can be extended two times. It is the same situation that existed in the previous law, but we have some reservations for the Myanmar business community. The MIC can consider better lease privileges for Myanmar businesses. So this is one of the privileges for local businesses. And if you look at one section of the investment law, we reserve some special treatment or special privileges for local SMEs, so the government can provide better support to local SMEs for their development, in terms of training, in terms of providing some technical support and market access. So they are some of the reservations for the local business community.
What are the sectors that the government is trying to encourage foreign investment into and how will the investment law enable this?
If you look at one of the provisions in the new law, especially the incentives, the government or the MIC will not allow all investment in Myanmar to enjoy corporate income tax holidays. We will allow only promoted sectors to enjoy corporate income tax holidays and it depends on the location of their businesses – from three years to seven years. Promoted sectors will be set by the government in accordance with the law. We haven’t yet set which sectors will be the promoted sectors. But definitely, number one, will be manufacturing, particularly labour intensive manufacturing will be in the list of promoted sectors. Number two is infrastructure development. Private investment in infrastructure will be in the list of promoted sectors. Agriculture and food processing will also be included. About 70 percent of Myanmar’s population is either directly or indirectly involved in agriculture so we have to promote agriculture for foreign investment. We have also already made a public announcement to say that the MIC will promote investment into industrial zones across the country.
So those will probably be in the list of promoted sectors, but it totally depends on the government policy. So the government might also consider other areas apart from the areas that I have explained.
Is there an understanding of what regions and states investment will be encouraged into?
We will consider incentives based on the development of different sates and regions. There will be different incentives for corporate income tax, but it will be up to the discussions in parliament.
If we focus only, however, on the states and regions it will not be effective. In any given region or state there are different levels of development, from one township to another. Therefore we should not consider solely the states and regions as a whole, but we need to consider development of areas within the states and regions. If you look at Sagaing Region, for example, some areas in Sagaing Region are much more developed than northern parts of Sagaing Region, so we must treat them differently, with different incentives. Therefore, when the new law is enacted it’s not based on the states and regions – it is totally based on the area of investment.
We will discuss this with the governments of the different states and regions, to understand which areas they want MIC to direct investment to understand which areas are developed or underdeveloped or they want to develop.
So while you are attempting to remove a lot of red tape, it sounds like there is still potential for a lot of bureaucracy involved in the decision making. Is it in danger of becoming too cumbersome?
I have to say yes and no. This is a very new initiative, and we have to reduce a lot of the red tape and simplify procedures, which we are not familiar with. And also the state and regional governments are very new, so they don’t have a lot of experience and exposure in decision-making or screening investment. So that can be a bit cumbersome for us because we need to educate the state and regional governments and to educate the local business community on how they can make use of the investment law. And also, we have to draft the rules to ensure the law progresses well, we have to consult with the state and regional governments for many areas and we have to consult with the ministries for setting up the promoted sectors. So that can be a bit cumbersome for us.
But it is really good for the business community for us to do all this. There will be less red tape, easier access for business in Myanmar and it will help to develop the economy.
So I have to say yes for us, but no for the business community.
This law seemed to pass through parliament fairly quickly. You’re already moving on to the corporate law. Things seem to be moving fast. This can be challenging also how do you manage this?
Actually, we expected to complete the whole process of the enactment of the new investment law by the end of 2016. But thanks to the leadership of the Lady [State Counsellor Daw Aung San Suu Kyi] the process has been completed earlier than expected, which is really good for us because the government will have more time for promotion of the law. Yes, we have another law that is also important, which is the companies law. Those two laws are really important for implementing better business in the country. Now the investment law is in place we have go through the process of drafting rules and go through the process of release of notifications and many other things.
But the companies law, I think we will be able to submit the law to the parliament in the upcoming sessions so that the company law will be ready to be exercised by the end of this financial year, before the end of March 2017. Our idea is to complete all the legal framework improvement process before the end of this financial year. We will then be able to exercise all the new laws and new regulations by the beginning of the 2017-2018 financial year.
In the past there has been tension between the MIC and the ministries about who has authority over what. How is this being addressed now?
One of the key considerations of the new law and the government is to streamline the procedures and make everything more simplified for foreign investors. Therefore, while we draft the new rules for the new investment law, we will thoroughly consult with the ministries. We will try to reduce the communication with the ministries once an investor applies to the MIC or to the state or regional governments.
So according to the new law there are a few areas of restrictions. Number one is that some businesses will be totally reserved for the state. So no foreign or local investors will be allowed to do business in the place of these state-run businesses. Number two is we will ask foreign investors to set up joint ventures with local partners. And number three is we will ask the investor, either foreigners or local businesses, to seek approval from a ministry. Without the ministry’s approval those businesses will not be permitted.
What I mean is, we are trying to make a clear demarcation between the ministries and the MIC. As long as the businesses are under the jurisdiction of the MIC, we won’t consult with the ministry. MIC will decide for itself on a business’s establishment. Likewise, we will make it understood to the state and regional government that they can also decide for themselves for businesses in their respective regions and states. There will only be a few cases where it will need to be screened and we will need to consult with the line ministry.
One of the big problems for foreign or local investors nowadays for their business is it takes a long time to consult and get green lights from the ministries. Some ministries are quite fast and some ministries are quite slow. So it takes too long for a foreign investor, therefore we are trying to reduce the communication with the ministries as much as possible.
Is there going to be changes regarding certain sectors that can and can’t be wholly foreign owned?
Yes, the MIC will make that announcement subsequent to the release of rules for foreign investment for the investment law. So we will clearly identify which business needs a joint venture with a local partner, which business will not be allowed to foreign investors. But apart from the businesses in this list, all businesses will be allowed for foreign investment 100 percent. We will try to have as few restrictions as possible for foreign investors. We need to consult with the ministries, local business community and government agencies before this list is decided. We are trying to have all this completed by March 2017.
This interview has been edited for length and clarity.
Source>MyanmarTimes
How will the new investment law make it easier for foreign investment?
If you look at the new law there are actually two categories. One is MIC’s permitted business and the other one is MIC’s approved businesses. The idea is that if you also look at our previous, 2012 foreign investment law, all investment needs to be approved by the MIC. Anyone who wants to do business in Myanmar had to submit a proposal to Myanmar Investment Commission, regardless of whether it is a small business or a big business. And that would take a long time, because of the procedures. We would also need to consult with the different government agencies and that also took a long time. So in order to obtain a permit from the Myanmar Investment Commission it takes, maybe, around three months. It was very costly for inventors who had to consult with law firms in preparation of their proposal to make sure. Also they need to consult and discuss with the ministries for the ministries consent.
So our idea is, after the propagation and the enactment of the rules for the new investment law, the procedures will be much easier, for not only foreign investors but for local investors as well.
Only a few proposals will be screened and permitted by the Myanmar Investment Commission. Some of the businesses will be approved by state and regional governments. Some big business will be approved by the Myanmar Investment Commission. The idea is to grant easier access for business.
There were concerns from local business that Myanmar’s investment laws favour foreign investors. How does the new law address these concerns?
Actually this is one of the reasons why we have merged two investment laws into one. Previously, we had two laws for investment. One is for Myanmar citizens and one is for foreign investors. What was happening was that foreigners thought that our Myanmar citizens law favoured local businesses and also the local business community thought that the Myanmar Investment Commission was in favour of foreigners. They both thought that there was no fair competition between local and foreign businesses. Therefore, having one law makes it easier for us, and also for foreigners and the local business community. At the time of the propagation of the 2012 foreign investment law there were a lot of concerns from the local business community, because they thought that an influx of FDI meant the collapse of their businesses. We tried to make it more secure for both of them by setting up some rules and also releasing notifications. But this law is a single law, not only for foreigners but also for local businesses.
If you look at the new investment law, we have some reservations for local SMEs and local businesses. So the law makes it very secure for local investors as well.
What‘s an example of that?
If you look at, for example, land lease, according to the new investment law foreigners can lease the land either from the government or from the private owner for initially 50 years, and it can be extended two times. It is the same situation that existed in the previous law, but we have some reservations for the Myanmar business community. The MIC can consider better lease privileges for Myanmar businesses. So this is one of the privileges for local businesses. And if you look at one section of the investment law, we reserve some special treatment or special privileges for local SMEs, so the government can provide better support to local SMEs for their development, in terms of training, in terms of providing some technical support and market access. So they are some of the reservations for the local business community.
What are the sectors that the government is trying to encourage foreign investment into and how will the investment law enable this?
If you look at one of the provisions in the new law, especially the incentives, the government or the MIC will not allow all investment in Myanmar to enjoy corporate income tax holidays. We will allow only promoted sectors to enjoy corporate income tax holidays and it depends on the location of their businesses – from three years to seven years. Promoted sectors will be set by the government in accordance with the law. We haven’t yet set which sectors will be the promoted sectors. But definitely, number one, will be manufacturing, particularly labour intensive manufacturing will be in the list of promoted sectors. Number two is infrastructure development. Private investment in infrastructure will be in the list of promoted sectors. Agriculture and food processing will also be included. About 70 percent of Myanmar’s population is either directly or indirectly involved in agriculture so we have to promote agriculture for foreign investment. We have also already made a public announcement to say that the MIC will promote investment into industrial zones across the country.
So those will probably be in the list of promoted sectors, but it totally depends on the government policy. So the government might also consider other areas apart from the areas that I have explained.
Is there an understanding of what regions and states investment will be encouraged into?
We will consider incentives based on the development of different sates and regions. There will be different incentives for corporate income tax, but it will be up to the discussions in parliament.
If we focus only, however, on the states and regions it will not be effective. In any given region or state there are different levels of development, from one township to another. Therefore we should not consider solely the states and regions as a whole, but we need to consider development of areas within the states and regions. If you look at Sagaing Region, for example, some areas in Sagaing Region are much more developed than northern parts of Sagaing Region, so we must treat them differently, with different incentives. Therefore, when the new law is enacted it’s not based on the states and regions – it is totally based on the area of investment.
We will discuss this with the governments of the different states and regions, to understand which areas they want MIC to direct investment to understand which areas are developed or underdeveloped or they want to develop.
So while you are attempting to remove a lot of red tape, it sounds like there is still potential for a lot of bureaucracy involved in the decision making. Is it in danger of becoming too cumbersome?
I have to say yes and no. This is a very new initiative, and we have to reduce a lot of the red tape and simplify procedures, which we are not familiar with. And also the state and regional governments are very new, so they don’t have a lot of experience and exposure in decision-making or screening investment. So that can be a bit cumbersome for us because we need to educate the state and regional governments and to educate the local business community on how they can make use of the investment law. And also, we have to draft the rules to ensure the law progresses well, we have to consult with the state and regional governments for many areas and we have to consult with the ministries for setting up the promoted sectors. So that can be a bit cumbersome for us.
But it is really good for the business community for us to do all this. There will be less red tape, easier access for business in Myanmar and it will help to develop the economy.
So I have to say yes for us, but no for the business community.
This law seemed to pass through parliament fairly quickly. You’re already moving on to the corporate law. Things seem to be moving fast. This can be challenging also how do you manage this?
Actually, we expected to complete the whole process of the enactment of the new investment law by the end of 2016. But thanks to the leadership of the Lady [State Counsellor Daw Aung San Suu Kyi] the process has been completed earlier than expected, which is really good for us because the government will have more time for promotion of the law. Yes, we have another law that is also important, which is the companies law. Those two laws are really important for implementing better business in the country. Now the investment law is in place we have go through the process of drafting rules and go through the process of release of notifications and many other things.
But the companies law, I think we will be able to submit the law to the parliament in the upcoming sessions so that the company law will be ready to be exercised by the end of this financial year, before the end of March 2017. Our idea is to complete all the legal framework improvement process before the end of this financial year. We will then be able to exercise all the new laws and new regulations by the beginning of the 2017-2018 financial year.
In the past there has been tension between the MIC and the ministries about who has authority over what. How is this being addressed now?
One of the key considerations of the new law and the government is to streamline the procedures and make everything more simplified for foreign investors. Therefore, while we draft the new rules for the new investment law, we will thoroughly consult with the ministries. We will try to reduce the communication with the ministries once an investor applies to the MIC or to the state or regional governments.
So according to the new law there are a few areas of restrictions. Number one is that some businesses will be totally reserved for the state. So no foreign or local investors will be allowed to do business in the place of these state-run businesses. Number two is we will ask foreign investors to set up joint ventures with local partners. And number three is we will ask the investor, either foreigners or local businesses, to seek approval from a ministry. Without the ministry’s approval those businesses will not be permitted.
What I mean is, we are trying to make a clear demarcation between the ministries and the MIC. As long as the businesses are under the jurisdiction of the MIC, we won’t consult with the ministry. MIC will decide for itself on a business’s establishment. Likewise, we will make it understood to the state and regional government that they can also decide for themselves for businesses in their respective regions and states. There will only be a few cases where it will need to be screened and we will need to consult with the line ministry.
One of the big problems for foreign or local investors nowadays for their business is it takes a long time to consult and get green lights from the ministries. Some ministries are quite fast and some ministries are quite slow. So it takes too long for a foreign investor, therefore we are trying to reduce the communication with the ministries as much as possible.
Is there going to be changes regarding certain sectors that can and can’t be wholly foreign owned?
Yes, the MIC will make that announcement subsequent to the release of rules for foreign investment for the investment law. So we will clearly identify which business needs a joint venture with a local partner, which business will not be allowed to foreign investors. But apart from the businesses in this list, all businesses will be allowed for foreign investment 100 percent. We will try to have as few restrictions as possible for foreign investors. We need to consult with the ministries, local business community and government agencies before this list is decided. We are trying to have all this completed by March 2017.
This interview has been edited for length and clarity.
Source>MyanmarTimes
Tuesday, January 24, 2017
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2:37:00 PM
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Myanmar Trade Office (Taipei)
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English Version
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Import/Export
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Myanmar Version
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မြန်မာနိုင်ငံ ပဲတင်ပို့မှုသည် ယခုဘဏ္ဍာနှစ် ပထမကိုးလတွင် တန်ချိန်တစ်သန်းအထိ ရှိခဲ့ပြီး ၎င်းကနေ အမေရိကန်ဒေါ်လာ တစ်ဘီလီယံအထိ ရှိခဲ့သည်ဟု သိရသည်။
ယခင်နှစ် ကာလတူ တင်ပို့မှုသည် တန်ချိန်၁၅၀ဝဝဝသာ ရှိခဲ့ရာ ယခုဘဏ္ဍာနှစ် ဇန်နဝါရီလ၆ရက်နေ့အထိ အမေရိကန်ဒေါ်လာ နှစ်ဘီလီယံကျော်အထိ ရှိခဲ့သည်။ မြန်မာနိုင်ငံက ပဲများကို အိန္ဒိယ၊ တရုတ်နှင့် အင်ဒိုနီးရှား၊ ဂျပန်နှင့် ဥရောပနိုင်ငံများသို့ အဓိကထား တင်ပို့နေသည်။အိန္ဒိယကနေ ယခင်နှစ်က မြန်မာနိုင်ငံကမတ်ပဲနှင့် ပဲစင်းငုံများကို၂၀၁၇ခုနှစ်တွင် တန်ချိန်၂၅ဝဝဝ ဝယ်ယူရန် ကမ်းလှမ်းထားကြောင်း သိရသည်။
Myanmar exported about 1 million tons of beans and pulses, earning over $1 billion in the first nine months of this fiscal year, official media reported last week.
The new figures show exports are up by about 150,000 tons compared with the same period last year.
Myanmar's beans and pulses are mainly exported to India, with China, Indonesia, some European countries and Japan making up the remaining 20 percent of the foreign buyers.
India has proposed in previous years to increase its demand for Myanmar's mung beans and pigeon peas by 25,000 tons per year starting in 2017.
The total export value of Myanmar’s agricultural products reached just over $2 billion this fiscal year as of January 6th.
Agriculture is a key area attracting interest from potential foreign investors. The sector struggles to match the quality and output of the country’s regional neighbours because of decades of underinvestment, but ministers hope that will be perceived as an opportunity as the sector begins to modernize.
Source>MyanmarBusinessToday
ယခင်နှစ် ကာလတူ တင်ပို့မှုသည် တန်ချိန်၁၅၀ဝဝဝသာ ရှိခဲ့ရာ ယခုဘဏ္ဍာနှစ် ဇန်နဝါရီလ၆ရက်နေ့အထိ အမေရိကန်ဒေါ်လာ နှစ်ဘီလီယံကျော်အထိ ရှိခဲ့သည်။ မြန်မာနိုင်ငံက ပဲများကို အိန္ဒိယ၊ တရုတ်နှင့် အင်ဒိုနီးရှား၊ ဂျပန်နှင့် ဥရောပနိုင်ငံများသို့ အဓိကထား တင်ပို့နေသည်။အိန္ဒိယကနေ ယခင်နှစ်က မြန်မာနိုင်ငံကမတ်ပဲနှင့် ပဲစင်းငုံများကို၂၀၁၇ခုနှစ်တွင် တန်ချိန်၂၅ဝဝဝ ဝယ်ယူရန် ကမ်းလှမ်းထားကြောင်း သိရသည်။
Myanmar exported about 1 million tons of beans and pulses, earning over $1 billion in the first nine months of this fiscal year, official media reported last week.
The new figures show exports are up by about 150,000 tons compared with the same period last year.
Myanmar's beans and pulses are mainly exported to India, with China, Indonesia, some European countries and Japan making up the remaining 20 percent of the foreign buyers.
India has proposed in previous years to increase its demand for Myanmar's mung beans and pigeon peas by 25,000 tons per year starting in 2017.
The total export value of Myanmar’s agricultural products reached just over $2 billion this fiscal year as of January 6th.
Agriculture is a key area attracting interest from potential foreign investors. The sector struggles to match the quality and output of the country’s regional neighbours because of decades of underinvestment, but ministers hope that will be perceived as an opportunity as the sector begins to modernize.
Source>MyanmarBusinessToday
Friday, January 13, 2017
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10:12:00 AM
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Myanmar Trade Office (Taipei)
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Import/Export
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News
Sugar and machinery oil are two re-export products contributing to a weaker kyat, according to the Central Bank, which has started scrutinising import-export sectors in an attempt to combat volatility in the US dollar exchange rate.
Myanmar’s currency lost around 15 percent of its value against the US dollar in the second half of last year, prompting cries for action among the business community.
Central Bank and government officials pointed out that a US stronger dollar has affected many other Asian currencies, not just Myanmar’s. But the authorities have also conceded that the huge amount of border trade going through the informal market deprives Myanmar of foreign exchange earnings, which they say contributes to a shortage of dollars and pushes up the value of that currency against the kyat.
In response the Central Bank is collaborating with government ministries to try to better monitor border trade and export earnings. U Win Thaw, director general of the Foreign Exchange Management Department, said that the way in which sugar and machinery oil are re-exported from Myanmar is resulting in a net outflow of dollars that is affecting the US dollar-kyat exchange.
Myanmar imports sugar from Thailand across the land border and by ship. The border imports are typically paid for in baht, but the shipments are dollar denominated. Imports by sea from India and Brazil are also paid for in dollars.
People in the sugar industry say the problem is that much of this sugar is then re-exported to China, sold to Chinese traders paying in Chinese yuan who are importing the sugar illegally in order to avoid a hefty tax on sugar imports applied by their government.
Myanmar traders exporting the sugar, on the other hand, are not breaking any laws.
“It’s true that we don’t get back dollars, we get back Chinese currency because the Chinese [traders] are not importing legally,” said U Soe Lin, the association’s chair. Because the payment that Chinese traders make is illegal according to their government, the Myanmar seller does not receive payment through an official export bank account, he added. So long as the Chinese imports are illegal, the proceeds will be yuan-denominated and not made through the official financial sector, said U Soe Lin.
Sugar association secretary U Sein Tun said that because the yuan payments are not made through the financial sector, they are not recorded as export earnings or taxed as such.
U Soe Lin said it was likely that if the exports to China were legal on both sides of the border, the transactions would shift to dollars – the standard currency for regional sugar trade.
U Win Thaw and industry associations were unavailable for comment on the re-export trade in machine oil.
Vice chair of the Union of Myanmar Federation of Chambers of Commerce and Industry U Maung Maung Lay said that greater government supervision of border trade was necessary, but that successive administrations had failed in their attempts.
“It’s difficult to control given that the border trade is growing,” he said. “It will take time for the government to control it.”
Translation by Emoon, Khine Thazin Han and San Layy
Source>MyanmarTimes
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| Buyers survey bundels of sugar cane at a jetty market in Yangon |
Central Bank and government officials pointed out that a US stronger dollar has affected many other Asian currencies, not just Myanmar’s. But the authorities have also conceded that the huge amount of border trade going through the informal market deprives Myanmar of foreign exchange earnings, which they say contributes to a shortage of dollars and pushes up the value of that currency against the kyat.
In response the Central Bank is collaborating with government ministries to try to better monitor border trade and export earnings. U Win Thaw, director general of the Foreign Exchange Management Department, said that the way in which sugar and machinery oil are re-exported from Myanmar is resulting in a net outflow of dollars that is affecting the US dollar-kyat exchange.
Myanmar imports sugar from Thailand across the land border and by ship. The border imports are typically paid for in baht, but the shipments are dollar denominated. Imports by sea from India and Brazil are also paid for in dollars.
People in the sugar industry say the problem is that much of this sugar is then re-exported to China, sold to Chinese traders paying in Chinese yuan who are importing the sugar illegally in order to avoid a hefty tax on sugar imports applied by their government.
Myanmar traders exporting the sugar, on the other hand, are not breaking any laws.
“It’s true that we don’t get back dollars, we get back Chinese currency because the Chinese [traders] are not importing legally,” said U Soe Lin, the association’s chair. Because the payment that Chinese traders make is illegal according to their government, the Myanmar seller does not receive payment through an official export bank account, he added. So long as the Chinese imports are illegal, the proceeds will be yuan-denominated and not made through the official financial sector, said U Soe Lin.
Sugar association secretary U Sein Tun said that because the yuan payments are not made through the financial sector, they are not recorded as export earnings or taxed as such.
U Soe Lin said it was likely that if the exports to China were legal on both sides of the border, the transactions would shift to dollars – the standard currency for regional sugar trade.
U Win Thaw and industry associations were unavailable for comment on the re-export trade in machine oil.
Vice chair of the Union of Myanmar Federation of Chambers of Commerce and Industry U Maung Maung Lay said that greater government supervision of border trade was necessary, but that successive administrations had failed in their attempts.
“It’s difficult to control given that the border trade is growing,” he said. “It will take time for the government to control it.”
Translation by Emoon, Khine Thazin Han and San Layy
Source>MyanmarTimes
Monday, January 9, 2017
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3:43:00 PM
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Myanmar Trade Office (Taipei)
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Investment
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News
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| People gather outside the offices of DICA in Yangon |
Myanmar
can reach its target amount of investment for this fiscal year despite a
slow start that raised doubts the country would bring in the $6 billion
projected
by officials, the Directorate of Investment and Company Administration (DICA) has said.
U Aung Naing Oo, DICA’s Director General, said that although approved proposals are down more than $1 billion from the same period last year, there are $3 billion
worth of proposals that have been submitted and are pending approval.
He had previously warned that Myanmar may struggle to reach the target.
The pending $3 billion is from 52 proposals still awaiting approval from the body, and signing off on those would easily bring Myanmar over its target before end of this fiscal year, the Director General said.
As of December last year, investment reached $4.96 billion, while this year over the same period it slid to $3.65 billion, down $1.31 billion.
Foreign investors are, though very much interested in Myanmar’s abundant resources and low labour costs, have adopted a “wait and see” approach as the country irons out its investment policy and drafts bylaws for a newly approved investment law.
“In the global economic landscape, foreign direct investments are slowing down,” U Tin Aung Kyaw, another senior official from DICA, said. “China’s weak overseas investment might reflect on Southeast Asian nations,” he added.
The Myanmar Investment Commission has approved 78 investment proposals this year as of December, with Singapore, China, Hong Kong, Thailand, and Japan among the top investors.
Source>MyanmarBusinessToday
by officials, the Directorate of Investment and Company Administration (DICA) has said.
U Aung Naing Oo, DICA’s Director General, said that although approved proposals are down more than $1 billion from the same period last year, there are $3 billion
worth of proposals that have been submitted and are pending approval.
He had previously warned that Myanmar may struggle to reach the target.
The pending $3 billion is from 52 proposals still awaiting approval from the body, and signing off on those would easily bring Myanmar over its target before end of this fiscal year, the Director General said.
As of December last year, investment reached $4.96 billion, while this year over the same period it slid to $3.65 billion, down $1.31 billion.
Foreign investors are, though very much interested in Myanmar’s abundant resources and low labour costs, have adopted a “wait and see” approach as the country irons out its investment policy and drafts bylaws for a newly approved investment law.
“In the global economic landscape, foreign direct investments are slowing down,” U Tin Aung Kyaw, another senior official from DICA, said. “China’s weak overseas investment might reflect on Southeast Asian nations,” he added.
The Myanmar Investment Commission has approved 78 investment proposals this year as of December, with Singapore, China, Hong Kong, Thailand, and Japan among the top investors.
Source>MyanmarBusinessToday
Monday, December 19, 2016
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10:35:00 AM
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Myanmar Trade Office (Taipei)
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English Version
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Investment
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News
Australian based steel technology and manufacturing company BlueScope Steel Ltd., operating in Myanmar as NS BlueScope Myanmar Co., Ltd, will open the first steel plant at Thilawa Special Economic Zone, according to NS BlueScope Myanmar.
“We will produce not only metallic coated and painted steel but also decorative steel products, which are in demand locally and are used in the manufacturing and construction sector,” said Mr. Thian Aun Goh, Chairman of NS BlueScope Myanmar.
BlueScope have invested $6.4 million in the Myanmar operation and are targeting completion of the plant by mid-July 2017.
The plant will bring advantages for Myanmar’s construction industry, which makes up 65% of steel consumption in Myanmar, giving them access to quality materials in the local market. Meanwhile Myanmar’s auto and motorbike industry is also steel hungry and is expected to have churned out 6 million domestically produced vehicles by the end of 2016, up from 3.16 million in 2013.
With Myanmar’s economy predicted to hover around 7.8% growth for 2016-2017, it is expected that the consumption of steel per capita will continue to grow with the growth of the construction and manufacturing industries.
“The plant is symbolic of how we’re building trust with the Myanmar construction industry and the country’s whole economy by bringing our expertise and quality products to our customers,” added Chairman Thian Aun Goh. Thursday, November 10, 2016
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10:04:00 AM
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Myanmar Trade Office (Taipei)
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Import/Export
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Trade
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| Workers pack mangoes into wood boxes at the Thiri Mingalar wholesale market in Yangon. |
Mangoes
and avocadoes from Myanmar have caught attention of foreign buyers at
the China-ASEAN Expo held in Nanning, China September, according to
Myanmar Fruit, Flower and Vegetable Producers and Exporters Association.
“We brought Myanmar avocado, mango, watermelon, cucumber, sweet cucumber, walnut, tea leaf and variety of fruits and vegetables to the expo. Visitors were mostly interested in mangoes and avocadoes among all the fruits and vegetables,” Daw Nilar Aung, secretary of the association, said.
The reason why the visitors took interest in Myanmar mangoes and avocadoes was that the fruits were good in size, quality and shape, she added.
During the exhibition, at least 30 Chinese fruits and vegetables trading companies came and discussed about the possibility of importing Myanmar fruits to China, according to U Soe Than Min Din, chairperson of the association.
“A Chinese delegation from those companies will come to Myanmar and discuss about this with local cultivators this month,” he said.
Fourteen Myanmar participants including growers and traders attended the China-ASEAN Expo 2016, according to the association.
“Myanmar fruits and vegetables get exported to China through the border gates, which is convenient in terms of transportation. Expos like this are of great benefit for Myanmar exporters and cultivators because these will allow them to expand our market not only in China but also in other countries in the ASEAN,” U Soe Than Min Din said.
“We brought Myanmar avocado, mango, watermelon, cucumber, sweet cucumber, walnut, tea leaf and variety of fruits and vegetables to the expo. Visitors were mostly interested in mangoes and avocadoes among all the fruits and vegetables,” Daw Nilar Aung, secretary of the association, said.
The reason why the visitors took interest in Myanmar mangoes and avocadoes was that the fruits were good in size, quality and shape, she added.
During the exhibition, at least 30 Chinese fruits and vegetables trading companies came and discussed about the possibility of importing Myanmar fruits to China, according to U Soe Than Min Din, chairperson of the association.
“A Chinese delegation from those companies will come to Myanmar and discuss about this with local cultivators this month,” he said.
Fourteen Myanmar participants including growers and traders attended the China-ASEAN Expo 2016, according to the association.
“Myanmar fruits and vegetables get exported to China through the border gates, which is convenient in terms of transportation. Expos like this are of great benefit for Myanmar exporters and cultivators because these will allow them to expand our market not only in China but also in other countries in the ASEAN,” U Soe Than Min Din said.
Thursday, September 22, 2016
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10:59:00 AM
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Myanmar Trade Office (Taipei)
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English Version
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Investment
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News
China and Thailand are interested in investing in hydropower
projects in the Thanlwin River, said a senior official from the Ministry
of Electric Power’s Department of Hydropower Implementation on March
20.
“They [China and Thailand] are interested because they are worried
about future electricity demand. Due to increasing populations and
development, the production rate cannot meet the consumption rate of
electricity in these countries,” he said.
There are six hydropower projects scheduled to be implemented in the Thanlwin River. In northern Shan state there is the 1400 megawatt (MW) Kounloan project, 1000 MW Noungpha, 200 MW Manthaung and 7110 MW Mountone projects.
Additionally there is the 4000 MW Yourthit project in Kayar state and the 1360 MW Hatgyi proect in Kayin state.
“It is just at the research stage. There are so many stages that need to be done in order to implement a hydropower project. But some people think we are starting and they want to protest against the projects for the sake of environment,” he said.
Chinese companies Hanergy Holding Group Ltd, Hydrochina Corporation, China Three Gorges Corporation (CTGC), China Datang Overseas Investment Co, Ltd (CDOI) and Sinohydro Corporation have each signed a Memorandum of Understanding with local companies.
Thailand’s EGAT International (EGATI) is interested in a build operate transfer agreement with a local company and has already signed an MoU with local companies and investors.
Thailand has begun to worry about its long term future power sources after it was announced on March 6 that the Yadana offshore block will stop exporting gas to Thailand from April 4 to 15 for some maintenance work, the official said.
“If we have no plan management to uncover the public for SIA and EIA, we will not continue the projects. This is a new era and everything will go on very openly and we will listen to what the people say,” he said.
There have been rumours that the excess water from the dams would flow to Thailand, causing activists from the country to demand the projects be cancelled.
The Deputy Minister of the Ministry of Electric Power, U Myint Zaw, said at the sixth regular sectional meeting of the first Pyithu Hluttaw that the rumours are not true.
Source; mmtimes
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| Google Photo |
There are six hydropower projects scheduled to be implemented in the Thanlwin River. In northern Shan state there is the 1400 megawatt (MW) Kounloan project, 1000 MW Noungpha, 200 MW Manthaung and 7110 MW Mountone projects.
Additionally there is the 4000 MW Yourthit project in Kayar state and the 1360 MW Hatgyi proect in Kayin state.
“It is just at the research stage. There are so many stages that need to be done in order to implement a hydropower project. But some people think we are starting and they want to protest against the projects for the sake of environment,” he said.
Chinese companies Hanergy Holding Group Ltd, Hydrochina Corporation, China Three Gorges Corporation (CTGC), China Datang Overseas Investment Co, Ltd (CDOI) and Sinohydro Corporation have each signed a Memorandum of Understanding with local companies.
Thailand’s EGAT International (EGATI) is interested in a build operate transfer agreement with a local company and has already signed an MoU with local companies and investors.
Thailand has begun to worry about its long term future power sources after it was announced on March 6 that the Yadana offshore block will stop exporting gas to Thailand from April 4 to 15 for some maintenance work, the official said.
“If we have no plan management to uncover the public for SIA and EIA, we will not continue the projects. This is a new era and everything will go on very openly and we will listen to what the people say,” he said.
There have been rumours that the excess water from the dams would flow to Thailand, causing activists from the country to demand the projects be cancelled.
The Deputy Minister of the Ministry of Electric Power, U Myint Zaw, said at the sixth regular sectional meeting of the first Pyithu Hluttaw that the rumours are not true.
Source; mmtimes
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10:50:00 AM
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Myanmar Trade Office (Taipei)
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English Version
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Investment
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News
A draft of the long-awaited Myanmar Investment Law has been
submitted to parliament and will be passed soon, bringing a more
strategic and nuanced approach to tax exemption in addition to
simplifying investment, according to U Aung Naing Oo of the Directorate
for Investment and Company Administration (DICA).
“We have already put the bill to parliament after finalising the
draft, and it will be enacted during the next parliament,” the DICA
director said at a press conference in Yankin township last week. The
next meeting of parliament will be held in the first week of November.
The new law combines into one document the Myanmar Citizens Investment Law, which governs investment by locals, and the Foreign Investment Law, which governs foreign entities. Drafted with help from the International Finance Corporation, U Aung Naing Oo said the new framework would simplify investing in Myanmar.
One significant point in the draft law is a reduction in the number of investment projects that require permission from the Myanmar Investment Commission (MIC), he said.
“Investors don’t need to apply to the MIC to invest in all businesses,” he said. Application will only be required for projects that are highly capital-intensive, that have potential impact on the environment or that the government deems “strategic”, according to U Aung Naing Oo. This latter category would include key infrastructure projects.
“But all investors [will still] need to inform the MIC about what businesses they are investing in so that there is a record,” he said.
U Aung Naing Oo added that under the existing Foreign Investment Law, foreign investors doing business with an MIC permit qualify for tax benefits, including an income tax exemption. Under the new law, tax benefits will be tailored and strategic rather than automatic, he said.
“Tax exemptions will be granted only to businesses in sectors that the state needs to boost the economy,” he said.
Local firms have argued that they are at a disadvantage because they do not qualify for the same tax exemptions as international competitors. An MIC permit typically requires a high level of investment. Although this differential treatment is concerned with the size of the investment, some observers say it is important to lure international entrants into Myanmar, bringing a higher level of investment than local business in the same sector cannot match.
“Generally local companies reinvesting profits would struggle to satisfy the conditions for an MIC permit required for the tax breaks,” Robin Scott, general counsel of City Mart, told The Myanmar Times. “Their [local firm’s] large set up costs will have been incurred some time ago.”
The duration of the tax exemption will also be tailored under the new law, according to U Aung Naing Oo.
“For example, three years [for investment] in developed regions and seven years in less developed regions,” he added.
The draft also takes seriously the issue of environmental and social impact, and updates long-outdated offences and punishments in the old Myanmar Citizen Investment Law, he said.
Source; mmtime
Translation by Thiri Min Htun
 |
| People use ATM machines at a roadside in Yangon. Photo: EPA |
The new law combines into one document the Myanmar Citizens Investment Law, which governs investment by locals, and the Foreign Investment Law, which governs foreign entities. Drafted with help from the International Finance Corporation, U Aung Naing Oo said the new framework would simplify investing in Myanmar.
One significant point in the draft law is a reduction in the number of investment projects that require permission from the Myanmar Investment Commission (MIC), he said.
“Investors don’t need to apply to the MIC to invest in all businesses,” he said. Application will only be required for projects that are highly capital-intensive, that have potential impact on the environment or that the government deems “strategic”, according to U Aung Naing Oo. This latter category would include key infrastructure projects.
“But all investors [will still] need to inform the MIC about what businesses they are investing in so that there is a record,” he said.
U Aung Naing Oo added that under the existing Foreign Investment Law, foreign investors doing business with an MIC permit qualify for tax benefits, including an income tax exemption. Under the new law, tax benefits will be tailored and strategic rather than automatic, he said.
“Tax exemptions will be granted only to businesses in sectors that the state needs to boost the economy,” he said.
Local firms have argued that they are at a disadvantage because they do not qualify for the same tax exemptions as international competitors. An MIC permit typically requires a high level of investment. Although this differential treatment is concerned with the size of the investment, some observers say it is important to lure international entrants into Myanmar, bringing a higher level of investment than local business in the same sector cannot match.
“Generally local companies reinvesting profits would struggle to satisfy the conditions for an MIC permit required for the tax breaks,” Robin Scott, general counsel of City Mart, told The Myanmar Times. “Their [local firm’s] large set up costs will have been incurred some time ago.”
The duration of the tax exemption will also be tailored under the new law, according to U Aung Naing Oo.
“For example, three years [for investment] in developed regions and seven years in less developed regions,” he added.
The draft also takes seriously the issue of environmental and social impact, and updates long-outdated offences and punishments in the old Myanmar Citizen Investment Law, he said.
Source; mmtime
Translation by Thiri Min Htun
Friday, August 19, 2016
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12:39:00 PM
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Myanmar Trade Office (Taipei)
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English Version
,
News
,
Notice
,
Visa Information
Dear valued visitors
We are pleased to announce that starting from 01/09/2016, eVisa can be used to enter Myanmar from the following three land border checkpoints, between Myanmar and Thailand:
- Tachileik
- Myawaddy
- Kawthaung
The application process and policies remain the same, and is applicable to both tourist and business eVisa types. We hope these additional enhancements will offer our valued guests even more flexibility and convenience when visiting Myanmar in the near future.
Ministry of Labour,Immigration and Population
We are pleased to announce that starting from 01/09/2016, eVisa can be used to enter Myanmar from the following three land border checkpoints, between Myanmar and Thailand:
- Tachileik
- Myawaddy
- Kawthaung
The application process and policies remain the same, and is applicable to both tourist and business eVisa types. We hope these additional enhancements will offer our valued guests even more flexibility and convenience when visiting Myanmar in the near future.
Ministry of Labour,Immigration and Population
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