Investment businesses are no longer required to seek approval from Myanmar Investment Commission (MIC) apart from the businesses needing environmental impact assessments.
Those investment businesses can apply for registration at the Directorate of Investment and Company Administration (DICA) branches in the regions and states concerned. Currently, more DICA branches will be opened in Kayin State, Magwe and Bago regions this year.
MIC grants permits for use of heavy investment after scrutinizing the environmental impact assessment. Some enterprises such as mineral enterprises cannot directly seek permits from MIC. They can submit the proposal to MIC only after obtaining approval from the ministries concerned, said U Aung Naing Oo, the secretary of the MIC.
The new investment law has already been submitted to the parliament. MIC has requested that the government institute an investment policy. Currently, there are over 200 public companies and over 10,000 monopolists, it is learnt.
According to the new investment law concerning the Foreign Investment Law and the Myanmar Investment Law, foreign investors will enjoy the benefits of exemption from income tax if they locate their investments in underdeveloped areas.
“As far as I am concerned, we have to give priority to the private economic sector”, said U Kyaw Min, a businessman.—Myitmakha News Agency