The Myanmar Investment Commission (MIC) is seeking heightened local and foreign participation in logistical services and the manufacturing sectors in order to foster increased investment into Myanmar.
On 26 December 2017, the MIC invited investors to invest in logistical services located at major cities and trading hubs. The specific types of investment areas open for participation are:
- Dry port services
- Bonded warehouse services
- High-way bus and freight terminals
- Warehouses and wholesale centres
On 22 December 2017, the MIC also invited investors to invest in the manufacturing of the following:
- Different types of vehicles and vehicle related to fixed machinery and machinery parts
- Tractors and trailers
- Telecommunication equipment
- Machines and machinery equipment
- Electricity distribution and control apparatus
- Iron and steel
- Plastic raw materials
- Synthetic fibers
- Edible oil
- Cosmetics products
For the above manufacturing activities, the MIC has given assurances that it will provide the necessary assistance for land rights and electricity supply as necessary for the operating businesses listed above. Furthermore, the MIC has given assurances that it will expedite the prompt review of all business proposals submitted.
Most of the investments being invited are included in the promoted investment sectors as specified by MIC. Investors who invest in these sectors will be entitled to income tax exemptions as per the provisions of the Myanmar Investment law and its implementing rules.
Subject to the MIC, the other incentives, exemptions, benefits and so forth still remain under the existing laws, rules and regulations. The investments proposals must be submitted in accordance with the Myanmar Investment Law to the MIC.
In summary, these invitations to invest are offered in order to foster greater investment into Myanmar. According to the MIC’s press statement on 28 December 2017, as of the third week of December, the MIC permitted and endorsed 174 foreign direct investment enterprises, this includes the notable investment into the Thilawa Special Economic Zone. These investments in total amounted to over USD 5 billion.
The information provided in this email is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.