New priority areas have been confirmed by the Myanmar Investment Commission (MIC) to encourage investors. There is a new priority list stipulating ten areas. Investors targeting these areas will receive a warm welcome and this applies to both Myanmar citizens and foreign nationals.
The recent MIC statement confirms that “both foreign investors and Myanmar citizen investors are welcome to invest in [the Priority] investment areas. The Myanmar Investment Commission and the Government of respective States and Regions will provide necessary assistance to investors”.
The Priority Areas are:-
Agriculture and its related services, value-added production of agricultural products
Livestock production, breeding and production of fishery products
Export promotion industries
Import substitution industries
Health care industry
Construction of affordable housing
Establishment of industrial estate (Industrial zone development)
This follows the new Myanmar Investment Law of October 2016, which received a seal of approval by the Cabinet in March of this year. This is a further significant and beneficial change for investors attracted by the growth in Myanmar. Furthermore, now that the new Investment Law is in place, new tax benefits are available for investors.
FocusCore opened in Myanmar to help companies join this expanding prosperous economy. Now, there are even more reasons for you to consider opening your company in Myanmar. We can assist with Company Incorporation, visas, staff provision, and a full range of corporate support services.
This is an ideal time to review your plans for Myanmar. Contact us now for a confidential discussion to learn how FocusCore can help you trade in Myanmar.