New poli­cies due at Myan­mar In­vest­ment Com­mis­sion

The Myanmar Times - - Business - HTIN LYNN AUNG htin­lyn­naung@mm­

THE Myan­mar In­vest­ment Com­mis­sion is pre­par­ing to re­lease new poli­cies next month, ac­cord­ing to the deputy di­rec­tor of the Directorate of In­vest­ment and Com­pany Ad­min­is­tra­tion, which acts as a sec­re­tary to the in­vest­ment ap­provals body.

U Than Aung Kyaw said yes­ter­day that the com­mis­sion dis­cussed the new poli­cies in de­tail at its most re­cent meet­ing on Au­gust 26. The MIC, which is largely made up of se­nior rep­re­sen­ta­tives from var­i­ous min­istries, meets sev­eral times a month to as­sess and ap­prove new do­mes­tic and for­eign projects.

At last week’s meet­ing, the com­mis­sion also ap­proved five pro­pos­als to build gar­ment fac­to­ries. Four of th­ese are for­eign-owned fac­to­ries that will op­er­ate un­der the cut-make-pack model and one is a lo­cal in­vest­ment. All five will be built in Yan­gon Re­gion in­dus­trial zones.

“We have ded­i­cated pre­vi­ous meet­ings to dis­cussing in­vest­ment per­mis­sions, but at the last meet­ing we mostly fo­cused on fu­ture poli­cies,” U Than Aung Kyaw said. “That is why we only gave per­mis­sion to five busi­nesses that could be as­sessed quickly.”

The MIC, which was re­or­gan­ised in June, will con­tinue its ex­ist­ing pol­icy of ap­prov­ing in­vest­ments in sec­tors that will help to de­velop the lo­cal econ­omy, pro­duce lo­cal goods and cre­ate job op­por­tu­ni­ties for lo­cal peo­ple, he added. He de­clined to give fur­ther de­tails about the pol­icy.

Sec­re­tary U Aung Naing Oo said the com­mit­tee will con­tinue to dis­cuss the new pol­icy and reg­u­la­tions in de­tail, in­clud­ing how best to build new in­dus­trial zones and up­grade old in­dus­trial zones to im­prove pro­duc­tion and cre­ate jobs.

MIC mem­ber U Aye Lwin said the pro­pos­als dis­cussed will be sent to the Ministry of Plan­ning and Fi­nance be­fore they are made pub­lic.

Mean­while, the MIC has in­vited feed­back on a draft of a new Myan­mar In­vest­ment Law, which will com­bine the ex­ist­ing For­eign In­vest­ment Law and the Myan­mar Ci­ti­zens In­vest­ment Law to cre­ate a more even play­ing field for lo­cal and for­eign com­pa­nies.

U Aung Naing Oo said last month that un­der the new law com­pa­nies in­vest­ing through the MIC would no longer au­to­mat­i­cally re­ceive a fiveyear tax break, but will be granted ex­emp­tions based on the na­ture of the project and its ge­o­graph­i­cal lo­ca­tion.

In ad­di­tion to the five new gar­ment fac­to­ries, the MIC has given per­mits to 31 lo­cal and for­eign busi­nesses since the gov­ern­ment took of­fice at the end of April, ap­prov­ing an es­ti­mated US$222.055 mil­lion and K111 bil­lion in in­vest­ment.

Of th­ese fig­ures, 17 for­eign in­vestors have pledged a to­tal of $166.233 mil­lion and 14 lo­cal firms have to­gether pledged $55.822 mil­lion and K111 bil­lion.

– Trans­la­tion by Win Thaw Tar

Photo: AFP

A woman works at the Sh­weyi Zabe gar­ment fac­tory in Shwe Pyi Thar in­dus­trial zone in Yan­gon on Septem­ber 18, 2015.

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