October 23, 2016

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Investment Law guarantees no discrimination between local, foreign firms: Union Minister U Kyaw Win

U Kyaw Win.
U Kyaw Win.

UNION Minister for Planning and Finance U Kyaw Win, reassured foreign investors by pledging that they would exercise the Foreign Investment Law in a transparent, simple and effective manner, assuring that there will be no discrimination between local companies and foreign companies.
He made the remarks at a meeting between the State Counsellor Daw Aung San Suu Kyi and entrepreneurs and development partners in Nay Pyi Taw yesterday.
The Union Minister also promised that the assets of companies would not be confiscated unlawfully and companies can spend their earning independently after they have paid taxes and other liabilities.
He also disclosed that the government leases land to investors for 70 years.
“Rules and regulations would be developed to allow businesses to lease land for 70 years including the first 50-year’s tenure and another two 10-year’s tenures,” he said.
The government would also permit investment in terms of boosting agricultural production and value-added products.
He pointed out the weakness of the agricultural sector in terms of lack of quality seeds and weakness in the post harvest technology and invited agricultural technology from foreign countries.
He also promise to crack down on illegal trading, urging the businesses to engage in legal trading in the interests of the country and the people.
“It is found that illegal trade is as high as legal trade and the government will take effective and precise measures to stop illegal trade.” said the Union Minister.
During the period from 1992 to 2012, 4.8 million acres of fallow and virgin land were allotted to about 6,000 people and, on average, each one of them received over 700 acres of land.
According to the Union Minister, there is still a lot to do to provide healthcare services for the entire 52 million people of the country. The government wishes to enable the public to enjoy healthcare services at a reasonable price, he said.

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